Sales Activity And Prices Set New Records In The GTA
Mississauga September 2020 - Last month we reported record sales numbers for August 2020 in the GTA as well as Mississauga. September has broken some new records with a 42% increase in unit sales over September 2019 and a 14% increase in average price. Of note, there was a surge of activity in the suburbs and regions surrounding the GTA and the 3rd straight month of record sales.
Our Local Market Insights:
- Unit sales for all property types in September were up 37 percent in Mississauga.
- Detached and semi detached homes were in huge demand as competition for these properties helped increase the average price 15% year over year. A record number of detached homes sold resulting in a 59% increase in unit sales.
- Mortgage rates are now at historical lows as money continues to be cheaper and cheaper which is driving demand for bigger properties. The 5 year fixed mortgage rate can be had at below 2 percent right now.
- Our inventory numbers in Mississauga are still favouring a Sellers market with only 1.5 months of supply at the end of September.
- The average sales to list price in September was 100% which indicates many properties are selling in multiple offers.
The 'Back Door' Sale
Another noteworthy trend is the rise of the ‘back door sale’ otherwise known as the ‘pocket listing’. Its difficult to quantify at this moment- but as local agents, we are seeing an increase in the number of our new listings which are never getting to MLS.
We are finding homes for our Buyer clients through our extensive local database as well as by keeping in touch with other local agents through our exclusive Agent Broker portal. Agents usually list a property exclusively on this portal as a home is being prepared and staged. If this continues, many of the best properties will never see MLS.
If you are looking for a special home in this area- contact us and we will sign you up to receive pocket listings that fit your criteria.
Pricing Properties In This Market
One of the first questions we get asked when meeting with a prospective Seller is what is my home worth?
‘Pricing a home is all about strategy and there are several factors to consider when choosing the right one for your home’ says Kevin Larose of The Larose Team.’ We look at setting the asking price right when the property is ready to show- and not before. Market conditions can change from week to week and you have one chance to get it right’ he says.
If you are considering selling, ‘contact Kevin’ for a pricing strategy conversation to see how you can achieve the most money out of the current market.