Hey Everybody, Welcome to this edition of your milton ontario real estate total market overview!
So, where are we at this week? Well, as a prelude, let me remind you that this is a WEEKLY update, so changes are more exaggerated when viewed over such a short time frame in a market of this size. Having said that, the market’s a little wonky this week, with the number of homes available being up by a massive 1.66% and the number of sales being down by about 23%! Average price is down; Average days to sell is just about double what it was the week before, until we remove the anomaly that took over a year to sell, and then we drop back down to the same as last week – about 16 days to sell, or exposure to the pool of buyers for about 6 days.
Activity this week has been, as usual, clustered under the $375,000 range – evidence that the market is being driven by first-time buyers. There was an interesting spike in the $450,000 – $500,000 range, with the clearing out of some older inventory as most of those homes were brought down to a price that the market deemed to be appropriate.
It’s an interesting market these days – well priced & well-presented homes flying off the shelves while homes that need a modicum of fixing up are suffering. Yes, it’s true, fail to invest that $1,000 and 1 weekend, and it could cost you $5,000 or $10,000 and 30, 45, or more extra days on the market!
Here’s the weekly overview by price range:
And the Annual Summary:
So, look at the numbers in the above for November 7th, 2008 and compare them to November 6th, 2009 – 4.3 times the number of houses on the market, 17% LESS sales, and Average Prices 15% Lower! And an adjusted time to sell that is 3 times longer then than now!
And the Annual Summary in graphical format:
And finally, the Supply & Absorption Rate Update:
I hope that you find this information both useful and educational. If you’d like more information on the numbers for your type of home, well, we have that too! Just give me a call at 905-208-7002 or send me an email
