Home sales drop 55.2% in February with average home price down to $973,563 in Mississauga
Published March 3, 2023 at 10:35 am
What a difference a year makes for the real estate market in Mississauga.
Last year at this time, housing prices were skyrocketing, reaching record-high prices.
But the downward trend that started in the fall has continued in February, according to the latest report from the Mississauga Real Estate Board.
It’s unclear how much further prices and home sales will drop.
“Both home sales and new listings are still trending downward on a monthly basis, raising some uncertainty as to how long it will take to reach a bottom,” said Michael Kennelly, president of the Mississauga Real Estate Board.
The average price of homes sold in February 2023 was $1,009,803, a substantial decline of 17.6 per cent from February 2022, according to the report. The more comprehensive year-to-date average price was $973,563, a sharp decrease of 18.8 per cent from the first two months of 2022.
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But an average single-family home will likely cost more than $1 million in Mississauga.
The benchmark price for single-family homes was $1,323,000 in February 2023, a substantial decline of 22.9 per cent on a year-over-year basis in February.
The benchmark price tracks trends far more accurately than is possible using average or median price measures.
Prices of other housing types also decreased — although not as much as single-family homes.
The benchmark price for townhouse/row units was $784,900, a sharp decrease of 18.1 per cent compared to a year earlier, while the benchmark apartment price was $650,300, down sharply by 12.4 per cent from year-ago levels.
All home types come in at a benchmark price of $1,053,400 in February 2023, a big reduction of 21.4 per cent compared to February 2022.
Real estate agents are also feeling the pinch with fewer homes sold in February.
Only 383 homes were sold through the MLS system in Mississauga in February 2023.
This was a substantial decline of 55.2 per cent from February 2022.
It’s also taking longer to sell homes — about two months currently.
It is unclear if the spring months will bring out more home sellers and buyers.
“Right now we’re in a wait-and-see phase before the crucial spring market that will hopefully bring back more supply and provide some clue as to where our local housing market is headed this year,” said Kennelly.
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