The Milton, Massachusetts, real estate market showed signs that demand for single-family homes weakened in October.
According to data compiled by the Massachusetts Association of Realtors, single-family home sales, median price, and the amount over the listing price that homebuyers were willing to pay all declined in October year over year.
• Single-family home sales declined from 21 in October 2021 to 19 last month.
• Through the first 10 months of the year, single-family sales fell 11 percent to 209 from 234 in October 2021.
• The number of pending sales – homes with a signed contract that haven't closed yet – for single-family homes dropped 13 percent to 21 in October from 24 in October 2021. Through October, pending sales decreased by 7 percent.
• The median house price slipped 3 percent in October to $800,000 from October 2021's $825,000.
• From January through October, the median price of a single-family home rose 4 percent to $905,000 from $867,000 during the same 10-month period last year.
• Competition for houses in Milton eased. Homebuyers paid, on average, 98 percent of the original list price in October, down from 102 percent in October 2021.
• Through October, Homebuyers spent, on average, just under 104 percent of the original list price compared to slightly over 104 percent during the same timeframe last year.
• There were 29 houses for sale at the end of October, four fewer than in October 2021, a 12 percent decline.
• The months of supply of single-family inventory stood at about six weeks, meaning there would be no available houses for sale in a month and a half without new listings. About six months of inventory is considered a balanced market between homebuyers and home sellers.
Milton Condominium Inventory Rises
• There were four condominium sales in October compared to only one in October 2021.
• There were 25 condos sold from January through October, two fewer than in the same period in 2021.
• The median condo price was $828,750 in October and $870,000 through October.
• Homebuyers paid, on average, 95 percent of the original list price in October, down from 100 percent on a year-over-year basis.
• Condominium inventory rose 39 percent to 18 from 13 units in October 2021, with seven new listings hitting the Milton market in October.
• There were more than five months of condo inventory at the end of October.