Milton's Real Estate Landscape in July 2024

Flowers Team Real Estate • August 7, 2024

July 2024 Real Estate Update: Milton Area Insights

A june market update is displayed on a white background.

In July 2024, home sales in the Milton area held steady compared to the same month in 2023. Despite this stability, the local market saw an increase in new listings, outpacing sales and providing buyers with more options. This well-supplied market also contributed to a slight easing in average selling prices.


Market Trends and Future Outlook


TRREB President Jennifer Pearce found it promising that July’s sales matched those of last year. She suggested that the recent Bank of Canada rate cuts from June and July might be starting to positively impact the market. With borrowing costs expected to decline further, Pearce anticipates an acceleration in sales as buyers enjoy lower monthly mortgage payments.


Sales and Listings Breakdown


Milton REALTORS® recorded 129 home sales through TRREB’s MLS® System in July 2024, reflecting no change from July 2023. Meanwhile, new listings surged by 18.35 per cent year-over-year, reaching 387. On a seasonally adjusted basis, both sales and new listings slightly decreased compared to June.

FULL BREAKDOWN
A large brick house with a black garage door

Detached Homes

July 2024 


New Listings: 206

Average Sales Price: $1,323,960

Number Sold: 65

Days on Market: 23
A large white house with a brick wall and a driveway in front of it.

Semi-detached Homes

July 2024 


New Listings: 23

Average Sales Price: $1,046,050

Number Sold: 10

Days on Market: 14
A brick house with two garage doors and a sunset in the background

Townhomes

July 2024 


New Listings: 97

Average Sales Price: $889,081

Number Sold: 38

Days on Market: 20
A large apartment building with a lot of windows and balconies.

Condo Townhomes

June 2024 


New Listings: 22

Average Sales Price: $685,000

Number Sold: 6

Days on Market: 5
A line graph showing a slope of a line going up and down.

Price Trends and Market Projections


The average selling price for July 2024 was $1,090,062, marking a 0.98 per cent increase from the previous year. However, seasonally adjusted figures showed a slight dip in both the MLS® HPI Composite and average selling prices compared to June 2024.


TRREB Chief Market Analyst Jason Mercer noted that as more buyers take advantage of lower mortgage payments, they will benefit from increased inventory, which should keep home prices relatively stable initially. Nonetheless, as inventory levels are absorbed and without a significant boost in new home completions, the market could see a return to price growth in the near future.


In summary, the Milton real estate market in July 2024 demonstrated stability in sales and an increase in listings, offering buyers more choice and slightly better pricing conditions. With anticipated declines in borrowing costs and a well-supplied market, the future looks promising for both buyers and sellers.


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 homes@flowersteam.ca. Let us help you achieve your real estate goals with confidence and expertise.


Disclaimer: Insights are based on TRREB's data for July 2024. Market conditions can evolve, and individual circumstances may vary. Consult with a professional real estate agent for personalized guidance.


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