December is often a slower month for the real estate market, however with our mild weather and the low inventory levels we’ve been experiencing in the Milton Real Estate market, we are still seeing very strong numbers carry through the end of 2019 especially in the more affordable price ranges for condos and townhouses.
Jason Mercer from the Toronto Real Estate Board explains further;
“We certainly saw a recovery in sales activity in 2019, particularly in the second half of the year. As anticipated, many home buyers who were initially on the sidelines moved back into the marketplace starting in the spring. Buyer confidence was buoyed by a strong regional economy and declining contract mortgage rates over the course of the year,” said Mr. Collins.
While sales were up in 2019, the number of new listings entered into TREB’s MLS® System was down by 2.4 per cent year-over-year. For the past decade, annual new listings have been largely in a holding pattern between 150,000 and 160,000, despite the upward trend in home prices over the same period.
“Over the last ten years, TREB has been drawing attention to the housing supply issue in the GTA. Increasingly, policy makers, research groups of varying scope and other interested parties have acknowledged that the lack of a diverse supply of ownership and rental housing continues to hamper housing affordability in the GTA. Taking 2019 as an example, we experienced a strong sales increase up against a decline in supply. Tighter market conditions translated into accelerating price growth. Expect further acceleration in 2020 if there is no relief on the supply front,” said Jason Mercer, TREB’s Chief Market Analyst.
The Average Sale price Last December ( 2018 ) was $690,006
The Average Sale price December (2019) was $787,929
It’s important to also look at the year to date numbers to gather the full scope of the market trends.
January 2019 $762,635
February 2019 $718,130
March 2019 $726,626
April 2019 $731,595
May 2019 $769,950
June 2019 $775,964
July 2019 $741,077
August 2019 $738,944
September 2019 $741,829
October 2019 $776,394
November 2019 $786,395
December 2019 $787,929
Miltons Real Estate Market is competitive, healthy and has experienced an increase of 8.6% in 2019. If you would like to know how this relates to your property, we would be happy to provide a full opinion of value for you.