This winter's weather in the Northeast seems to have played havoc with the Milton MA real estate market. January started the year off with the highest sales and average sale price for the month in the last five years. Things fell off dramatically in February. In March, total sales increased but the average sale price was significantly lower than February. Here is your Milton MA Home Sales Report for the 1st Quarter of 2015.
According to the MLS Property Information Network, a total of 41 Milton MA homes were sold between January 1, 2015 and March 31, 2015. That is a 10.8% increase from the 1st Quarter of 2014. One savvy Buyer purchased a 4 bed/1 bath, 1500 square foot Colonial in one of Milton's most walkable neighborhoods for $39,000 under list price after just nine days on the market. At the other end of the pricing spectrum, a 5 bed/6 full + 1 half bath, 7551 square foot Contemporary Cape home on almost four acres of land was sold for $2,908,888.
The average sale price for a Milton MA home during the 1st Quarter of 2015 was $650,261. This was a slight 2.3% decrease from the same time last year. The average time a home stayed on the market before receiving an offer increased slightly as well, from 70 days last year to 73 days this year. The average list price to sale price ratio increased from 96% to 98%.
How does this affect the Milton MA Buyer? Prices have come down slightly. Sellers are receiving close to their asking price. According to Bankrate.com, the current mortgage interest rate is holding steady at just under 4% for a 30 year fixed rate loan. The Federal Reserve is talking about the possibility of increasing rates as early as June, depending on economic reports at that time. We are also getting ready to start our busy time of the year in the Milton MA real estate market. When you are ready to look for your next home, contact your Milton MA Buyer Broker to help you locate it.
Learn more about Milton MA in the Milton Real Estate & Community Guide.
*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.