Cliff Barron from REMAX here with my weekly update for the real estate markets in Milton, Georgetown and Glen Williams for the week of June 28th to July 4th. But before I get that though, I'd like to share my weekly real estate tip. I've recently seen a lot of listings showing irrevocable 24 hours or irrevocable 48 hours and I've heard a few clients say, "What does that mean?", because they've never seen that before. What that means is when you put in an offer, you're basically saying to the sellers that they have 24 hours to accept that offer. In the old days, before DocuSign and before electronic signatures, we used to put 24 hours in because one of the the people - the husband or the wife - was working a certain shift, and it was hard to get hold of them. Back then, we used do a lot of busines in person. We would put 24 hours irrevocable and if they were out of town or up north or something like that, it would give them time to get to a fax machine or to get home and settled - then we could negotiate the offer. But now, it's completely different - this is actually a negotiating tool right now. 24 hours irrevocable basically means the seller is trying to get (or the seller's agent is attempting to get) multiple offers on the property. In other words, if you show a property and you really like it (it's a hot property and it just came on the market), you put in an offer and you're thinking, I'm gonna go full price. They might say, "Okay, thanks for the full price offer, but we want 24 hours to think about it." And then in that 24 hours, they're going to try and get other offers from other people. It can backfire, but it's kind of a way of promoting multiple offers. In my opinion, you're better off just saying offer date - X day -and give it more time.  24 hours is not a lot of time to get a lot of offers from people and if you do have a hot property, I think you should wait a little bit longer and get more money in the end.  

Now getting to the sales for Milton and Georgetown for the weeks of June 28th to July 4th. For Milton, in 2019 we had 50 sales, in 2020 36 sales. Sales are still doing pretty good. They're down a little bit from last week - the week before was around 40 sales. We've come down a little bit, prices are about the same, but it's still very active. As far as ratio goes, we're still up there. We're nothing compared to last year, but we're doing better and holding our own. 15 sales of towns, average of $704k, which is basically the same as last week. 7 semis sold for $768k on average, 4 days on the market. And 14 detached at $1.154k which is high because there were some bigger properties on Steeles that sold and that kind of skewed the figures a little bit. But the encouraging thing is, the days on the market are low - 7 days on average for a town, 4 for semi and 21 for a detached. And the interesting thing is, all those semis sold over asking - the average was over asking and the towns are selling at 100% of asking price - that's encouraging. Then we look at condo sales. We had 7 condo sales and the average condo, believe it or not, in Milton is $544k. Across the board - one bedroom, two bedroom, even three bedroom. $544k - that's what they're going for now. 14 days on the market, which is pretty quick, because whenever you sell a condo, you have to provide a status certificate and they can take 14 days to get. In other words, condos are selling very fast. And we had more sales of condos last week than we did the week before, which is also interesting. 

Then we move on to Georgetown. And this is really interesting because we had 14 sales in 2019, the previous week, and then in 2020 we had 18 sales. So we've actually increased. We've gone up since last year. That hasn't happened since early March, which is good to know. And interestingly enough, there were 2 sales of townhouses, $647k average (which is kind of low, but they were lower end townhouses). And a lot of the smaller detached sold - the average detached sold for $802k and 8 days on the market. They were almost all detached - smaller ones.  So that tells me that the smaller ones are moving. And the reason why they're moving is people are moving up to the more affordable smaller detached from the towns and the semis. They're still coming in droves from Brampton, Milton and Mississauga but mostly those from out of town coming to Georgetown. 

I'll do another update next week and as well, I'm going to give some pointers when hiring a real estate agent - the questions you should ask. So any questions give me a shout and let me know - I'm always around. Cliff Baron from REMAX. Take care.