Milton Market Update
As a mortgage broker in Milton, Ontario, our owner James Loewen is a leading industry professional and along with his team at the Loewen Group are committed to providing quality, unbiased and knowledgeable service to their clients.
One way that James and his team are able to achieve this is to keep up to date with the local real estate industry. With the main buying and selling season coming to a close, it’s again time to look at how the market has been performing in Milton.
July 2016 saw 105 total residential home transactions. This was an increase from July 2015’s total of 93 sales but down from the 123 sales that June 2016 recorded.
Though slightly lower than it was in June 2016, the average sale price for a home in Milton still saw a significant jump from July 2015 to July 2016. Last month the average selling price for a home was $682,931, a rise of more than $150,000 from July 2015 when the average price was $529,035.
Much like the Oakville market experienced last month, one reason for the spike in price could be attributed to the fact that there was a compelling shift in the number of people who purchased homes in a lower price category versus one that was higher.
In July 2015, 43.9% of all detached home purchases fell in the $400,001 to $600,000 price range with 48.8% of detached home sales occurring in the $600,001 to $800,000 range. In July 2016, however, a mere 8% of detached home sales happened in the $400,001 to $600,000 window with 61.3% falling in the $600,001 to $800,000 range.
One major reason for this change is likely the fact that 62 detached homes and 16 semi-detached/link/townhouses sold in Milton in July 2016 compared to 41 and 45 units sold in July 2015. Since detached homes typically sell for a higher price than other home types, this is likely the driving factor behind the jump.
In Canada, homes sales fell by 1.3% from June to July 2016 while the number of new listings increased by 1.2%. The Multiple Listing Service Home Price Index jumped 14.3% year-over-year on a national scale, very similar to what Milton experienced.
If you are considering buying or selling a home in the area we highly encourage you to get in touch with us! The height of the buying and selling season has passed and we now prepare for fall real estate as we close out the summer.
When you’re looking at selling or purchasing, it is crucial that you have qualified professionals taking care of you. As a leading mortgage broker in Milton that’s exactly what James and his team will do for you.
No matter what your situation is our team will set you up with a mortgage that fits your life perfectly.
Is your mortgage up for renewal in the near future? Check out our blog post reviewing 10 things to consider when your mortgage renews!