Well, the milton ontario real estate market’s at it again! When you look at the numbers in the charts below, you’ll see that there are a great number of price ranges where the average sale price is more than 100% of the listing price. Now, when I say ‘the market’, I’m referring to the components of the market, and perhaps specifically one segment of it.
The real estate market really has 4 or 5 influencing factors, even though the lives of more than 1,000 people are impacted every time a home is sold. Those influencing factors are, in no particular rank of importance:
- Buyers
- Sellers
- Real Estate Agents
- Interest Rates
- Employment Stability
In a market such as we are seeing this week, I am inclined to think that real estate agents are responsible for the fact that so many homes have sold for more than 100% of the list price. And I’m not convinced that it is a good thing. You see, a home won’t sell for more than the list price unless there is more than one offer on it. Multiple offers are a double-edged sword, as I’ve said in the past; there are many buyers in the marketplace who will not join the competition, yet would be willing to pay more than the list price for a home. Hmmmm – the psychology of home buyers is a fascintating topic, for another time.
I find myself having to wonder ‘would those sellers have netted more money if the homes had been listed for a higher price in the first place?’ The temptation is to think that perhaps they would have, however, one thing that is certain is that when a house sells in just 3 or 4 days, it is unlikely that the sellers are going to get the maximum price for the house. It can, and does, happen, in my opinion, but it is a strong possibility that they don’t get maximum value for their home if it has not even made it onto MLS.ca, for example. If the public doesn’t know about the property, how can people get the best value for it? Something for you to keep in mind when hiring an agent to sell your home. CAVEAT – don’t blindly hire the agent who promises you the highest price; make them back it up with numbers, and proof that they not only have the market data, but also that they understand it and can interpret it!
So, here are the milton ontario real estate market numbers for this past week. In compiling the average days to sell (DOM in some charts), I removed from the equations the houses that were on the market for 100 days, 45 days, 375 days, etc., in order to present a true picture of what is happening out there.
First, the Total Market Overview:
And next, the Annual Summary of Averages, in both tabular and graphical versions:
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And the Weekly Absorption Rate tracking:
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And the Weekly Listings & Sales Graphs:
This week, I’m introducing a new set of data for you – a monthly tracking of market activity according to the type of property:
Condo Townhouses:
Condo Apartments:
Freehold Townhouses:
Detached Houses:
If you have any questions about the information contained herein, I’m just a phonecall away – 905-208-7002.
