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For .pdf version, please click here: January 2020 – Newsletter
2019: The law of supply and demand
The 74 residential sales in December 2019 represent a substantial 10% decrease in volume when compared to the figures from a year ago. The average sale price in December on the other hand climbed 13.5% to $770,300, the highest figure seen since the spring of 2017. As is typical in real estate here in Ontario, December was our least active month. This year however it was due to extremely low inventory. As of this writing there is only 2 weeks of inventory on the market, compared to 10 weeks worth at the same time last year. Due to this shortage, 38% of homes sold over asking in December with the average list:sold price being 99.5%.
When looking at 2019 as a whole, the average price of a home sold in Milton was $728,100 (up 5.7% when compared to 2018). It seems like the majority of gains have been fueled by low inventory and stable interest rates in the last quarter of the year. Overall transactions also increased in volume to 2133 units, up a significant 19.2% year over year. These figured show a renewed confidence in the market from both investors and first time buyers.
Our prediction for 2020 is for a strong and prosperous year for real estate with above average gains. If inventory shortages continue, there will be a spike in prices in the coming months. Immigration in the GTA is still at an all-time high and new construction volume is still lagging behind.
Wishing everyone great 2020!
Your local Real Estate professionals,
Kyle and Jay