This week’s numbers for the milton ontario real estate market are in, and there’s no real surprise in them, other than the adjusted numbers for average days to sell. The number in the charts is 27; remove those over 100 days, and the average is 14 days. I’ve said it before, but it really does bear repeating: the average days to sell is from when a seller signs the listing form to when all the conditions are removed in the offer. If, on average, it takes 2 days for the listing to ‘hit the MLS’, and another 7 days for fulfillment of conditions, that means the average days to sell is actually around 5 days. That is pretty fast!
I also checked how many houses were selling over the asking price, and it is 11 of 27, or 41%! That number reveals two primary things:
- There is still a pent-up demand for great homes in the marketplace today, &
- Houses are being intentionally under-priced to create a multiple-offer situation
I’m not saying whether this is a good thing – the creation of multiple offers – because the answer to the question depends on who I am representing in the marketplace. If I’m representing a homeseller, then multiple offers are great; however, if I’m representing a homebuyer, multiple offers are frustrating and cost my clients more money.
There are some important points to consider when looking at being in a competitive situation with multiple offers, such as the cost of the extra amount you pay for the house as it relates to your mortgage payment, the true market value of the property, the definition of market value, etc. I’d be happy to discuss all of these with you – just give me a call at 905-208-7002.
The rest of the numbers?
Listing inventory is down again, to one of the lowest numbers I can recall since early 1993. Sales of homes in milton ontario remained steady, and the average selling price is down, reflecting the limited opportunities in the market for buyers, as opposed to a drop-off in the actual prices of the homes for sale. Prices of homes in Milton Ontario have not really gone up, compared to 12 months ago; the house prices are fairly stable, however, given the Bank of Canada‘s recent announcement that the recession is over, one can never know what will happen next.
Here’s the week’s summary by price range:
Another important number to watch in the chart above is the Pending Ratio – the tie between the number of properties available and the number that sold. For example, in the $275,000-$300,000 range, the ration is .500. That means that half the houses in that price range sold in the past week, and if no more came on the market, we would be sold out in 2 weeks.
And the Overall Annual Summary:
And finally, the Listings & Sales graph (it’s getting too wide for the display, so just click on the picture and you’ll see the whole picture):
Do you have any feedback on this report on Milton Ontario real estate? I changed the format a little this week, to reflect the questions people are calling and asking me, as well as to match what people are searching for online. I’d love your feedback on the changes.
