How is it that the September Milton housing market had a 15.5% increase on average sold price?
School just started, parents are in a frantic mode to get their kids organized and off to become the next Albert Einstein which usually leads to one of the slower months of the year in sales. 2015 actually saw a 20% increase in number of homes sold as well as that outstanding percent change to price.In 2014 the average home sold for $506,000 and we saw a whopping average price of $584,000 this past month! So did homes miraculously go up by 15.5% or is something else at work.
Well first let’s take a look at the number of homes sold in the two months. 2014 had 72 Detached, 58 Townhomes, and 15 Semi-detached. 2015 had 98 Detached, 55 Townhomes, and 18 Semi-detached. Here we can see that far more detached homes sold this month than the past September. Because of our incredibly low interest rates, buyers are pushing their dollar further than ever before. As a result more detached homes were purchased in comparison to less Townhomes. This brings up the average sold price exponentially.
What does this mean for someone waiting to sell? October tends to be a great time of year to sell your home as fall may showcase your home in a wonderful way. All the incredible colours and aromas put people in the buying mood, and there’s nothing like amazing interest rates to help them accomplish their goals. So if your goal may have been to sell your detached or semi-detached home, now may be the time. With September’s track record this October looks like it will be one for the record books!
I wish you all a Happy and Safe Halloween.
Founder of Metzler & Associates
with IPro Realty