Jalaj’s market update for April 2022


Hello everyone, lately there’s a lot of talk about the real estate market cooling off. Number of new listings were down by 10% from last year April, and more notably, the number of sales by 49%. Driven by increasing interest rates and declining sales, the average sale price for homes in Milton came down by 13% from the peak reached back in February. Let’s though put things into perspective. Average sale price for homes in 2020 were up by 15% and another 25% in 2021. In comparison, prices from September of last year to February of this year, were up by 20%, and such a price growth was simply unsustainable. So yes, the prices have come down, but we were still higher by 11% from last year April. Bottom for this market is not falling out. We simply have to price the homes realistically and let the market stabilize. You take care, and talk soon.