The summer of 2017 brought some significant drops in the number of sales in the Mississauga real estate market. While August of 2016 was approaching the 10-year sales record for the month, 2017 instead set a 10-year low. Throughout the first 8 months of the year, sales have been slower for the Ontario city when compared to the previous year.
The total number of sales this August was only 633 homes. The total number sold throughout the first 8 months of the year was 6,781. Respectively, these represented sales drop-offs of 38.4% and 18.8% compared to the same figures from 2016. The fact that the drop-off in August more than doubled the rate at which the year-to-date sales declined may be an indication of either a slow August or a heightening trend in the decline of sales in the area.
Inventory Still Low, but Bouncing Back
The average total number of available listings for the month of August was historically much higher than the 2017 levels. However, the 1,594 homes buyers had to choose from at the end of the month represented a significant bounce-back from 2016, when levels hit a long-term low. The increase in listings totalled 56.4% on a year-over-year basis. This was the equivalent of 2.5 months of available inventory, a marked improvement on the single month that was available at the same time last year. New listings have slowed 8.5% compared to 2016, but the decline in sales rates has more than compensated for that decline, creating a net increase in available property in Mississauga.
Prices Continuing to Climb in GTA and Mississauga
Mississauga is still somewhat swept up in the pricing trend that has enveloped the entire Greater Toronto Area for several years now. It bears noting that prices have trended down somewhat compared to their highs at the beginning of the year. However, on a year-over-year basis, the average price of a home sold in August has climbed 4.6%. The average sale price for the month this year was $644,770. The year to date average, partly inflated by the very high sale prices at the beginning of the year, is $740,044. This was 19.4% higher than the average sale price over the same period last year.
Overall, signs are starting to point to the Mississauga real estate market beginning to drift back towards equilibrium. Prices are no longer growing by leaps and bounds, listings are starting to come back, and overall sales figures are cooling. While it will take more time and data to confidently call this a trend, at present it appears as though balance could be coming to Mississauga.
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