Milton's November 2013 Market Report

The holidays are typically a slow season for real estate.  Even though people are busy running around getting ready for family and all the gift-giving fun to come, there are still homes on the market for sale.  If Milton's November 2013 market report is any indication, there are some serious deals out there just waiting for home buyers to gobble up.

According to the MLS Property Information Network, Inc, November was buzzing for Milton home sales.  The total homes sold for November 2013 were 34, a 53% increase over October's sales and 23.5% higher than the same time last year.  The average days a listing stayed on the market before it sold went down, from 86 last year to 74 this year.  That's a 14% decrease.

Here is some more good news for Milton home buyers.  The average sales price for a home sold in November decreased 20% from the previous year ($641,492 in November 2012 to $512,979 last month).  Sales ranged from a 3 bed/1 bath 1722 square foot Colonial for $285,000 to a 5 bed/2.5 bath 3577 square foot Colonial with a final sales price of $1,130,000.  The average sale price to original price ratio has increased from 92% in November 2012 to 94% in November 2013. 

What does that mean for Milton home buyers?  The shorter the amount of days a home is on the market coupled with the slightly higher price ratio means that sellers are willing to work with buyers to get their home sold.  In the "slow season" of the holidays, this works particularly well in a buyer's favor.  There are less buyers competing for homes right now.  According to Bankrate.com, as of December 11, 2013, mortgage rates are holding steady over last week's rates, with the 30 year fixed at 4.55%, the 15 year fixed at 3.6% and the 5/1 ARM at 3.34%.  

*All data used in this blog post has been provided by the MLS Property Information Network, Inc.