As summer turns to fall here in Massachusetts, it appears that the weather is not the only thing cooling off. Milton MA home sales for August 2014 were down and so was the average sales price. Here is a rundown of what was happening in the Milton MA real estate market last month.
According to statistics provided by the MLS Property Information Network, a total of 26 Milton MA homes were sold in August 2014. This is a huge decrease from the 42 we saw at the same time last year. However, August 2013's sales figures appear to have been an anomaly. The 26 homes sold in 2014 is more typical of what we find as far as home sales in the month of August are concerned (as you can see from the graph above). The lowest priced property sold was a 2 bed/1 bath East Milton bungalow that sold for $360,000 after just 15 days on the market. That was $10,100 over the list price! At the higher end, a 4 bed/3.5 bath Indian Cliff Colonial sold for $994,888.
The average sales price for a Milton MA home was $585,957, a 7.9% decrease from the same time last year. The average days a home spent on the market increased from 41 in August 2014 to 45 last month. However, nine of the 26 Milton MA homes sold in August 2014 spent 30 days or less on the market before going under contract. One of these homes sold for $421,000 in just one day...and that was $5100 over the list price! Half of the total homes sold went for at or above list price.
What does this mean for the savvy Milton MA home buyer? The best interest rates are hovering around the 4 1/4% mark for a 30 year fixed-rate loan, according to Bankrate.com. Prices have come down a little but that does not mean they will stay that way forever. Even though less homes were sold, there seems to be a bit of competition among qualified buyers. The average list-price-to-sale-price ratio was 99% last month, up slightly from the 98% we saw last year. Be prepared to pay close to asking and possibly slightly above on that home you love but only if that is what the market deems the home is worth. Contact your Milton MA Buyer Broker to find get started on your search for your next home.
*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.