2013 Year in Review for Milton's Real Estate Market

Here is a look back at Milton's year in real estate for 2013.

The Milton eal estate market has steadily increased in home sales over the last four years, with 273 total homes sold in 2013 alone.  That's an 8% increase over 2012 and an 18% increase over 2011.  In fact, this is the most homes sold in Milton in a single year since we were in the "boom" years of the real estate market back in 2005.

The average Milton home had a list price of $613,172 and a final sales price of $588,247 (or 96% of the list price) after 72 days on market.  That's a slight increase over 2012, when the average list price was $571,633 and the average sale price was $544,274 (95% of the list price) after 103 days on market.  Milton homes sold last year ranged from a modest 3 bed/1.5 bath Colonial that sold for $125,000 after just 9 days on the market all the way up to a 6 bed/5.5 bath Colonial that sold for $3,000,000 after 190 days on the market.  The bulk of homes sold in Milton throughout 2013 fell within the $400,000 to $600,000 price range.

According to real estate experts, the Northeast and the South were the only regions of the US to experience an increase in home sales last year.  In fact, the supply in the Northeast is struggling to keep up with the demand.  Lack of inventory is a real problem in the Milton real estate market.  

If you are considering Selling, it is a great time as more inventory is desperately needed.  If you are considering Buying, be prepared for limited choices and be ready to move quickly if you find a home you like in your price range.

*All data used in this blog post has been provided by the MLS Property Information Network, Inc. Homes sold outside of the MLS are not included in these numbers.

*****

About the Author: Christine Smith grew up in Milton. She is a Realtor, Buyer's Agent, Attorney, social media fan, parent and a Canton resident. She writes about real estate and events in the Canton area on her blog – Canton MA Events and Real Estate