It may appear that home sales levelled in January 2022 equalling the number of homes sold in December 2021 with an increase of 30 percent more homes listed in January. However the sales to listing ratio may be deceiving as the last week of January saw the biggest jump in home listings in comparison to the beginning of the month. Homeowners were taking a look at the home values at the beginning of the month and listing later in the month to take advantage of the higher home sale prices. That being said, a lot of the homes listed in January will spill over into sales for February where you see a shift in the listing to sales ratio.
According to TREB" The continuation of tight market conditions resulted in a 33.3 per cent annual increase in the MLS® Home Price Index Composite benchmark." Similarly, the average selling price in Milton was up by 37 per cent year-over-year to $1,257,309.
Homes are still receiving multiple offers in this competitive market driving sale prices up tremendously higher than the listing prices. On average homes were selling $221,738 OVER the listing price during the month of January!
Click the link below to check out the full breakdown of what happened in Milton real estate market for January 2022.
Whether you are considering selling, refinancing or just staying put in your home, now is the time to get a home evaluation! CLICK HERE to set up a FREE home evaluation to find out how much your home is worth in today’s market.
A real estate market never heads in just one direction. Several key factors can drastically influence the direction of the market including mortgage interest rates, employment levels/growth, investment growth, immigration and development. These factors can influence whether we are it is a buyer’s market or a seller’s market .
A buyer’s market exists when there are significantly more homes for sale than there are buyers. The typical end results in a drop in median sale prices over time as homeowners adjust their expectations to the current market conditions.
A seller’s market typically exists when interest rates are low are there are plenty of qualified buyers and not as many homes for sale. Buyers must react quickly and often face multiple offer situations. Prices generally rise under these circumstances.
Looking to buy? Have a look at current listings . Questions about the January 2022 Market Data? Reach out to us at homes@flowersteam.ca .
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