Milton's Real Estate Landscape in August 2024
August 2024 Real Estate Update: Milton Area Insights
According to the latest data from MILTON REALTORS® reported through TRREB’s MLS® System, Milton experienced a slight dip in home sales in August 2024. A total of 131 home sales were recorded, marking a 5.07% decrease compared to the 138 sales in August 2023. However, despite this drop, the market continues to show some resilience.
New Listings See a Modest Increase
While sales dropped, new listings saw a small uptick. In August 2024, 302 new listings were added to the MLS® System, reflecting a 1.34% increase from the same time last year. This growth in listings offers more opportunities for prospective buyers but also contributes to a more balanced market.
Seasonal Adjustments: Comparing August and July 2024
When adjusting for seasonality, August 2024 sales showed a slight increase compared to July, indicating a potential shift towards more stable market activity. However, new listings were down slightly from July, hinting that inventory could tighten in the coming months.
Detached Homes
August 2024
New Listings: 136
Average Sales Price: $1,314,356
Number Sold: 62
Days on Market: 24
Semi-detached Homes
August 2024
New Listings: 19
Average Sales Price: $1,010,176
Number Sold: 11
Days on Market: 21
Townhomes
August 2024
New Listings: 72
Average Sales Price: $$891,181
Number Sold: 37
Days on Market: 23
Condo Townhomes
August 2024
New Listings: 13
Average Sales Price: $730,875
Number Sold: 8
Days on Market: 32
Average Selling Price Trends in Milton
The average selling price in Milton for August 2024 was $1,064,460, representing a decrease of 1.79% compared to August 2023. On a month-over-month basis, the seasonally adjusted average price edged lower compared to July 2024, reflecting a market in transition.
Jason Mercer, TRREB’s Chief Market Analyst, shared insights on what homebuyers can expect in the coming months. "As borrowing costs trend lower over the next year-and-a-half, home buyers will benefit from lower monthly mortgage payments and lower home prices," said Mercer. However, he emphasized that while demand will pick up, particularly in 2025, it will take time for the available inventory to be absorbed, keeping price growth moderate during the initial stages of recovery.
TRREB CEO John DiMichele stressed the importance of focusing on home construction to ensure long-term market stability. He highlighted the need for municipalities to reduce development charges to make housing more affordable. "If people can’t find affordable housing in the GTA or surrounding Greater Golden Horseshoe, they will move elsewhere, and not necessarily to other parts of Ontario or Canada," DiMichele warned, pointing to the critical role housing plays in the region’s economic development.
With fluctuating sales and prices, the Milton real estate market is evolving. Buyers may see opportunities as borrowing costs decline, while sellers should keep an eye on listing inventory and market trends. As the region adapts to economic pressures and demand shifts, maintaining a balanced approach to both buying and selling will be crucial for navigating the months ahead.
At Flower Team Real Estate, we are dedicated to providing unparalleled support and guidance to our clients throughout their homeownership journey. Our team understands the importance of staying informed and empowered in today's ever-evolving real estate landscape. Whether you're a first-time buyer, seasoned investor, or looking to sell your property, we're here to ensure your experience is seamless and rewarding.
For personalized guidance and insights into navigating Milton's real estate market, contact Flowers Team Real Estate at [email protected]. Let us help you achieve your real estate goals with confidence and expertise.
Disclaimer: Insights are based on TRREB's data for August 2024. Market conditions can evolve, and individual circumstances may vary. Consult with a professional real estate agent for personalized guidance.
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