Here’s your Milton market update for the first six months of 2021.
Let’s be honest: The past six months were a bloodbath for buyers who were trying to find a property in the suburbs. That was due to the exceedingly low mortgage rates, extremely low inventory, and so many buyers escaping the city and wanting more space. We were receiving a slew of offers for well above list price.
I did a quick analysis of the halftime report (as I like to call it), or the numbers from the first half of 2021. Over 150 single-family homes were sold, the average list price was $924,000, and the average sales price was $973,000, which is a $49,000 difference. I don’t think we’ll ever experience a real estate market like that again, where the list-to-sales price ratio is that high.
Then I broke the data down further and compared the numbers to those in 2020, right around when the pandemic was at its peak from March to May. Only 94 single-family homes were sold, the average list price was $1,000,018, and the average sales price was $986,000, which was below the list price. However, those numbers are slightly skewed because of a huge, $8 million property that sold during that time.
Then I was very interested, so I also compared our 2021 numbers to those in 2019. 104 single-family homes sold, the average list price was $853,000, and the average sales price was $845,000, again below the list price. So the difference in average sales price between 2019 and 2021 is $128,000, so your Milton house is worth that much more now.
My prediction for the autumn market is that everything will be based on motivation. If we continue to have low inventory and rates, we’ll still be very active, but we won’t experience anywhere near the bloodbath we had the first six months of the year. If the home is priced right, in good condition, and in a great neighborhood, it’ll sell quickly. However, if sellers overprice their properties, they’ll simply sit on the market, and we’ve already started to see that this summer.
If you have any questions about the market or know someone interested in buying or selling, please reach out via phone or email. I’d love to help you.