Mississauga Real Estate Market Information
Average price rises to new August record!
The MLS® average residential price for homes sold in the area served by the Mississauga Real Estate Board climbed to the highest level for the month of August in 2009. Sales activity also remained strong.
According to the Board’s statistics, the average price for MLS® home sales was $362,436 in August 2009, the highest average price for this month on record. This represents a five per cent increase from a year earlier.
MLS® home sales numbered 1,059 units in August 2009, rising 19 per cent from the same month last year. This marks the third consecutive year-over-year increase, all of which have been more than 15 per cent. “August was another strong month for sales, as consumer confidence continues to rise,” said Judi Lloyd, President of the Mississauga Real Estate Board. “Improved demand and fewer listings are drawing down inventories and stabilizing prices.”
The total value of all MLS® residential sales was $383.8 million in August 2009, climbing 25 per cent from year-ago levels. This is the third consecutive month in which the dollar volume has risen year-over-year by more than 20 per cent. New listings on the MLS® system for the Mississauga area were down 14 per cent from a year earlier to 1,326 units in August 2009, the second decline in as many months. New residential listings have fallen from year-ago levels in seven of the past eight months.
The number of active listings in August was down from year-ago levels for the fifth consecutive month. Falling 40 per cent from levels recorded in August 2008, this is the third consecutive decrease of more than 30 per cent, and a bigger decline than in any other month in more than seven years. Active residential listings on the MLS® system for Mississauga numbered 1,679 units at the end of August 2009.
The number of months of inventory stood at 1.6 months in August 2009, on par with the previous two months. This is the lowest level since May 2007, and is down significantly from the recessionary peak of 7.3 months in January. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
Source: CREA
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Posted by Sara Kareer
on September 25, 2009