September stats showed that home sales were up in sales activity yet slightly down in price year over year. Across the GTA we saw 4,996 sales, which is an increase of 8.5% from this time last year.  The average sale price was $1,107,000, which is a very slight decrease from last year, at 1%.  We did see new listings increase by 10.5% with over 18,000 new listings coming on the market and bringing the active listings in the GTA to over 25,600, which is roughly 5.1 months of inventory indicating that the GTA is in a balanced market.  Homes are selling on average for 99% of asking and in 43 days

In Milton specifically, we saw 127 sales and have 3.8 months of inventory, with 486 active listings,  Homes in the area are selling for 99% of asking and 47 days on the market. 

What does all this mean? With the increase in home sales in September matched by the increase in new listings over the same period, we saw a better-supplied market and increased negotiating power for buyers. They had the ability to negotiate on price which led to a slight decrease in year-over-year prices especially in the more affordable segments such as condos and townhomes.