People are still buying in Milton.
One of the hottest markets this year, Milton is still seeing increases in the number of homes sold while some nearby cities have experienced drops.
As local brokers helping people when it comes to their mortgage in Milton, our team is always on the watch for any trends that could help our clients financially.
While home sales and prices fell year-over-year in Oakville, Milton is still going up. Last month, 97 residential homes were sold in the town compared to 93 the year prior. This was accompanied by a median sale price of $665,000 versus $650,000, respectively.
How long will prices be going up, though? Homes in the Halton Region (and many other nearby areas) are dropping and stabilizing, making it at least slightly more affordable for people looking to buy.
The demand in the region remains high so we are likely going to continue to see increases in home sales in the long run, but how will prices react?
Leading the way again for the month were detached homes as 53 units were sold last month compared to 45 last year. However, five fewer semi-detached/link/townhouses were sold year-over-year while seven more condominium apartments were sold. With the former housing type typically averaging a higher sale price, are people opting to go for the more affordable option of condos in Milton?
In November2016, 68% of semi-detached/townhouses fell within the $400,001 to $600,000 range, a number that fell to 50% in November 2017. However, just 23.5% of condo sales were sold between $300,001 and $400,000 last month compared to 70% in November 2016. So, people are still willing to spend the money, they just seem to be changing their preference on what they buy.
With new regulations set to hit the ground running in 2018, we may experience a slow period as homebuyers adjust to the new conditions, but as long as demand exists there will always be a market.
If you are planning on buying or selling a home, refinancing or renewing, helping you get the best mortgage in Milton is what we do. Reach out to us today and learn more!