March was a bustling month of Mississauga real estate sales for Team McDadi, despite the fact that spring has been stubborn.
Indeed, we experienced quite a few homes selling within hours of going up sale in March.
All segments of the Mississauga real estate market performed well for our team, and new statistics from the Toronto Real Estate Board concur that the “first month” of this spring market was hot, despite the chilly weather.
Toronto Real Estate Board announced yesterday that Greater Toronto Area REALTORS® reported strong year-over-year increases in Toronto MLS home sales and the average selling price in March 2014. A total of 8,081 sales were reported in March 2014 – up by 7.2 per cent in comparison to March 2013.
Home ownership affordability, backstopped by low borrowing costs, continued to be a key factor underlying this growth.
The average selling price for March 2014 sales was $557,684 – an increase of almost eight per cent compared to the average reported for March 2013. The average price for the first quarter of 2014 was up by 8.5 per cent year-over-year.
According to the TREB, 890 homes were sold in Mississauga in March, with an average sale price of $497,051. The average price for a detached home in Mississauga in March was $730,197, and the average price for a semi-detached was $488,771. The average Mississauga condo townhome cost $374,805 and the average condo apartment sold for $269,867.
Buyers in the Mississauga real estate market were seeking out a wide range of homes in March, from first time home-buyers who were looking for entry-level condominiums or semi-detached homes, to buyers who were looking to buy homes valued at more than $1million.