There are currently 802 detached homes on the market in Mississauga, compared to the under 200 homes we had in the early part of the year when the market was extremely hot. In the peak we had 2 weeks of available inventory and the average time to sell was around 7 days.
Of these available listings 324 are listed for sale below $1,000,000 and 345 detached homes are for sale between $1,000,000 and $2,000,000
There are 133 homes for sale over $2,000,000 with the most expensive home in Mississauga being offered at just below $10,000,000
There are now 403 condo apartments for sale in Mississauga starting at $249,000 and ranging in price up to just below $300,000 It's interesting to note that only 50 of all the available inventory is listed above $500,000 and only 3 condos are listed for sale over $1,000,000
Although all the numbers aren't in yet, homes that sold last night for example and haven't been reported yet there were 378 detached homes sold in Mississauga in the month of May. This means that at the current rate of sales we now have 2.12 months of available inventory.
Real estate experts agree that 6 months of inventory is generally the benchmark for a balanced market. Anything less is considered a sellers market, and more is a buyers market.
The condo market was stronger than the freehold property market in May. 290 condos were sold in May with the least expensive condo selling for $240,000 and the most expensive selling for over $1,600,000. Only 35 condos sold last month for over $500,000 and 2 were above $1,000,000
There is a 1.38 month of supply of condos for sale right now indicating it's still very much a sellers market. I think that this will start to trend towards a more balanced market in the next few months.