If you have been considering a move in 2018 or made a move in 2017, I’m sure that you are eagerly following the news looking for real estate updates. The headlines you will see are going to be focused mainly on Toronto’s real estate market, which is apparently “Taking A Nosedive” according to Globe and Mail…I don’t have any sensational headlines for you, just the facts about what is happening here in Milton!
The good news is that Milton homes have been selling quite steadily in February! The correct average days on the market for February here in Milton was 31 days, way down from Januarys 48 days! Wondering what I mean by “corrected average days on the market”? I explained it in detail in this previous blog 3 Things You Should Know About The Milton Real Estate Market. Whatever the case, it is excellent news because homes have been selling in a very healthy amount of time! The fastest selling home-style last month was Attached Row houses or Freehold Townhouses, selling within 19 days on average. The most rapid selling neighbourhood was Dempsey, with an average DOM of only 10, but the majority of homes sold for the month in Dempsey were Freehold Townhomes.
Milton’s average home price for February 2018 was $715,856, up over 9 percent compared to last month! Excellent news, but is linked to the fact that we had more detached homes sell as a percentage of total sales in February compared to January, but not by much, detached houses in February accounted for around 39 percent of total sales up approximately 5 percent compared to January 2018.
The average home price is down 10.4% when compared with February 2017 when detached homes sales accounted for 58 percent of the 162 homes that sold during that period. So we can clearly see that there has been a shift in demand, likely based on the mortgage rules that came into effect at the beginning of the year.
I am encouraged to see that we did have 134 home sales in Milton in February, up by a whopping 55 percent compared to January and down only 17% from February 2017. As of today, there are currently 259 homes available for sale in the Milton area, 64 percent of which are detached homes. This is a lot of inventory when compared to our extremely tight market last year. As mentioned in previous market updates this year, if you are a move up buyer, looking to buy your first detached home, this would be a great year to do it! I believe that we will continue to see an increase in demand for “affordable” home types as the year continues, and having the luxury of time to shop around and inventory to choose from is a rare treat!