2016 Real Estate Sales Statistics
2016 was a very good year for residential real estate. Home sales and prices are up by record amounts. Lets look at the year end results in the GTA and Mississauga, and also have a look at home sales in December 2016.
In the GTA in 2016 the number of active MLS listings was down by 48%. This lack of inventory had a huge impact on home prices as real estate is very much supply vs demand driven. Because of the lack of homes to choose from the time to sell was down 31%. Even though there were less homes on the market sales were up 8.6% and the average price was up 20%.
In Mississauga the number of active listings was down in December 2016 to 449 compared to 968 at the same time last year -thats almost half as many homes for sale in December. The number of sold listings in December was actually higher than the number of active listings at 493. The average price is $729,000 which is up 17% over last year. The average time to sell is 20 days on the market, and the average sale price vs list price is 101% which is product of all the multiple offers and bidding wars that occur on listings.