Whats happening in the your local Milton real estate market? James will fill you in!
With locations in Milton, Oakville and Burlington, our owner & broker extraordinaire James Loewen has a solid understanding of the Milton real estate market. As a mortgage broker in Milton, ON, he has been involved in many transactions that have made our clients extremely happy with regards to homes and other properties in the area.
After a fairly strong 2015, sales dropped in May 2016 by 18% from 152 units to 124 units year-over-year. Although the number of sales were down, it didn’t stop the average price from rising. The average price for an all-residential home in Milton in May 2016 $653,928, or 11% more than the average price in May 2015. The total dollar volume of sales was $81,087,090.
In fact, the average price for a home has increased even more, by 14%, during the first five months of 2016 compared to January to May of 2015. The year-to-date price for a home in 2015 from January to May was $548,665 whereas the 2016 year-to-date price was $627,378. While prices have jumped over the first five months, sales were down much like they were when looking at May 2015 and May 2016. There were 601 home transactions from months one to five in 2015, 51 more than the 550 recorded in the same period of 2016.
The city of Milton did, however, register the lowest number of average days a home spent on the market out of all cities covered by the Oakville, Milton and District Real Estate Board with an average of 10 days in May 2016. Milton also recorded the lowest number of days to sell over the first five months of the year at 17.
With a median price of $625,000 last month, Milton was actually ranked as the 110th most expensive city in Ontario. The city also boasts a higher list of properties to choose from for buyers when compared to other regions across the province.
When it comes to apartments in Milton the median price in May 2016 was $359,900, up 5% from the month before. According to the Canadian Real Estate Magazine, Milton ranked as the 87th highest-priced city.
One statistic to keep an eye on moving forward is the number of homes listed in Milton. Reports have shown that over the past three months the number of properties available has increased while apartment stock has decreased. The Canadian Real Estate Magazine suggests that at the current moment demand is not quite as high as supply for properties, while we could also see a hike in the value of apartments moving forward should these trends continue.
As a valued mortgage broker in Milton, James can be of great help when it comes to purchasing or selling a home in the area. With locations in Milton, Oakville and Burlington, our entire team has a firm understanding of the local markets and the trends associated with each. Whether you and your family are looking to sell or purchase a home in Milton, James can guide you in the right direction so you can experience a smooth process and end up with the best outcome possible. If you’re interested in buying or selling, contact James today for more information or to get started!
Source: Canadian Real Estate Magazine