May 2009 Real Estate Market Update

May 2009 had 21,524 homes listed for sale in Mississauga, Oakville, Brampton, Toronto and GTA compared to May last year, where 27,267 properties had been listed for sale. This indicates a declined inventory compared to inventory levels last year. However, the average time for a home to remain on the market was about 35 days in May 2009. This was up 4 days compared to May of 2008, but reduced by two days compared to last month. Reduced inventory and decreased time on the market could be an indication or one sign that market conditions are slowly improving.

Also, the number of sales was up by 2% with 9,589 sales in May of 2009 compared to 9,411 in May of 2008 in the Greater Toronto Area. This is the first the increase in home sales in some time. When comparing home prices, the average price for a home in May of this year was 395,609. This is only down 1% compared to May 2008. The average resale home price is close to last years price because of tighter market conditions. Also many homebuyers have taken advantage of extremely low mortgage rates that have bolstered sales.

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.

Planning to Buy or Sell?
Call Leif Kalaas - Your Right at Home Realty Inc. Realtor