Here is a look back at the real estate market in Milton for January 2013.
From January 1, 2013 - January 31, 2013, there were only 4 single family homes sold in Milton, MA*. The lowest priced home sold for $415,000.00 and the highest priced home sold for $775,000.00. The average sales price for the month was $533,250.00.
While January is not traditionally a big month for real estate, January sales in 2013 are down over January 2012.
The first chart attached shows home sales for the month of January over the past five years. However, my guess is that the low sales for January 2013 is due in part to the low housing inventory we are seeing in the area. In addition, 2012 home sales in Milton were very high so that there were not a lot of choices left by the end of the year for January closings.
On the up side, average home prices for Milton were up in January 2013. The second chart shows average sales prices in January in Milton for the past five years.
The lack of inventory is probably also a factor in the average sales price, driving prices up in Milton. The number of homes on the market is down compared to the same time last year.
What does this mean for Buyers and Sellers? With a low inventory and rising home prices, it is a good time to list a home for sale. Buyers are out there looking to buy NOW so there is no need to wait for spring. Take advantage of less competition at this time of year. Buyers need to be ready to move quickly when a home they like comes on the market. Making sure you have a solid preapproval and working with a buyers agent who will help you navigate the market are both essential.
*All data is courtesy of the MLS Property Information Network, Inc. Homes sold outside of the MLS are not inlcuded in those numbers.
About the Author: Christine Smith is a Realtor, Buyer's Agent, Attorney, Social media fan and parent. She grew up in Milton and is currently a Canton resident. She writes about real estate and events in the Canton area on her blog – Canton MA Events and Real Estate.