According to the Mississauga Real Estate Association (MREB), home sales numbered 850 units in March 2015, down 4.5 percent from the same month in 2014. MREB attributes the lower sales to tight market conditions, which the city has seen for close to a year now.
The average price of homes sold in March 2015 was a record $548,816, up 10 percent from March 2014. New residential listings numbered 1,598 units in March 2015, falling 7.7 per cent from March 2014.
Overall supply has been trending steadily downward since the spring of 2013. Active residential listings on the Board’s MLS system numbered 1,608 units at the end of March 2015. This was down 13.5 percent from the end of March 2014.
There were 1.9 months of inventory at the end of March 2015, down from 2.1 months at the same time last year and below the long-term average 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.
The total value of all residential sales in March was $466.5 million. This was up 5.5 percent from March 2014.