Here’s the week in review for Milton, Ontario real estate.
It’s been another interesting week, as the sales remain fairly consistent, yet the inventory of available properties continues to shrivel.
There’s been some interesting happenings over the past week; I was set to show one particular property to my clients, when I got a call from the listing agent: “We’ve got 23 showings this first day on the market, and the seller’s don’t want any more. Oh, we’ve also got 7 offers registered.” Yes, that house sold over list price. For several other clients, a similar scenario played out – so many showings and multiple offers.
Where do we go now? Well, interest rates have risen slightly, and some brokers are saying that further increases are likely over the next couple of weeks. Given the shortage of inventory, that has to mean that prices will either rise or buyers will drop out of the market. I doubt that buyers will drop out, because prices are affordable and rates are still at ultra-low levels.
For more in-depth discussion, watch for the 2 reports from the Keller Research Institute that will be posted over the next couple of days.
So, here’s the weekly update:
And the ongoing Annual Summary:
And finally, the graph of the listings and sales activity:
