Milton's Real Estate Landscape in September 2024
September 2024 Real Estate Update: Milton Area Insights
September 2024 brought positive news for Milton's real estate market, with home sales rising significantly compared to last year. Buyers are taking advantage of the more favourable market conditions, largely thanks to interest rate cuts and lower home prices.
Interest Rate Cuts Drive Home Sales Growth
"As borrowing costs decline and mortgage lending guidelines evolve, we expect home sales to continue growing alongside population increases," said Jennifer Pearce, President of the Toronto Regional Real Estate Board (TRREB). "Each rate cut makes homeownership more accessible, particularly for first-time buyers looking to invest in long-term stability."
Strong Year-Over-Year Sales and Listings Growth
In September 2024, Milton REALTORS® reported 127 home sales through TRREB’s MLS® System, marking a 27% increase from 100 sales in September 2023. New listings also saw a 5.3% boost, with 357 properties added to the MLS® System. While September's sales dipped slightly on a seasonally adjusted basis compared to August, the rising number of new listings helped balance the market. The average selling price in Milton for September stood at $1,021,471, a modest 3% decline from the previous year's $1,053,783.
Detached Homes
September 2024
New Listings: 184
Average Sales Price:$1,258,935
Number Sold: 54
Days on Market: 27
Semi-detached Homes
September 2024
New Listings: 35
Average Sales Price: $982,643
Number Sold: 7
Days on Market: 18
Townhomes
September 2024
New Listings: 84
Average Sales Price: $904,489
Number Sold: 44
Days on Market: 28
Condo Townhomes
September 2024
New Listings: 19
Average Sales Price: $714,780
Number Sold: 5
Days on Market: 14
Increased Buyer Negotiating Power
TRREB’s Chief Market Analyst, Jason Mercer, highlighted the increase in buyer negotiating power due to the influx of new listings. "More inventory has created a better-supplied market, allowing buyers to negotiate more favourable terms, especially in the condo and townhouse segments, where prices have softened," he noted.
Positive Changes to Mortgage Lending Guidelines
In addition to market changes, recent adjustments to mortgage lending guidelines have been a positive development for both new and existing homeowners. TRREB CEO John DiMichele emphasized that these updates, including the ability to renew mortgages without stress tests and longer amortization periods, are giving buyers and mortgage holders much-needed flexibility as the Greater Toronto Area’s housing market stabilizes.
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 September 2024. Market conditions can evolve, and individual circumstances may vary. Consult with a professional real estate agent for personalized guidance.
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