The market is changing rapidly and is now more in favour of the buyer. We now have just over 700 detached homes for sale in Mississauga, compared the early part of the year when we had about 180 at a low point. When there were so few listings we were seeing multiple offers on everything that came on the market.
One interesting trend was when the inventory was low homes that normally take a long time to sell because they are either in a location that is not ideal, or have some other less than appealing quality about them were selling. Now that there is more choice out there these types of homes are going to sit on the market for a while.
Now that there is more choice out there prices are going to start to come down. The reason is this, some of the homes listed for sale are going to have to be sold due to circumstances with the sellers. If it takes a while to sell eventually a low offer will come in and will be accepted. This will start to set a new market expectation of the area and the next home that sells will be compared to the new lower price.
In the last 30 days 387 detached homes have sold in Mississauga. This means we now have almost 2 months of inventory. This means that if no new listings came on the market in Mississauga it would take close 2 months to sell all the homes that are currently listed for sale. In January we had 2 weeks of inventory. Industry experts generally agree that a balanced market is where there is 6 months of inventory.
The lowest priced home sold in the last 30 days was in Malton and sold for $515,000. 19 homes sold for over $2,000,000 with the most expensive home being in Lorne Park which sold for $3,400,000. Lorne Park is Mississauga's most expensive neighbourhood, 9 homes sold in a month over the $2,000,000 mark, compared to Mineola where only 2 sold in the same time.