Milton Housing Market Update: June 2015

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Written by Milton Real Estate Expert, Maeve Hart.

These days most Milton residents have good reason to feel positive about their home values. With the summer fast approaching there is typically a bit of a drop in activity to be expected. This year the spring market was delayed partially due to the never ending and harsh winter of 2015. Now we are all noticing more for sale signs pop up every week. However, inventory is still low compared to last year at this time.

Signs of a strengthening market are, for example, increasing unit sales and prices combined with decreasing market time and inventory. This is the trend right now.

Year to date sales are up a bit from 79 last year at this time to 80. The average sales price has risen 2.2% in 2015 to $657,927. The median sales price is up 9% to $566,750. The average list price is up a whopping 23.5%. Keep in mind that a major factor of this jump is the recent listing of a few high end homes. Inventory is down 14.8% from 81 listed at this time last year to just 69 homes this year. On average homes in our town are selling at 98.8% of their asking price.

On average homes in our town are selling at 98.8% of their asking price.

Mortgage Rate Trends: Rates this past month have been trending higher with most 30 year fixed mortgage’s now quoted at over 4%. The rates have been affected by the notion that the FED will raise rates in the 3rd or 4th quarter this year. This past week rates hit a 15 month high and there seems to be nothing favoring them to inch lower. An economic recovery with more jobs will most likely point to a rise in rates. IF there is a down side to an improving economy this might be it. Higher mortgage rates will impact the purchase power of home buyers.

Milton Single Family / Recent Sales:

There were 23 unit sales in May. This is down 14.8% from 27 in May 2014. This is the highest unit sales have been since December, 2014.

Milton Single Family / Recent Sales, May 2015

Months of Supply by Price Range:

Months of Supply (Absorption Rate) indicates how many months it would take to sell the inventory if sales were to continue at the average rate of the past 12 months. Months of Supply in adjacent price ranges may vary considerably. Pricing a property in a range with less competition (lower months of supply) may lead to higher traffic and less time to sell than otherwise.

Take note of the number of homes for sale in each price bracket. For example, currently there are only 4 houses for sale in the $550K to $599K price range. There is a very high demand for this price range. This report is an effective tool to gauge the current supply and demand.