Housing Prices in Mississauga Continue to Soar
Wednesday Jun 08th, 2016Share
As we hit the midway point of the year, one thing is for certain – the real estate market in the Greater Toronto Area (GTA) is reaching new levels.
According to the Toronto Real Estate Board’s May 2016 Market Watch, there were 12,870 home sales reported through TREB’s MLS® System in the last month. This result represented a new record for May and a 10.6% increase over the same period last year.
In contrast, the number of new listings was down over the same timeframe by 6.4%. The decline in listings was experienced in both the low-rise and condominium apartment market segments.
In Peel Region, the average number of days that a house remains on the market is 16 days. This number represents all home types in Brampton, Caledon and Mississauga from January to May 2016.
In May alone, that number dropped in Mississauga to 15 days on market for all home types and even lower for detached homes (12 days), semi-detached (8 days), condo townhomes (13 days) and attached row townhouses (7 days).
Asha Singh, President of the Mississauga Real Estate Board adds, "In a normal year, the overall number of homes for sale tends to rise quite rapidly through March, April and May. This year, however, we're seeing fewer new listings in these months; what properties that do come up for sale are quickly snapped up. As a result, there were only about 1,200 properties listed for sale at the end of April. In a normal year, it would be about twice that and the resulting competition among buyers is causing price gains to accelerate."
Here's a closer look at average prices in Mississauga for different home types:
• The average price of a detached home in May was $973,179.
• The average price of a semi-detached in May was $611,731.
• The average price of a condo townhouse in May was $446,376.
• The average price of a condo apartment in May was $313,364.
The Toronto Real Estate Board also reported that the largest May over May increase was in detached homes in the 905 region. Prices in this category rose by an astounding 21.2%, followed by semi-detached at 19% and townhouses at 17.2%.
In terms of specific communities, Lorne Park remains the most expensive neighbourhood in Mississauga with an average selling price of $1,561,480 in May 2016. On the other hand, City Centre remains one of the most affordable neighbourhoods, due to the large volume of condos, with an average selling price of $310,895 last month.
Your Mississauga Real Estate Sales Representative
If you are thinking of selling your detached or semi-detached home, townhouse or condo in Mississauga, Peel Region or the Greater Toronto Area, now is a great time to list! For more information on how I can help you can get top-dollar for your home, please contact me for details.