Continuing last month’s trend, the local real estate market is balanced in terms of listings and sales.
Meanwhile, housing prices have enjoyed steady growth of about 2% month-over-month, with no sign of stopping.
What does all this mean? Jalaj discusses that in this month’s edition of Jalaj’s Market Update.
Video Transcription
Hi there everyone, I’m sure you have heard in the media that the market this year is quite a bit lower than what it was in 2017. While that is true, what I want to do is, give you a perspective of the market at the present time.
So, let’s start off by looking at the number of new listings and the number of sales. In the bar graph here, what you are going see is, that we have been consistently replenishing the inventory as the months have gone on. What that means is that the homes are selling and new listings are coming on the market. For the month of May we had about 400 new listings come up on the market and 200 sales, and the ratio of sales to new listings was around 50%, which is indicating a balanced market. Having said that, we had about 428 active listings in Milton, and that gave a lot of choices to the buyers.
Now let’s focus on the prices. If you look at the bar graph here we are going try and show you the median sale price, and do a comparison of 2018 to 2017. For the 2017 bar graph, you are going to see the median sale price started to decline from the month of April onwards. And what you are going to see for 2018 is that the prices have been on a steady increase. In fact where we are at the present time, we are looking at the prices being almost same as what we had back in June of 2017. Now looking closely at the median sale price for 2018 in the bar graph here, what you can see is the prices have gone up steadily by about 2% month over month. Now that definitely does indicate to us that the prices are on the path of increasing higher up, and also that we have turned the corner. If you have any questions with any of this, give us a call. Thank you!!