The weather is not the only thing to have cooled off in Milton MA lately. While October saw total home sales increase slightly and prices decrease, Milton MA Buyers appear to have gone into hibernation at the moment. Here is a rundown of the Milton MA home sales report for November 2014.
According to the MLS Property Information Network, a total of 10 homes were sold in Milton MA during November 2014. This is less than one-third of the total homes sold at the same time last year and a 41.2% decrease from October 2014, when a total of 17 were sold. A 4 bed/1.5 bath, 2214 square foot Colonial sold at list price for $425,000 while a 4 bed/3.5 bath, 3891 square foot Milton Hill Antique Colonial sold for $1,145,800.
The average sale price for a Milton MA home in November 2014 was $622,830. This was 21.4% higher than the same time last year and 10.5% higher than just last month. The average days on market (time a home spends on the market before going to contract) decreased slightly from 74 in 2013 to 71 in 2014 while the list price to sale price ratio remained exactly the same...97%.
What does this all mean for the Milton MA Home Buyer? Even with less competition among other Buyers, prices have been on the rise. With the report from the Wall St Journal that mortgage lenders have set in place new standards to make mortgages accessible for more potential Home Buyers, anyone interested in purchasing a Milton MA home should definitely start looking now. According to Bankrate.com, the current mortgage interest rates as of the writing of this blog post are 4.03% for a 30 year fixed and 3.26% for a 5/1 adjustable rate mortgage. There are rumbles, however, that we may start to see these interest rates rise in 2015. So contact your Milton MA Buyer Broker now to take advantage of the low interest rates and possibly even find a property before the end of the year!
*All data used in this blog post is courtesy of the MLS Property Information Network, Inc. Homes sold outside of the MLS are not included in those numbers.
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Christine Smith is an Attorney and Exclusive Buyer Agent with over 25 years of experience in the real estate field.
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