December 2008 Real Estate Market Update

December 2008 had 19,000 homes list for sale in Mississauga, Oakville, Brampton, Toronto and GTA compared to November last year, where there were around 13,000 properties listed for sale.

The result has been that the average time for a home to remain on the market is about 45 days. This is up 10 days compared to 2007 because of the increased inventory and the current market conditions. The current market conditions have resulted in fewer sales since there were 2500 sales reported in December 2008 compared to the same month a year ago that recorded around 4600 sales.

Home and Condominium Prices are becoming affordable. The average home price in the Greater Toronto Area in December 2008 was around $361,000 compared to $394,000 in December 2007. In the 905 Region (Mississauga, Oakville, Brampton, and other areas) the average price recorded in November 2008 was around $341,000 vs. $360,000 recorded in November of 2007. It's a buyers market as we are seeing lower prices now on the market.

With a good supply and inventory of homes, low interest rates and more affordable prices, these are providing a good reason for buyers to enter the real estate market.

Planning to make a move?
Call Leif Kalaas - Your Right at Home Realty Inc. Realtor