Milton’s real estate market shifted throughout 2020. Listings increased at the start of the year, then dropped considerably in April. Sales began to recover in May and rose sharply in June and July. Average sale prices generally moved higher through the second half of the year, even as monthly sales fluctuated.
Milton home listings rose 49% from December 2019. The average sale price increased slightly, from $787,929 to $791,183, and was 4% higher than in January 2019. Detached homes had the largest month-over-month price gain. Their average sale price reached $936,829, up 6%. Townhomes averaged $693,200, up 5%.
February’s market update described very low inventory and strong buyer demand. With fewer homes available, conditions favoured sellers, while buyers had to act quickly when a suitable property came on the market.
Milton home listings dropped considerably in April. The average sale price changed only marginally overall, while the average sale price for townhomes increased by 0.16% from March.
The market showed signs of a comeback in May. Sales rose 35% from April, after the substantial drop in listings reported the month before.
Sales rose 92% from May across all home types. Average prices also increased across home types, and the overall average sale price was 7.21% higher than in June 2019.
Milton home sales increased another 29% from June. Average prices remained steady across home types, while the average sale price was 12% higher than in July 2019.
Sales were down 5% from July. The average home price reached $865,887, with the monthly report describing a 15% increase across home types.
Sales were on par with August. The average home price rose 5% to $910,683.
Sales were slightly lower than in September, while the average sale price increased 1%. Compared with October 2019, the average sale price was up 15% and sales were up 33%.
Sales were lower than in October, while the average sale price remained consistent. The November update also reported year-over-year increases: the average sale price was up 15%, and sales were up 24%.
Sales were considerably lower than in November, while the average sale price edged up 4%. Compared with December 2019, the average sale price was up 18%, and sales were up 39%.
The monthly reports show a slowdown in listings in April, followed by a recovery in sales from May through July. Sales then fluctuated during the second half of the year. Average sale prices generally rose over that period, with the December update reporting year-over-year gains in both sales and average price.
Monthly changes do not tell the whole story of the market. The mix of homes sold, including property type and price range, can affect the overall average sale price. A rising average does not necessarily mean every home increased in value by the same amount.
The sales-to-new-listings ratio compares the number of homes sold with the number of new listings during a period. It helps describe how buyer demand compares with the supply of homes entering the market.
When sales are high relative to new listings, buyers may face more competition for available homes. When new listings substantially outnumber sales, buyers may have more choice, and sellers may face more competition. Interest rates, employment, population growth, investment and new development can also influence local market conditions.
Market conditions can vary by neighbourhood, property type and price range. The overall Milton market may not reflect the conditions a buyer or seller faces for a particular home.
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