As far as looking ahead to what the year is going to bring we need to start by comparing to what was happening at this time last year right before the market peaked. Real estate is based on supply and demand so lets start by seeing what the supply is like.
Last year at this time we had a total of only 234 freehold properties on the market in Mississauga compared to 635 today.
Here's how the numbers broke down last year compared to current residential real estate inventory levels
|Januaruy 2017||January 2018||Percentage Increase|
|Number of Detached Homes On The Market||188||442||135%|
|Average List Price Of Detaged Homes||$2,116,000.00||$1485500.00||-30%|
|Homes Under Under $1,000,000||58||168||190%|
|Homes Between $1,000,000-$2,000,000||53||194||266%|
|Homes Over $2,000,000||77||80||4%|
By quick analysis of these numbers it's very apparent that as listings are up by 135% over last year and the average list price is down by 30% that we are not going to see the same type of market we had in the spring of 2017. I believe that it will be a more balanced market with homes taking longer to sell wth about a 30 day average time on the market. Prices will remain where they were in the last part of 2017.