Thanks for checking out my last market update for the year. The Mississauga real estate market is super interesting right now!
The average price on the Toronto Real Estate Board in the month of November was up to $844,000, which is up over 7% from the same time last year. This has a lot to do with the inventory. The number of sales were up by 14% over November of last year, which is a big increase in and of itself. But if you look at the number of listings at the end of the month, we’re down 27% from last year. When you consider the increased sales together with the lower inventory, we’ve got a 41% difference, which is absolutely huge. And this 41% delta gives us a bit of an indication as to why the prices have been coming up in the GTA over the last couple of months.
Now, let’s take a look at the Mississauga numbers. The average price here in Mississauga was up to $790,000, which is up almost 8% from last year. We’re down to only 1.4 months of inventory across the city, and the average home is on the market for only 21 days, but let’s look at the big story – the supply and demand of the inventory. The number of sales, very similar to across the GTA, is up about 12.5% over the same month last year, while the number of listings is down about 27.5%. This gives us another huge delta of around 40%. This has had a huge impact on driving prices up.
It’s looking very similar to how it was at the end of 2016, before that crazy pop we had in 2017. I’m not suggesting that 2017 is going to happen again, but I expect that in the first quarter to the first half of the year, we are going to see an upturn in prices, maybe with increases in the high single digits percentage-wise, to as much as low double digits. It may be an interesting first half of the year.
Now let’s take a look at the micro-markets. The price of a detached home here in Mississauga was pretty much flat at $1.1 million. We’ve got 2.3 months of inventory, which is still significantly less than we had last year, and the average detached home is on the market for about 24 days.
The average price of a semi-detached in Mississauga was $768,000, which is up about 9.5% from November of last year. The interesting thing is the number of listings for semis are down by almost 50%, which could simply be a seasonal anomaly, but it’s definitely something we should keep an eye on. It’s indicating only 2/3 of a month of inventory, which is touching on those crazy numbers from 2017, and the average semi is on the market for about 17 days.
The average price of a townhouse in Mississauga was up about 4.5% to $635,000. We’ve got a little under one month of inventory and the average townhouse is on the market for about 23 days.
The really interesting story is in the condo apartments. Now, last month I made a big deal about them being up a little over 15%. This month, with the average price coming in at about $514,000, they’re up not 15%, but just shy of 20%, which is a crazy increase year-over-year. We’ve got about one month of inventory, and the average condo was on the market for around 20 days.
If you’d like a little bit more info about what’s going on and what’s on the horizon, keep following my blog and definitely check out my YouTube channel. This month I’ll be posting my predictions for what’s going to happen in the real estate market in 2020, and we’ll also have a couple of great interviews with some local businesspeople from the community.
If you’re considering tapping into this fast-paced market and you’d like to get a personalized online home evaluation, simply answer a couple of questions and we will get the information out to you right away. Our evaluations are done by a real person, not by a computer, and they’re much more accurate than a Zestimate. I’m proud to offer the most accurate online home evaluation out there, and I think you’re going to find it really useful in your decision about listing now or later. They are available now at http://bit.ly/yourhomeeval