Jalaj’s market update for August 2021


Hi there guys, home prices in Milton are on somewhat of a rebound. We are sitting 23% higher than what we had seen in August of last year and 4% higher than July of this year. We are pretty close to the highs we had seen in April and May. As you can see, throughout 2021, year-to-date prices have stayed 25 to 30% higher than what we had seen in 2020. Over the last four-five months, the number of new listings have been declining steadily. In August, these number were the lowest we’ve seen this whole year, and compared to same time last year, we were down by 46%. Given the low supply, the number of sales not surprisingly have also been sliding, down by 25% compared to August of 2020. Believe it or not, we had total of 70 active listings, which is less than half a month’s of inventory and not nearly enough to meet the demand. I won’t be surprised if the sale prices set a new record in the last quarter of 2021. The resale market can only meet a certain level of need. Sure, more listings will help but more than anything else what will help is an influx of new builds.