Feb. 11, 2009 - Milton Market Activity Since January 1, 2002

I've just posted a report showing the average price trends, by house type, in Milton since January 1st, 2002. I chose this date because that is when the houses in the new section of Milton started appearing as resales.

An interesting trend is that the number of units sold was down in 2008, from the peak year 2007, but prices were up across the board. Those 2 factors clearly indicate a market in transition, as inventory is sold off and buyer's begin waiting to see what is happening in the market. Indeed, from September 2008 through to the end of the year, we heard from buyer's that they were going to wait until January or February, to see what happened with prices, rates, elections, etc. True to their word, wait they did, and sales dropped precipituously as a result.

The one exception to rising prices is in condo apartments, and this can be attributed to the new buildings that came to completion in 2008, and the lowering of average prices by their very existence.

The exception to decreasing number of units sold in 2008 was in freehold townhouses, which saw an increase in untis sold of about 15% over 2007. This can be attributed to the strength in demand from entry-level buyers, and an emerging trend of some homeowners selling their more expensive homes before the market dropped further, in an effort to mitigate their losses.

In conjunction with the February 2009 Real Estate Market Update, viewable as a video at http://www.youtube.com/watch?v=fI6GM3ekNpU, you can find the annual summary of Milton real estate by downloading the PDF file from http://TownofMilton.com/STATS-2002+.pdf