I hope all is well with you and your family. I thought I would give you an update as to our local Mississauga and GTA Real Estate Market.
I will use an example of a current listing that I have in the Burnhamthorpe and Highway 10 area of Mississauga to illustrate how our current market is performing.
Some of the listings that I am trying to sell have been on the market for 3 to 4 weeks. As an example of how our market currently is, there have been only 3 or 4 showings during this time period. There have been 5 sales in same immediate area over the past month or so. Normally, this same area would have over 30 sales per month and my listing would have received about 20 to 25 showings.
How times have changed.
There are 31 homes for sale in and around the immediate area of this listing, this is a large amount of properties.
The local and US and global economic problems have certainly affected our marketplace. Average prices for October were down about 4% but more importantly, the number of sale is down about 35% You can read more about this and see price graphs at this page:
Our marketplace is obviously soft and only properties that are now priced well are selling.
In this market we are in it seems that a seller has to reduce their price about 5% every 2 to 3 weeks on the market to get sold. This is not what people or you want to hear but this is the reality of our current marketplace, the economy.
We may not see strength back into our real estate marketplace until late spring, next fall or spring of 2010, difficult to predict. The Bank of Canada does not think that our Canadian economy will grow at all until 2010 and that is allowing for zero growth for most of 2009 with the exception of 1st quarter 2009 where the Bank of Canada thinks our economy will grow 0.1%, not a large figure.
On this particular listing my website continues to obtain many hits, inquires and views of the listing and on my site only there have been 279 views in October which was only for 11 days and so far there have been 290 views this month and I am only referring to one single listing page for this listing. Views from mls.ca are higher than these figures.
The other issue is that there are 367 homes for sale in W16 and W19. That's a staggering amount of properties for sale in only two districts and shows the competition is fierce.
Also in W16 and W19, there are 128 detached homes that are currently listed between $350,000 and $450,000
This listing has many positive aspects, but the reality is that there is huge choice out in the marketplace and we have to be a price leader to compete.
Point I am trying to make is that with all of these views and activity, we should have received more showings than we've had. The public and buyers are very particular these days and can be!
The analysis above is just a tiny slice of one small particular market region of Mississauga, but is probably indicative of most areas of Mississauga and the 905 regions. Areas of Toronto and the GTA are still performing well from what I have read over the past month.
I wish you and your family all the best!