New listings for September 2018 were approximately the same as September 2017.
The big difference is sales, which were down 14% year-over-year.
What caused such a big drop in sales? Is it a temporary blip, or the start or a long-term trend? How does this impact you; whether you’re looking to buy or sell? Watch October’s Market Update to see what it all means.
Video Transcription
Hey folks we are back with our monthly update for the Milton real estate market for you.
In the month of September, the number of new listings that came up on the market were about the same as last year September. In terms number of sales, they were down by 14%. At the end of September, we had close to about 2.8 months of inventory on the market. Ratio of Solds to New Listing was about 44%, indicating a balanced market. Average sale price was higher by about 7% compared to last year September.
Now in terms of why the number of sales were lower, we feel that is largely because of the stricter mortgage qualification criteria and also increasing interest rates. Having said that, the high density homes that is condos, towns and semis, those ones are still selling at a rapid pace and at or close to asking price.
In terms of the single family detached homes that are priced close to a million or higher, those ones are taking a bit longer to sell, close to about a month or more.
As always, if you have any questions, give us a call or message us. Thanks so much!