Jalaj’s Market Update for March 2021


Hi there everyone. With the first quarter of 2021 wrapped up, where is the Milton’s real estate market? Have prices leveled off? Are we seeing fewer multiple offers? Let’s start with prices. The average sale price in March came in 23% higher than last year. Moreover year to date numbers are 19% higher in these past three months from the end of 2020, this is staggering. We did see more listings come in the market. They were up by 52% from last year. But the sales are simply outstripping the supply. They were up by 103% from 2020 March. 177 total active listings this past month left us with less than half a month’s of inventory, which is not enough to keep up with the demand. There are talks out there to further strengthen the stress test for uninsured mortgages. And if that goes through, it will bring down the buying power by approximately 4 to 5%, which in turn will affect the market. We will be keeping an eye on this for you and I’ll keep you posted. You take care.