Apr. 4, 2008 - Milton Market Activity
Message
In listening to all of the
doom and gloom about the real estate market in the GTA on the radio today, where
reports are that the market activity in the GTA is down 22% over 1st Quarter
2007, I decided to see how the Milton market fared Q1 2008 over Q1 2007. What I
saw from the numbers was that our market numbers are also down significantly,
with unit sales in 2008 being 289, compared to 352 units in 2007. However, the
average sale price is up from $318,868 in 2007 to $342,404 in 2008. The time to
sell remains almost identical going down from 30 days in 2007 to 28 days in
2008.
Where did this increase in
the average sale price come from? It can be attributed to a general rising of
prices overall (7% across the market), which is more noticable in some house
types than others. The prime example of this is in the older condo townhouses in
Milton, which enjoyed an average price increase of 16.5% over this time period
year-to-year. Being the primary source of starter homes in town, it is only
natural that the price rises for these homes would be higher than the increase
across the board.
So, what are the
predictions for the future? I think this is actually a more normal market we are
in. Think of the weather in the first 3 months of 2007 - it was positively
balmy, and the market really didn't slow down at all over that winter. Contrast
the weather the first quarter of this year, and it was COLD with record amounts
of snowfall; this set us up for the typical Winter slowdown, and should leave us
in good stead for the also-typical Spring market to start this
month.
|
RSS Blog Feed