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Milton Market Update – February 2017

Milton Mortgage – Loewen Group Mortgages

Sales got off to a great start in the area in 2017.

Per the Oakville, Milton and District Real Estate Board, all property sales jumped by 3% in the first month of 2017 compared to the same time in 2016. Total property sales hit 431 units compared to 417.

After finishing last year with exceptionally strong numbers, it appears the new year has much of the same in store for the time being.

In Milton specifically in January 2017, the average sale price for a home hit $711,564 with a total of 51 residential homes sold. Looking back at the same month last year, the average price was $607,309 with 54 total units sold. The median sale price saw an increase of 21% year-over-year, hitting a price of $665,100.

After a mere 6% of detached homes sold in January 2016 fell in the $800,001 to $1,000,000 range, this percentage jumped to 38% last month. Additionally, 19% of detached sales were for over $1 million compared to just 6% in the same month last year.

Perhaps the most surprising statistics came from the semi-detached/link/townhouse category in Milton. In January of last year, 70.5% of all sales in this category were between $400,001 and $600,000, with zero homes sold for more than $600,001. However, in January 2017, a whopping 69% of the 13 units sold in the same home type category sold for between $600,001 and $800,000.

Looking at condominium/townhomes specifically, an even 50% of homes were sold in the $300,001 to $400,000 and $400,001 to $600,000 range. This was a decrease from January 2016 when 70.5% of units sold for this home type fell in the $400,001 to $600,000 range.

The President of the OMDREB noted that 2017 is off to a solid start when it comes to monthly sales and people should be excited for what is to come this year.

If you’re looking to buy or sell a home in the area, a Milton mortgage is something you are going to need. For information on how our team can help you secure some of the lowest rates on the market, contact us today!

Source: https://www.omdreb.on.ca/news/market-watch/milton

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