If you thought that last year's market was hot, you ain't seen nothing yet. So far this year, the Milton MA real estate market has outpaced last year's sales figures to date by quite a bit. And that's only for the first month of the year!
Thirteen homes were sold in January 2014. That is a 260% increase over January 2013! However, as you can see from the graph above, January 2013 appears to have been an anomaly. The 13 Milton MA homes sold last month is in keeping with the average sales figures for each year prior to 2013.
The average sales price for a home sold in Milton last month was $627,731, a 34.2% increase over the previous year's $467,600 average. Homes sold in January 2014 ranged from a 3 bed/1 bath 1056 square foot Cape-style home which sold for $165,000 all the way up to a 3 bed/2 bath 3076 square foot Colonial in Milton Hill that sold for $1,300,000. In fact, two Milton MA homes sold for over $1,000,000 last month.
The average days a Milton MA home spent on the market before a sale was complete was 39, much less time than the 67 days on market the previous year. The list price to sale price ratio (the difference between what a home was listed for and what it actually sold for) has increased from 89% in 2013 to 97% in 2014, with two Milton MA homes actually selling for more than the price listed.
What does this mean for Milton MA home buyers? If you're interested in buying a home, the time to act is now. Prices are steadily increasing. However, with low interest rates (4.28% for a 30 year fixed and 3.39% for an adjustable rate mortgage as of the writing of this post, according to Bankrate.com) and a good inventory available, buyers can still find the home they want at a price they can afford. When you're ready to start looking, contact your Milton MA Buyer Broker.
*All data used in this blog post is courtesy of the MLS Property Information Network, Inc. Homes sold outside of the MLS are not included in those numbers.