The Mississauga real estate market is in the midst of a dynamic fall market. The Toronto Real Estate Board recently released figures that show that the housing market across the GTA is very active and flourishing. In fact, the average sale price for a detached home in Mississauga in September was more than $1,000,000.
TREB reported 9,902 home sales through the Toronto MLS system in September, 2016. This is a substantial increase of 21.5 per cent, year-over-year, compared to September, 2015. Large annual increases in transactions were noted for most of the major home types, across the GTA as a whole.
Our office is bustling with activity, and we are experiencing a very robust fall market. Bidding wars and bully-offers, and selling prices tens of thousands of dollars above asking, are all occurring very frequently.
According to numbers just released by TREB, home selling prices continued to trend upward in September. The MLS® Home Price Index Composite Benchmark was up by 18 per cent year-over-year. The average selling price was up by 20.4 per cent. The higher growth rate reported for the average home price, as compared to the MLS® HPI, points to a greater share of high-end home sales this year compared to last.
In Mississauga, the average home price was $640,108 in September and the average price for a detached home surpassed $1,000,000 and hit $1,001,903.
The best time to sell a home is during a seller’s market–a market that has more buyers than sellers and hence higher prices result from this excess of demand over supply. (On the other hand, a buyer’s market is a market which has more sellers than buyers. Low prices usually result from this excess of supply over demand.) Obviously, you want to try to sell your home when demand is high, as prices will be pushed up, as is what it currently occurring. This also means that the general state of the economy influences demand. What are interest rates like and what is the forecast for them? Current low interest rates mean there will be more potential buyers, which is great for sellers.
If you are considering selling your home and you are wondering whether the time is right, please contact Team McDadi at 905-502-1500 and we can discuss the matter more fully.