Here’s the latest update from the Milton real estate market. As you can see in the first chart, the Total Market Annual Summary, the inventory of available homes is slowly tracking downwards. We now have a similar amount of inventory to what was available before the new construction started back in 2001, yet we have 4 times the number of houses. Sales activity is remaining fairly constant, and as the days on market reveals, things are selling quite quickly.
Here’s the annual update, showing overall activity:
And here’s the Weekly Price Range Summary
As the Weekly Summary by Price Range (above) reveals, activity is spread across the lower ranges. An interesting note is that, with today’s mortgage rates, money has a much stronger buying power, and I think that is partly why the sales over $375,000 are fairly good.
For example, at 3.6%, the monthly payment on a $100,000 mortgage is approximately $505; if rates were 5.5%, that same payment would only get you $81,000 of mortgage. Double those numbers and your $1010 will now get you into a $200,000 mortgage vs a $162,000 mortgage. More realistically, multiply those numbers by 3.5 and your $1,768 will get you a $368,000 mortgage at 3.6% vs a $284,000 mortgage at 5.5%. THIS IS HUGE!!! This difference alone moves you from the mid-range semi-detached homes and the upper-end row houses (townhouses) into the lower-mid-range detached homes. For the same monthly payment. Sure, your taxes will be a touch higher, and the downpayment required a little bit more, but not by a significant amount.
And here’s the graphical listings and sales information (listings in green; sales in red):
