Mississauga housing activity picks up as average prices hits new record in June
Residential property sales recorded through the MLS® System of the Mississauga Real Estate Board totaled 742 units in June 2020. This was a decrease of 13.7% from June 2019.
On a year-to-date basis, home sales totalled 3,292 units over the first six months of the year. This was down 25.9% from the same period in 2019.
“Sales activity and new listings both continued to post a rebound in June from record lows seen over the past two months, but nonetheless remain well below average for the month,” said Asha Singh President of the Mississauga Real Estate Board. “Still, with overall supply trending near some of the lowest levels on record, the sales activity that is occurring is fueling strong price growth and has pushed average prices to a new all-time high.”
The average price of homes sold in June 2020 was a record $891,012, rising 18.7% from June 2019.
The more comprehensive year-to-date average price was $852,297, increasing 14.4% from the first six months of 2019.
There were 1,428 new residential listings in June 2020. This was little changed, up only 0.8% (11 listings) on a year-over-year basis.
Active residential listings numbered 1,202 units at the end of June. This was down 21.5% from the end of June 2019.
Months of inventory numbered 1.6 at the end of June 2020, down from the 1.8 months recorded at the end of June 2019 and below the long-run average of 1.8 months for this time of year. 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.
The total dollar value of all home sales in June 2020 was $661.1 million, edging up 2.4% from the same month in 2019.
BOARD & ASSOCIATION INFORMATION
About the Mississauga Real Estate Board
Established in 1954, the Mississauga Real Estate Board represents approximately 1,000 real estate Brokers and Salespersons from Mississauga and surrounding areas. Members of the Board use the REALTOR® trademark, which identifies them as real estate professionals who subscribe to a strict Code of Ethics. Advertisements of local MLS® property listings and information about the services provided by a REALTOR® can be found at www.mreb.ca.