2017 is the second consecutive year of very strong March sales figures in the Mississauga real estate market. Both 2016 and 2017 saw the five-year average sales figure eclipsed in the city. Although Mississauga does exist as a separate city, local real estate is heavily influenced by what is happening in the Toronto real estate market. As the Toronto market continues to climb in price and demand, more and more purchasers are looking to find more affordable housing in the surrounding communities, driving up demand in many places, Mississauga among them.
This year, there were 1,155 homes sold in Mississauga in March. Given that March of 2016 also surpassed the five-year average in the city, the 7.1% year-over-year increase seen this March shows just how strong the market is this spring in Mississauga.
Supply Issues Causing Difficulties for Buyers
The supply in Mississauga has almost never been lower than it was at the end of March. At the end of March, there were only 683 homes available for purchase in the city. This was 42.4% fewer than were for sale at the same time in 2016. This precipitous drop-off in listings comes about even though there were 4.5% more new listings made available for sale this March, giving a total of 1,566 units.
Prices Increasing by Leaps and Bounds as Supply Tightens
In a trend that shouldn’t surprise anyone who is used to watching real estate market conditions, the incredibly tight supply issues being seen in Mississauga right now are exerting a very strong upward force on the average prices of homes sold in the city. The average price of all homes sold over the course of March was $798,670. This was 33.8% higher than the price a year earlier. By the same token, prices had climbed nearly as much when you take the entire first three months of the year into account. The year-to-date average price from January through the end of March was $754,516. This was a 30.9% price growth compared to the previous year.
The Mississauga real estate market is clearly hot as the city heads further into the spring and summer seasons, which also typically bring about increased activity in real estate markets. However, unless supply starts to become more available, people in the market for a new home in Mississauga should not be surprised to see further increases in the average prices of homes sold in the city.
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