April 2009 Real Estate Market Update

April 2009 had 23,515 homes listed for sale in Mississauga, Oakville, Brampton, Toronto and GTA compared to April last year, where 24,530 properties had been listed for sale. This indicates that inventory declined for the first time this year compared to inventory levels last year. This could be an indication or one sign that market conditions are slowly improving. However, the decreased in inventory did not result in a faster turn around time for home sales.

The average time for a home to remain on the market was about 37 days in April 2009. This was up 10 days compared to April of 2008 because of the current market conditions. Although the number of sales was down by 7% with 8,107 sales in April of 2009 compared to 8,762 sales in April 2008 in the Greater Toronto Area, when sales numbers are compared to the previous month, we see a sharp increase of over 2000 more home sales. When comparing home prices, the average price for a home in April of this year was 385,641. This is down 3% compared to March 2008.

With the tightening of inventory on the market, the price decline of resale homes continued to slow in April 2009. The Mississauga Real Estate market has done fairly well in these difficult economic times and we see the number of transactions continue to rise. Even with current market conditions, buyers and sellers were interested in making a deal along with current low interest rates. With the springtime here, the housing market will typically experience more sales activity and it's a buyers market as we are seeing lower prices.

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Call Leif Kalaas - Your Right at Home Realty Inc. Realtor