Jalaj’s Market Update for May 2018

The local real estate market is showing signs of stability and consistency in all categories.

Houses listed. Houses sold. Selling prices. They all point a balanced market.

Looking to sell? Now’s a good time to take advantage of these trends. Looking to buy? There are a few things to keep in mind as you shop.

Jalaj explains it all this installment of Jalaj’s Market Update.

Video Transcription

Hi there guys, here is a little bit of an update for you in terms of real estate for Milton. Over the last four months, we have seen the market stabilize. In fact, what you are going to see in the graphs attached here, is the number of new listings and the number of sales are leveled off. We are seeing close to about 370 odd new homes come up on the market every month for the last two months. And also the number of sales are hovering around close to 190 per month for the last two months.

In terms of average sale price, that is close to $700,000. Indications are we are in a balanced market, and in terms of the inventory, there is close to two months of supply currently on the market. What does this all mean for the sellers. Well, it means that sellers are able to achieve a fair market value, based on the current market conditions, homes are selling and they’re selling at good prices. For buyers, there is good level of number of homes to choose from, but they’re couple of cautions I would like to throw your way. If you’re thinking the price are going to come down further, I think that might not happen. In fact, the price might start to inch up slowly. As well, the interest rates are going up, so your mortgage qualification is going to become harder as things move along. My advice to you is, if you are thinking of buying, do that sooner than later.

There you have it guys, give us a call with any of your questions. Thank you.