Residential property sales recorded through the MLS® System of the Mississauga Real Estate Board were down noticeably in July 2010 from record levels for the same month last year. A slowdown of activity in the second half of 2010 has been widely expected as a result of accelerated home purchases earlier this year.
Home sales numbered 864 units in July 2010, down 34 per cent from the highest July on record in 2009. On a year-to-date basis, however, sales activity remains 14 per cent above levels reported over the same period in 2009.
New supply is adjusting to lower demand. New residential listings numbered 1,361 units in July 2010, down eight per cent from the same month last year. On a seasonally adjusted basis, new listings were down for the fourth consecutive month, and this is helping to maintain a healthy balance of supply and demand in the marketplace.
“The introduction of the HST was the last in a string of temporary factors that have resulted in considerable volatility in the market over the past two years, including the pull forward of demand earlier this year which resulted in record-setting activity levels just a few months ago,” said David Cobban, President of the Mississauga Real Estate Board. “With these factors now largely in the rear-view mirror, buyers and sellers can look forward to a more stable market as demand comes back into line with economic fundamentals.”
The average price of homes sold in July was up six per cent from year-ago levels to $393,394.
The total value of all residential sales was $339.9 million in July 2010, a decrease of 30 per cent from year-ago levels.
Active residential listings on the Board’s MLS® System numbered 2,284 units at the end of July 2010, up 21 per cent from last year’s low. There were 2.6 months of inventory at the end of July, up from levels recorded a year earlier (1.5 months). 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.