Market Update - Halton Hills & Milton
Thursday Feb 08th, 2024
Market Update - Milton & Halton Hills – January 2024
With the beginning of the new year, a lot of us wonder what the year ahead will hold for our real-estate markets. With the completion of the first month of the year, we can take a moment to have a review of how our local and regional real-estate markets performed this month compared to same time last year giving some indication of trend for upcoming year.
Milton saw 191 new listings* hitting the market this past month, an increase of 34% over last year. There was also an increase in the amount sold this past month (111 properties) which is 74% more than this time last year. If we compare the amount of sales to the amount of new listings (sales to new-listing ratio) we see an increase of 13% over last year. It is taking on average a little longer to sell, with an average of 33 days on market. In short, in terms of availability, we are seeing more properties coming up for sale, and an increase in the amount of sales. Milton’s combined average sale price was $1,033,641, a slight decrease from last year of 2%, but with the interest rates being what they have been for the past while, compared to then, it is not entirely surprising to see a slight drop here.
Halton Hills had a similar month for real estate, seeing 92 properties coming up for sale, a decrease of 12.4%, but like Milton, there was a rise in the amount homes sold totalling 49, an increase of 32.4%. The sales to new-listing ratio for Halton Hills was at 58.1% which is a rise of 18% over last year, indicating a more active market. Similar to Milton, it is also taking a little longer to sell, averaging 42 days on market, an increase of 10 days over last year. The combined average sale price was $961,835 a decrease of 6% over last year. This past month has , unsurprisingly, shown stiffer conditions this January over last. With more buyers looking to complete sales with the turbulent interest conditions hopefully in the past, Halton Hills saw an increase in sales, but with the average time to complete a sale being a little longer and a slight decrease in the average sale price.
If we take a look at the data from the Greater Toronto Area sales stats, of which both the above markets contribute towards, we can get a broader look at the market as a whole for the area. The GTA saw a rise of 6%** of new listings this month over last year, as well as an increase of 37% in sold properties compared to last year. Additionally there was an increase in how long it takes to sell, as well as the sales to new listing ratio, of which both Milton and Halton Hills are on trend compared to the surrounding region. A drop of 1% was seen in the GTA over all residential property types, indicating a similar experience for home prices across the region compared to what we see here in our local market.
What we can take away from this month’s performance is that the market is becoming more active. We have more properties coming onto the market, but also an increase in the amount of completed sales. At the same time, it is taking slightly longer to market and sell a property compared to last year, as well as there being a slight reduction in average sale price of homes.
If you have any questions about this information, the market or real estate in general please feel free to reach out!
Real estate Salesperson
Coldwell Banker Escarpment Realty
*Regional Sales Data gathered from MLS Sales Statistics
**GTA Statistics taken from TREB Market Stats