Residential property sales recorded through the
MLS® System of the Mississauga Real Estate Board were down
noticeably in July 2010 from record levels for the same month
last year. A slowdown of activity in the second half of 2010
has been widely expected as a result of accelerated home
purchases earlier this year.
Home sales numbered 864 units in July 2010, down 34
per cent from the highest July on record in 2009. On a
year-to-date basis, however, sales activity remains 14 per
cent above levels reported over the same period in
2009.
New supply is adjusting to lower demand. New
residential listings numbered 1,361 units in July 2010, down
eight per cent from the same month last year. On a seasonally
adjusted basis, new listings were down for the fourth
consecutive month, and this is helping to maintain a healthy
balance of supply and demand in the
marketplace.
“The introduction of the HST was the last in a
string of temporary factors that have resulted in considerable
volatility in the market over the past two years, including
the pull forward of demand earlier this year which resulted in
record-setting activity levels just a few months ago,” said
David Cobban, President of the Mississauga Real Estate Board.
“With these factors now largely in the rear-view mirror,
buyers and sellers can look forward to a more stable market as
demand comes back into line with economic
fundamentals.”
The average price of homes sold in July was up six
per cent from year-ago levels to
$393,394.
The total value of all residential sales was $339.9
million in July 2010, a decrease of 30 per cent from year-ago
levels.
Active residential listings on the Board’s MLS®
System numbered 2,284 units at the end of July 2010, up 21 per
cent from last year’s low. There were 2.6 months of inventory
at the end of July, up from levels recorded a year earlier
(1.5 months). 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.
