Margie’s MarketFresh Report: June 2011 Edition
“Delivered Fresh…”
The Market Goods
Great, you’re back for more! So with summer just around the corner, you must be wondering where the heck is market is going? Well, as in previous years the summer trends have shown us that the next 4-5 weeks are critical for Home Sellers’s as we all prepare to go into “Holiday Mode”…which by the way reminds me have you made your holiday plans as of yet?
Ok back to business…What this really means for Sellers out there? Get in the market ASAP if you absolutely need to be moved by the Fall. If you are already in the market and you haven’t sold, there is a good indication that something ain’t right! Price and Appearance-how well your home shows-are two variables that you can fully control and should manipulate to your advantage. Make sure these are “in-check” and carefully monitored. Timing is everything in real estate and missing the last wave of the “spring market” can cost you big time. So, to sum it all up if the 2011 Summer Market follows closely to previous years we will experience a dip in demand which will also give more leverage to buyers who continue to buy through the summer months.
Here is “the goods” on what happened in May in Milton, ON Real Estate Sales:
The Milton Market showed a healthy improvement with 171 sales reported throughout the month; of those the majority being single detached homes. With the average house price at $425,379 and the average days on the market at 16 days, it is quite evident that house values are thriving and are reflective of the demand and supply dynamics. Interestingly enough the list-to-sale ratio was a reported 100% which has home sellers everywhere saying “show me the money” to prospective buyers. The breakdown of sales was as follows: 38 Freehold towns, 8 Condo Towns, 3 Condo Apartments, 2 Links, 89 Detached, and 31 Semis. Proving once again that singles and towns are in high demand.
In a nutshell overall sales in the GTA went up by 6% over May of 2011 and this was mainly due to the lack of “enough” inventory to keep up with demand. Listings were down 15% overall as compared to May of last year.
MLS Sold Statistical Summary for W22 on 6/5/2011
| Property Type | Active | Sales | Avg $ | Med $ | Min $ | Max $ | |
| Att/Row/Twnhouse | 40 | 7 203 |
$328,929 $335,258 |
$326,000 $333,000 |
$304,000 $267,000 |
$386,000 $410,000 |
Month Year |
| Co-op Apt | 0 | 0 0 |
- - |
- - |
- - |
- - |
Month Year |
| Condo Apt | 11 | 1 16 |
$220,375 $279,680 |
$220,375 $279,000 |
$220,375 $210,500 |
$220,375 $358,300 |
Month Year |
| Condo Townhouse | 12 | 3 34 |
$242,667 $255,674 |
$242,000 $239,000 |
$232,500 $193,000 |
$253,500 $363,000 |
Month Year |
| Det Condo | 0 | 0 0 |
- - |
- - |
- - |
- - |
Month Year |
| Detached | 153 | 14 313 |
$492,521 $492,870 |
$487,000 $469,900 |
$354,900 $267,500 |
$675,000 $2,212,500 |
Month Year |
| Link | 1 | 0 11 |
- $352,090 |
- $346,000 |
- $314,000 |
- $422,000 |
Month Year |
| Semi-Detached | 19 | 0 110 |
- $367,088 |
- $367,000 |
- $315,000 |
- $435,000 |
Month Year |
| District Total: | 236 | 25 687 |
Month Year |
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The Rates
Lucky for us the Bank of Canada decided to stay put with the lending rates at the last rate announcement. This along with the current prime lending rate being 3.0% (as I write this), should continue to fuel the market through the coming months.
Thanks to our partners at Finder Financial Services Ltd., we are able to leverage our high volumes and group discounts to bring you greatly discounted mortgage rates exclusively with the “Sutton Group Member program”….and I am so happy to bring the savings to you! Talk about a Sutton Group Advantage worth thousands!
Here is a quick peek at the the rates: (as of June 7th, 2011)
Fixed/Closed Rates:
1-Year Fixed/Closed: 2.59%
2-Year Fixed/Closed: 3.10%
3-Year Fixed/Closed: 3.39%
4-Year Fixed/Closed: 3.39%
5-Year Fixed/Closed: 3.66%
Variable/Closed Rates:
1-Year Variable/Closed: 2.10%
3-Year Variable/Closed: 2.06%
5-Year Variable/Closed: 2.10%
Give me a buzz or click below for more info on your preferred discounted mortgage rates guaranteed to be the lowest in Canada!