Mississauga- No doubt 2018 has been off to a cautious start as buyers have been waiting on the sidelines for the market to stabilize. ‘In the past 3 weeks, we have noticed more hits on our website and more showing appointments booked on our listings’ says Kevin Larose of the Larose Team.
After a cautious spring market, it looks like buyers are feeling more confident the market won’t fall any further. This coupled with the fact that interest rates are up and all indications point to further rate increases has helped buyers to get moving on their decisions to purchase. Buyers who had moved to the sidelines because of the psychological impact of the Ontario Fair Housing Plan and stricter lending criteria have re-entered the market. ‘Most years, we wouldn’t be seeing buyers hovering over properties in July and August- but this year is different’ according to Kevin.
Sales in Mississauga in July jumped 9% from July 2017 for all home types. The average price for all property types rose 2% to $706,570 from last July. Months of supply are a balanced 2.2% and the average days on market is 30 here in Mississauga compared to 25 in the GTA.
The mix of homes selling in the GTA has also shifted recently with buyers showing a renewed interest in detached homes. ‘This is typical as the cycle lines up with the school year’ says Kevin.
‘Looking ahead to the fall market- things are shaping up strongly as we have signed up several Exclusive listings over the past few weeks adds Kevin. We expect a strong fall market compared to last year and have qualified buyers looking to purchase in the prime pockets of Mineola.
If you are looking to make a move this fall, please contact us at (905) 278-7355 or email firstname.lastname@example.org
In the real estate business, it has become common to see listings inch onto the market in a variety of ways. What are the main differences and how do we at the Larose Team handle each option?
An exclusive listing with the Larose Team is a level of service created to get your property in front of interested buyers- quality vs quanitity. Our team of professional agents work on finding the buyer for your property by prospecting our database, doing exclusive on line marketing and and pre-qualifying potential interested buyers. We start with a personalized marketing plan which we roll out to our database and visitors to our website.
When you list exclusively with us, we will have the sole right to showcase your property for the duration of the listing. We make concessions for agents within our brokerage only - the goal is to sell the property ourselves resulting in a higher net for you, the seller.
This has become another way of marketing ‘EXCLUSIVE’ listings. A coming soon listing must be signed up just like an exclusive listing. We place a coming soon sign on the property which notifies the general public that the property will be coming to mls shortly. The new treb rules stipulate the sign rider must include ‘COMING SOON TO MLS®’ for it to be valid. A coming soon listing is usually up for no longer than 3 weeks while the property is being prepared.
A full listing which gets placed on treb and populates out to Realtor.ca and numerous other web listing portals. For a listing to get accepted onto TREB, it must be signed up for a minimum of 60 days and be ready to show to the general public within 24 hours.
If you are thinking of selling your home in the next few months, please contact Kevin and we will provide you with all the details and help you choose which strategy will work best for your property.
CONDO MARKET - MISSISSAUGA - 11% PRICE GAINS YEAR-OVER-YEAR
It comes as a relief to some people looking to get into the market that home prices have remained fairly stable over the past few months, with some home types becoming slightly less expensive month over month.
In Mississauga, the average price in July 2018 across all home types edged up slightly year over year by 1 percent. Condo apartments saw the biggest price gains with an average price of $434,061- up 11 percent, compared to July 2017 when the average price of condo apartments was $389,811.
The average price of condo townhomes was $573,095- up 9 percent from July 2017, when the average price was $527,267.
Sales of all home types in Mississauga were up 9 percent from last year. Condo apartments saw the biggest rise at 16 percent to 244 sales from 211 last July.
There was a year over year drop in both new listings and active listings. Condo townhomes saw the biggest drop in both new and active listings, with 189 new and 226 active, compared to 301 new and 321 active in July 2017. Condo apartments fared better but there was still a drop- with 364 new listings and 392 active listings, compared to 443 new and 483 in July of last year.
“We have certainly experienced an increase in demand for ownership housing so far this summer,” Jason Mercer, TREB’s Director of Market Analysis says, “home buyers in the GTA recognize that ownership housing is a quality long-term investment.”
‘Looking ahead to the fall market- things are shaping up strongly as we have signed up several Exclusive listings over the past few weeks adds Kevin. We expect a strong fall market compared to last year and have qualified buyers looking to purchase a condo in the prime pockets along the lakeshore.
LIVE IN THE SOUTH MISSISSAUGA COMMUNITIES?
Download our August Newsletter to see TREB's community stats for number of houses sold, average price, says on market, and sale-to-list price.
Don't live in one of these areas? We can still provide you with up to the minute market stats. Visit homesoldprices.com to get started!