March 2022 sure was a shocker for sellers. For the first time this year we saw the average and median price fall. There are many factors that contribute to this change. Supply/Demand is the number one factor that is affecting the Milton restate market today. When comparing to last month, the number of sales increased only marginally, 3% versus the number of new listings increasing by 33%. This gap between new listings (Demand) and the number of sales (Supply) has caused a reduction in the average price of homes.
Although the average sale price has only decreased by$85,000, we are seeing some houses soften in value anywhere from $100,000 to $300,000. With the external factors that buyers are facing this year, we do predict to be the trend again next month. Rising interest rates, world politics, and inflation are a few of the key factors that are on buyers minds, causing some of them to sit back pause their home buying searches.
The good news, Milton is still in a very healthy real estate market. The number of sales is up 40% from last fall and the average sale price is 15% higher.
Click the link below to check out the full breakdown of what happened in Milton real estate market for March 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 March 2022 Market Data? Reach out to us at homes@Flowersteam.ca .
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