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According to statistics provided by Rooney, the number of homes sold in Milton in 2008 was 230, up 6 percent from the previous year. The total was 217 in 2007. Meanwhile, the median price of those homes went up by 4 percent, from $440,000 in 2007 to $456,000 in 2008. The home value in Milton peaked in 2005, with a median price of $472,000.
“Inventory is low for Milton right now,” said Rooney. “As of today [Feb. 3], there are only 93 single-family, multifamily and condos on the market in Milton. That is down from 121 and 122 for the end of the month of January in 2007 and 2008.”
She added, “We anticipate it to go up in the next month or two.”
There are around 70 single-family homes currently on the market, which is lower than in the past.
“We have plenty of buyers out there,” said Laura Cahill, owner of Cahill Properties. “The problem is the inventory. What I’ve been trying to convey is this is the time to put your house on the market, not in April, when you have more competition.”
Rooney said she is seeing a lot of middle-market buyers. Some are moving from condominiums in South Boston. Others are buyers who may be out of their price range in a community such as Newton, and come to Milton as an alternative.
“We’re picking those buyers up, because our school system is strong, and on par with those kinds of towns,” Rooney noted.
The new schools have definitely been a factor in insulating Milton against a big downturn in housing prices, according to Tom Mullen, of Milton Homes Inc.
“Milton is strong compared to some other towns,” said Mullen. “People are moving to Milton because of the new schools. And it looks like it is going to be busy as the spring comes.”
What has been slow is the high end of the market, where activity has been sluggish.
“That has hurt us a bit,” Rooney added.
According to Paul Rege, owner of Kelley & Rege Properties, the low inventory and recent pickup in activity is a good sign for the town.
“Milton has been stable and consistent over the past three years,” said Rege. “With our proximity to the city, convenience factor and schools, Milton has always done well.”
Rege added that he is anticipating an active spring market.
A key to success in selling a home is the way it is priced. Sellers who are thinking about coming into the market will be well advised to check their emotions before placing a price tag on their home.
“When you go out to price a house you try to be realistic, and it comes down to what they want to believe and what they hear,” said Ron Scott, director of operations for Corcoran Brokerage, in Milton. “If a house comes on the market and is priced correctly, it’s gone. I’ve seen some houses go in a day now, but the average market is up to four or five months.”
The pricing concern is shared by Matt Freeman, of GKR Residential, who feels the Milton market is strong.
“It’s all about the price,” said Freeman. “There’s no more of that crazy pricing. Buyers are aware because pricing is a matter of public record now. It’s all about price, position and marketing of a property.”
His firm, the newest of the town’s real estate agencies, has found the use of the Internet is changing the way people buy and sell homes.
“We’ve found that 80 percent of the people shop online first,” he explained. “In this market it’s all about rolling up your sleeves and getting the job done.”
Real estate agents say statistics showing the increase in the town’s real estate values over the past 10 years are truly remarkable. While someone who bought a house in Milton in the last five years will take a hit if they sell it today, the value
of an average home purchased just 10 years ago has almost doubled. The median sale price of a single-family home in Milton in 1998 was $248,500, nearly half the value of today. That’s not a bad investment return over a relatively short amount of time, according to agents.
And they all hail the improvements that the town has made to the library and the schools. It has made their job comparatively easier.
“We’re so lucky here in Milton,” said Cahill. “A lot of communities are really suffering. Here, if a new house comes on the market and it’s priced right, it’ll be sold with multiple buyers making offers. We’re so lucky.”