Yes, it’s that time again – time to do the numbers and see where we’re at in milton ontario real estate this week. It’s been a fairly quiet week in the market, with sales being down about 35% over last week, while available inventory is up 10%. The average price this week is up over last week, by about 9%. Comparing the numbers to the same time last year, the number of available listings is down by 80%, the number of sales is up by 25%, the average sale price shot from $277,000 to $440,000 and the days to sell dropped from 38 to 15. The average list-to-sale ration also rose by 2% over last year!
So, to what do we owe these big changes? Well, last year, the US was really mired in their financial meltdown, and Canadians were only in the beginning stages of holding back their moving plans, as is evidenced by the fact that we had a more normal 545 houses on the market. Another factor would be that the discounted 5-year mortgage rate is down by approximately 1.5% over 12 months ago. That equates to a saving of about $200 per month for every $100,000 borrowed, which is a huge jump in purchasing power. Another factor is that it is somewhat easier to borrow right now than it was 12 months ago. However, I think the overarching factor is probably that the Canadian psyche is feeling better, having had a year to see what cross-border effects the US meltdown will have.
Here’s the annual summary of Milton Ontario real estate activity:
And the same information in graphical format:
The Absorption Rate – this chart will be very revealing over the next few months, as we move through the holiday season and people begin planning their Spring move:
Remember when reading the chart above that the ‘Absorption Rate – Weeks’ column refers to how many weeks it would take for every house on the market to sell at the current rate of sales and no new properties coming on the market.
Here’s the same information in graphical format:
And finally, the milton ontario real estate market total weekly overview of activity by price range:
As always, if you have any questions about any of the information, please call me at 905-878-4444 and I’ll be happy to discuss how your home fits into the market, or to answer any questions you might have. I’d love to read your comments on my thoughts about why the market is the way it is right now.
