Into the depths of Summer we head, and the real estate market is doing just fine. I’ve written recently about the record sales reported in Hamilton, Burlington, Toronto and other areas, and Milton is certainly chugging along with those areas.
The average days to sell this past week sits at 48 days, however, removing the 3 anomalies that took between 141 & 375 days to sell, the adjusted average days to sell sits at a very healthy 31 days. This is a pretty good number, for both Buyers and Sellers; it means that Buyers have the opportunity to see the homes that become available and Sellers can be fairly certain that their home has been exposed to the market long enough for interested buyers to look, think, and take action.
The busiest price range, again, with 50% of total sales, is the $300,000 to $400,000 range, which includes the first-time buyer market. Thanks to the interest rates for that!
The average list-to-sale price ratio is up to 98.8%, which tells me that Seller’s are pricing their properties a lot more accurately to the market right now, so when you are looking at a house, you should approach it from the viewpoint of “Am I willing to pay 98.8% of the asking price for this house?” That doesn’t mean that all houses are worth that – maybe a particular house is overlisted, or, maybe it is under-listed in the hope of attracting multiple offers. It does, however, give you a guideline to work from.
For more in-depth analysis of what the market is doing, and to know where your house specifically sits TODAY, give me a call at 905-208-7002, or fire me an email to chris@chrisnewell.com.
Here’s the Weekly Price Range Summary:
And the Annual Summary:
And finally, the chart of available properties and sales:
