MLS® home sales totals continue to falter in December
The number of homes sold through the MLS® System of the Mississauga Real Estate Board totaled 280 units in December 2022. This was a sharp decrease of 48.1% from December 2021.
Home sales were 37.6% below the five-year average and 40% below the 10-year average for the month of December.
On an annual basis, home sales totaled 6,903 units over the course of 2022. This was down significantly by 39.1% from 2021.
“December is traditionally a slow month in our industry, but this year our region significantly underperformed the historical averages. Home sales in the month of December hit the lowest level since April 2020,” said Nelson Goulart, President of the Mississauga Real Estate Board. "In fact, the last time this number of properties changed hands in any December was in the mid-1990s. Sales in our local market have fallen nearly 50% year-over-year and are currently hovering only slightly above the all-time single month low. At this point in time, it is difficult to forecast how low sales may go considering another interest rate increase is right around the corner. New listings were also well below average during December while sellers let their listing expire over the holidays. It seems we continue to be in a holding pattern until buyers and sellers are comfortable with the new realities of our market, our industry, and the economy in general.”
The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. The overall MLS® HPI composite benchmark price was $1,030,100 in December 2022, down 12.3% compared to December 2021.
The benchmark price for single-family homes was $1,275,800, a reduction of 15.6% on a year-over-year basis in December. By comparison, the benchmark price for townhouse/row units was $782,600, falling by 5% compared to a year earlier, while the benchmark apartment price was $642,300, a modest gain of 1.8% from year-ago levels.
The average price of homes sold in December 2022 was $977,016, declining 10.6% from December 2021.
The more comprehensive annual average price was $1,118,391, a gain of 10.1% from all of 2021.
The dollar value of all home sales in December 2022 was $273.6 million, a substantial reduction of 53.6% from the same month in 2021.
The number of new listings fell 26% from December 2021. There were 335 new residential listings in December 2022. This was the lowest number of new listings added for the month of December and was also the lowest number added for any month in history.
New listings were 17.6% below the five-year average and 25.3% below the 10-year average for the month of December.
Active residential listings numbered 727 units on the market at the end of December, more than double the levels from a year earlier, increasing 226% from the end of December 2021.
Active listings were 22.3% above the five-year average and 7.6% below the 10-year average for the month of December.
Months of inventory numbered 2.6 at the end of December 2022, up from the 0.4 months recorded at the end of December 2021 and above 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.
BOARD & ASSOCIATION INFORMATION
About the Mississauga Real Estate Board
Established in 1954, the Mississauga Real Estate Board represents over 2,800 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.