Milton real estate is treat for sellers, challenge for buyers
While everyday life remains challenging during these unprecedented times, the real market in Milton has not let the pandemic slow it down, with 2020 on track to top strong numbers from last year.
There was a dip in activity during the spring but the market came roaring back, creating favorable conditions for sellers and competitive times for buyers.
Historically low interest rates and a desire for more personal space has would-be homeowners donning masks in their hunt for their dream house. The proximity to both Boston and the Blue Hills, along with its well-regarded schools, make Milton attractive to many buyers.
Mortgage giant Freddie Mac said first-time homebuyer activity rose 19 percent nationally from July to its highest level ever in August. The 30-year fixed-rate mortgage averaged 2.87 percent for the week ending Sept. 17. At the same last year, the 30-year averaged 3.73 percent.
Here is a look at how the year is shaping up for the single-family market in Milton:
As of Sept. 20, there were 185 sales totaling $178.4 million, according to the Multiple Listing Service. The median sales price was $805,000, with an average price of $964,000 (skewed a little by an $8 million sale).
For the same period in 2019, there were 176 single-family properties sold, totaling $152.9 million. The median sales price was $723,000 with an average of $869,272.
The average median price rose 11.3 percent over last year. With the busier-than-usual summer and fall, these numbers are likely to grow farther apart as the year wraps up.
About our guest blogger:
Jean Lang, an agent with Coldwell Banker Realty, is a longtime resident of Milton, and has helped people buy and sell in Milton, Quincy, Canton and Boston. She can be reached at 617-785-5266 or visit her website jeanlang.cbintouch.com