November a record breaking month for MLS® home sales
MLS® home sales in the area served by the Mississauga Real Estate Board rose to the highest level on record for the month of November in 2009. The current strength of demand stands in sharp contrast to the weak activity levels of one year ago.
According to the Board’s statistics, MLS® home sales numbered 996 units in November 2009, more than double year-ago levels. The large year-over-year gain reflects the extent to which demand has recovered from one year ago, when news of the global financial crisis hammered consumer confidence.
“November was another record month for sales,” said Judi Lloyd, President of the Mississauga Real Estate Board. “The difference in the resale housing market now, compared to one year ago, is night and day.”
Seasonally adjusted sales also set another new record in November, jumping 15 per cent from October (seasonal adjustment removes normal seasonal fluctuations). Seasonally adjusted MLS® activity now stands 149 per cent above the low in January.
The total value of all MLS® residential sales was $376.3 million in November 2009, a new record for the month, and an increase of 142 per cent from year-ago levels.
The average price for MLS® home sales was $377,799 in November 2009, the highest level on record for the month. This represents an 11 per cent gain from a year earlier, the third consecutive double-digit increase in price.
The number of new listings on the Board’s MLS® system in November 2009 was on par with the same month last year. This stands in contrast to the double-digit declines in each of the past four months.
Strong demand continues to draw down inventories. The number of active listings declined on a year-over-year basis for the eighth time in as many months in November, and dropped by more than 50 per cent for the second consecutive month. Active residential listings on the Board’s MLS® system numbered 1,357 units at the end of November 2009, falling 55 per cent from a year earlier. This is the lowest the supply of homes on the market has been in eight years.
There were 1.4 months of inventory at the end of November, down slightly from the previous month. This is the lowest level in more than a decade. 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.
About the Mississauga Real Estate Board
Established in 1954, the Mississauga Real Estate Board represents approximately 1,600 real estate Brokers and salespersons from Mississauga and surrounding areas. Members of the Board use the REALTOR® trademark, which identifies them as real estate professionals who subscribe to a strict Code of Ethics. Advertisements of local MLS® property listings and information about the services provided by a REALTOR® can be found at mreb.ca
I hope this finds you Happy and Healthy!
All the Best!
A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate
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