Jalaj’s Market Update for March 2020


Hi there guys, Milton’s real market for the month of March can be summed up in two halves. For the first half, the market was running torrid, homes were selling in multiple offers and at record prices, and then Covid-19 hit. As of March 15th, like everything else, things came to a slowdown. We did end the month of March higher compared to last year March, but that was mainly driven by the activity from the first two weeks of the month, so please bear that in mind as I go through these numbers. In terms of new listings, we had 8% more new listings compared to last year. Same thing was true for the number of sales, they were 8% higher, but 138 of the 210 sales, took place within the first two weeks of the month. We ended the month of March with total of 209 active listings, giving us one month’s inventory, but one stark difference was sold to new listing ratio that was in sellers market territory just a month ago, shifted to balanced market with a ratio of 56%. The average sale price came in 17% higher compared to last year March, but the prices did slip in the last two weeks of the month compared to the first 2 weeks. We’ll have a clear picture once the numbers come in for the month of April, as to how this pandemic has affected our market. Let me end by saying, you guys take care, stay safe and healthy, and we will talk soon.