Corona Virus Real Estate Market Update May 6 – 12, 2020
Below is your real estate update for Mississauga for the week of May 6 – 12, 2020. The data has been based on MLS sales over the past week.
Mississauga Real Estate Market Update
Continuing the trend for last week, sales and new listings in Mississauga continue to remain extremely low when compared to the same time last year. Less homes for sale in Mississauga and less buyers, but the situation is holding steady and slightly improving.
Below are the number for ALL properties in the city of Mississauga, comparing the week of May 6 -12, 2020 versus the same time period in 2019.
- Listings were down 55% Year over year
- Sales were down 65% Year over year
What’s encouraging is that sales did improve fro the previous week giving cautious hope that the market is starting to emerge from it’s quarantine.
Home Prices
This is where things get a little more tricky and it’s not simply comparing average selling prices year over year. To get a better idea of what’s going on, you need to compare what has changed over the past month in real estate. All figures below are based on the sale of semi detached homes in Mississauga, from 600k to 900k. The numbers compare May 6 – May 12 2020, to the first week of March 2020.
- Prices are down approximately 5.5%
- This is still an improvement from the tart of lockdown when prices were down in the 8-9% range
- Average days on market for homes that sold was 21 days
- Average sold to ask ratio was 99%
Normally in a market downturn where prices drop, you see the absorption rate increase, meaning there are way more homes on the market and the time it takes to sell goes way up. However we are still seeing very low levels of homes for sale in the semi detached and town house segments.
I hope you enjoyed this article and video. If you are interested in finding out more about your market or our services, feel free to contact me!
