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For .pdf version, please click here: Monthly Newsletter – November 2019
Shortage of inventory = Sold over asking!
Milton’s 151 residential sales in October 2019 represent a slight decrease of 2% in volume when compared year over year. The average price of $739,500 is up a healthy 5.8% when compared to the figure in October 2018. Average list to sale price ratio currently sits at about 99.5%.
One difference we do see in today’s market is that current inventory are way below that of 1 year ago. Last year at this time, there was roughly 2.5 months worth of inventory on the market and today that number has fallen to just 1 month of supply. This has caused an increase of sales over asking (over 25% of homes sold this month) as buyers compete over the dwindling supply. Some agents have also began to re-implement “offer date/bidding war” strategies.
With mortgage rates remaining at historically low levels and the Bank of Canada overnight interest rate remaining unchanged, there is no reason to believe the market might headed for a slowdown any time soon. All signs are pointing to a strong market in 2020 and a quick start to the Spring market early next year. If you’re thinking of making a move in 2020, there’s no better time to start planning than now. Don’t hesitate to give us a call or send us an email. We’re never too busy to chat!
Your local Real Estate professionals,
Kyle and Jay