Milton's Real Estate Landscape in July 2024
July 2024 Real Estate Update: Milton Area Insights
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.
Detached Homes
July 2024
New Listings: 206
Average Sales Price: $1,323,960
Number Sold: 65
Days on Market: 23
Semi-detached Homes
July 2024
New Listings: 23
Average Sales Price: $1,046,050
Number Sold: 10
Days on Market: 14
Townhomes
July 2024
New Listings: 97
Average Sales Price: $889,081
Number Sold: 38
Days on Market: 20
Condo Townhomes
June 2024
New Listings: 22
Average Sales Price: $685,000
Number Sold: 6
Days on Market: 5
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 [email protected]. 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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