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For .pdf version, please click here: Newsletter – February 2020
Sold over asking! The return of the bidding war
The Milton real estate market is off to a hot start in 2020 after finishing the year strong. A lack of inventory and a large supply of buyers have made for market conditions which are very similar to the beginning of the crazy spring of 2017. The 100 residential sales in January 2020 represent a 5% decrease in volume over the same figure for January 2019. The average price of $752,700 was up just slightly (2.6%).
For the first time in a long time, we are seeing an average selling price higher than the average list price. The average home in Milton sold for more than $5,000 more than asking in January. As is usual in Milton, homes more on the entry level side have been receiving most of the interest, creating opportunities for those looking to move up in the market. If you have been looking for a larger, detached home or even just an extra bedroom, now is a great time.
With inventory in Milton at just 2 weeks supply (last year there was 2month’s supply at this time!), we are seeing the return of the bidding war. Almost all homes being listed now come saddled with “offer review dates” and bully offers are also once again being considered. It seems it is only a matter of time this year until prices eclipse the all-time peak of those seen in the spring of 2017.
If you’d like to discuss your options, or anything Real Estate related, we’re always available to chat.
Your local Real Estate professionals,
Kyle and Jay