Milton Real Estate Watch | May 2021
Milton Real Estate Watch for May 2021
May 2021 brought fewer new listings and higher average sales prices in the Milton real estate market.
Despite a slight ebb in sales over the last two months, the Milton real estate market is still very strong and homes are selling quickly. The average home sale price increased marginally from April to May, but where we saw significant decrease was in the number of new listings hitting the market.
“While sales have trended off the March 2021 peak, so too have new listings. This means that people actively looking to purchase a home continue to face a lot of competition from other buyers, which results in very strong upward pressure on selling prices. This competition is becoming more widespread with tighter market conditions in the condominium apartment segment as well,” said TRREB Chief Market Analyst Jason Mercer.
Click the link below to check out the full breakdown of what happened in Milton real estate market for May 2021.
To download the full breakdown for May 2021
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Sales to new listing ratio
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 May 2021 Market Data? Reach out to us at [email protected] .
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