CHURCHILL MEADOWS HOME SALES - DECEMBER 2012 - JANUARY 2013


MISSISSAUGA - WHAT HAPPENED IN THE REAL ESTATE MARKET DURING THE HOLDAYS?

In the month of December the Toronto Real Estate board reported 393 home sales in Mississauga. This was a 29% drop from December 2011 sales of 550The change in the stricter mortgage financing guidelines implented in July continued to have an affect on homeowners postponing selling their home and evaluating their financial conditions.

Avg Price graph

Inspite of the drop in number of
homes sold the average selling price increased by 3.34% from December 2011 to December 2012. The reason for this continued increase in home prices is directly related to the supply and demand of homes in the Mississauga market. A key indicator is the market inventory, this measures how long it would take to sell all homes that are currently listed if no more new listings came on the market. The below graph shows you how Months of inventory line, even with the drop in sales, is still trending below the 3 month range at 2.4 which puts us in a Sellers Market territory. As a result there is still strong competition between buyers which keeps edging prices upwards as the Months of Inventory line edges towards 3 months the market is becoming more balanced. However with January almost over we again will soon be in the Spring Market and the cycle of prices and inventory will do another turn.

 

 

Churchill Meadows sales figures contribute significantly to Mississauga totals. In the last quarter of 2012 Churchill Meadows saw a drop in sales from 2011 by 11% but at the same time an increase in average selling price by 11%. List to Selling ratio was 98% in both years. These statistics show the stable and steady growth in Home sales and prices in the Churchill Meadows area. For the period December 2012 to January 2013 there were a total of 75 resale homes sold at an average selling price of $488,601 with an average Sale/List ratio of 98% (sale to list ratio tells us the ratio between the sale price of a home to its list price. For e.g. a house listed at $400,000 with a Sale/List ratio of 98% means its sold for $392,000). Days on Market for home listed was 27 days.

The 75 homes sales are divided by style in the pie chart below


CONDO TOWNHOMES SOLD - 15

  • Avg Sale Price $326,533                  1BR - 1
  • Sale to List 97%                                  2BR - 10
  • Avg Days on Market 42                       3BR - 4
  • Avg Taxes $2,315                               1WR - 1
  • 2-Storey    - 8                                      2WR - 6
  • Apartment - 3                                      3WR - 5
  • Stacked     - 4                                      4WR - 2


FREEHOLD TOWNHOMES SOLD - 16

  • Avg Sale Price $445,284          3 BR - 14
  • Sale to List 98%                         4 BR - 2
  • Avg Days on Market 28              3 WR - 14
  • Avg Taxes $3,205                      4 WR - 2
  • 2-Storey 14                                
  • 3-Storey 2

SEMI-DETACHED SOLD - 27

  • Sale Price - High $570,000        3 BR - 16
  • Sale Price - Low $411,000        4 BR - 11
  • Avg Sale Price $468,121         2 WR - 1
  • Sale to List 97%                         3 WR - 17
  • Avg Days on Market 27              4 WR - 9
  • Avg Taxes $3,276


DETACHED SOLD - 16

  • Sale Price - High $932,000       3 BR - 4
  • Sale Price - Low $532,000       4 BR - 10
  • Avg Sale Price $695,475        5 BR - 2
  • Sale to List 98%                        3 WR - 7
  • Avg Days on Market 26             4 WR - 8
  • Avg Taxes $4,528                     5 WR - 1

Statistics based on Toronto Real Estate Board listings and sales for the period Dec 01 2012 - Jan 27 2013

 

Hiba Rizvi

Hiba Rizvi
Sales Representative

Cell: 647.829.4410
Email: hiba.rizvi@century21.ca
Website: www.hibarizvi.com


Airmiles Earn Air Miles on your next Real Estate transaction - ask me how? hiba.rizvi@century21.ca

 

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