Home sales down 42.1% in Mississauga from the same time last year

Published May 16, 2022 at 4:47 pm

You knew home sales couldn’t keep on going up in Mississauga and in April it finally slowed down.

The number of homes sold through the MLS System of the Mississauga Real Estate Board totalled 720 units in April, 2022. This was a large decline of 42.1 per cent from April, 2021.


Home sales were 8.5 per cent below the five-year average and 25.2 per cent below the 10-year average for the month of April.

On a year-to-date basis, home sales totalled 3,149 units over the first four months of the year decreasing 26.9 per cent from the same period in 2021.

“Sales activity was down in April compared to last year’s near-record level in the same month, coming in just slightly below average levels for this time of year,” said Nelson Goulart, President of the Mississauga Real Estate Board. “New listings were trending at healthy levels in April.

“With new supply finally beginning to outpace demand, we’re starting to see a gradual increase in the overall level of available supply on the market which is good. If these trends continue to play out through the rest of 2022 in response to more interest rate increases, we will likely see a shift in our market away from seller’s territory back to more balanced conditions.”

The MLS Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. The overall MLS HPI composite benchmark price was $1,323,300 in April, 2022, up by 22.8 per cent compared to April, 2021.

The benchmark price for single-family homes was $1,565,000, an increase of 20.3 per cent on a year-over-year basis in April. By comparison, the benchmark price for townhouse/row units was $978,800, a sizable gain of 15 per cent compared to a year earlier, while the benchmark apartment price was $806,800, a large gain of 35.2 per cent from year-ago levels.

The average price of homes sold in April, 2022 was $1,170,211, a gain of 14.2 per cent from April, 2021.

The more comprehensive year-to-date average price was $1,186,553, up by 17.6 per cent from the first four months of 2021.

The dollar value of all home sales in April, 2022 was $842.6 million, a big decline of 33.8 per cent from the same month in 2021.

The number of new listings saw a moderate decrease of 9.4 per cent from April, 2021. There were 1,659 new residential listings in April, 2022.

New listings were 17.1 per cent above the five-year average and 1.5 per cent below the 10-year average for the month of April.

Active residential listings numbered 1,101 units on the market at the end of April, increasing by 13.3 per cent from the end of April, 2021.

Active listings were 6.5 per cent below the five-year average and 24.7 per cent below the 10-year average for the month of April.

Months of inventory numbered 1.5 at the end of April 2022, up from the 0.8 months recorded at the end of April, 2021 and below the long-run average of 1.7 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

 

 

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