We might only be a few months into 2021, but Mississauga is already making real estate history. Home sales activity is soaring, new listings are up, and prices continue to set records.
February was undoubtedly a busy month for home sales in Mississauga, with residential sales soaring 48.6% year-over-year, totalling 1,021 units -- the last time Mississauga recorded this level of transactions was more than 15 years ago.
To further put this into perspective, in the first two months of 2021, home sales in Mississauga have already jumped 47.1% from the same time a year ago.
But activity continued in full force this March, setting historical records unheard of before in Sauga.
"March was a record-setting month for resale homes in Mississauga," said Asha Singh, President of the Mississauga Real Estate Board, adding that home sales also set a new monthly record last month.
Over 1,411 homes sold in March, an 86.6% year-over-year increase, to set a new sales record for the month of March. On a year-to-date basis, home sales totalled a record of 3,067 units over the first three months of the year, up sharply by 63% from the same period in 2020.
During March, the overall composite benchmark price reached $1,078,000, a gain of 16.5% year-over-year. The benchmark price for single-family homes was $1,281,200, up by 19.2% year-over-year.
By comparison, the benchmark price for townhouse/row units was $874,600, an increase of 27.7% compared to a year earlier, while the benchmark apartment price was $611,000, a moderate gain of 4.4% from year-ago levels.
At the same time, the average price of homes sold in March was a record $1,061,988, a 23.5% year-over-year increase.
This comes as the number of new listings saw an advance of 45.8% from March 2020, with 1,976 new residential listings in March 2021. This was the largest number of new listings added in the month of March in more than a decade.
But more importantly, the dollar value of all home sales in March reached $1.5 billion, more than double the levels from a year earlier, rocketing up 130.4% from the same month in 2020. This was a new record for the month of March and was also the largest dollar value of homes sold for any month in history, while also surpassing the previous record set in February by over $485 million dollars, according to Singh.
"We are already deep into the hot spring market in our region. As vaccines become more widely available, pent-up supply from sellers that have been riding out the pandemic in their homes for the last year, should start to come online. This should continue to fuel the market through the spring and summer months," added Singh.
And, given the pace of the current real estate market, Mississauga could continue to see even more record-breaking numbers in the months ahead.