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For .pdf version, please click here: Milton Monthly – May 2019
Interest rates stay stable, market stays hot
Milton’s 246 residential sales in April 2019 represent a whopping 39% increase in volume over the figure from April 2018. The average sale price of $718,000 is also up a healthy 4.2% when compared to the price from a year ago. Although the number of new listings coming to market has increased due to seasonality, inventory remains relatively low, at just 5 weeks available.
With the Bank of Canada opting to hold interest rates steady, and with no projected rate increases on the horizon, consumer confidence in the housing market is continuing to grow as the year progresses. Another surprise we have recently seen is the return of the planned “bidding war” with set offer dates as a strategy and artificially low list prices. Results from these sales have been mixed and the good news for buyers is that, for now, this is still far from the norm (and not something we recommend to our seller clients).
We are still seeing entry level homes moving quicker and for a higher percentage than larger family homes. If you are considering taking the next step and getting into your forever home, market conditions are pretty close to ideal. For any questions about the current market timing and how best to time your next move, give us a call or send us an email. We are never too busy to chat Real Estate!
Your local Real Estate professionals,
Kyle and Jay