Mortgage Broker Milton ON – Loewen Group Mortgages
As a mortgage broker Milton ON, James Loewen and the team at Loewen Group Mortgages ensure they are always on top of the latest trends and predictions pertaining to the Milton housing market.
In November 2016, the average sale price on a home in Milton was $704,767, up significantly from the $559,046 average it had in November 2015. This was accompanied by a 14.67% year-over-year increase in the median sale price for a home in Milton, all according to the Oakville, Milton and District Real Estate Board (OMDREB).
Leading the way in residential sales were detached homes (45) followed by semi-detached/townhouses (25) and condominiums/apartments (10). These are nearly identical to what we saw in November 2015, when detached home sales (49) led the way while semi-detached/townhouses (23) and condos/apartments (10) followed.
The fact that the number of homes sold remained almost the exact same is a great look into just how much the average and median sale prices have increased in Milton year-over-year.
In November 2015, 38.7% of all detached home sales fell into the $600,001 to $800,000 price range. In November 2016, this percentage jumped to 44.4%. While this is a notable increase, the two biggest leaps came in the higher price ranges.
44.4% of detached home sales came from homes that sold in the $800,001 to $1,000,000 range, up from November 2015 when this same range drew just 14.3% of detached home sales. And, there’s more. In November 2015, just 2.0% of detached homes sold for more than $1 million. However, in November 2016, this number grew to 11.1%.
The OMDREB reported increases across the board in November 2016. Overall, property sales jumped by 2.83% year-over-year, while the number of new property listings grew by 0.36%.
These numbers are certainly encouraging for those in the real estate business as buyers continue to enter the market. Areas around the city like Toronto and Oakville already boasts high home prices. While Milton is seeing increases of its own, it still has a long way to go to catch the average sale price in the two cities mentioned above.
If you’re looking to buy or sell a home in the area, consulting a mortgage broker Milton ON like James Loewen and his team is a great place to start. All of your mortgage needs will be cared for right from the start and you’ll immediately feel like part of the family.
For more information on how James and the team can help, contact them today!