I am starting to sound like a broken record - the market continues to tighten as listings decrease when compared to the same period last year. Sales were down in most areas, but fewer homes are on the market as well. I have seen a few several mutlple offer situations in the month of August not only in home sales but also in the rental market as well. Here are your results for the Mississauga, Oakville, Burlington, Milton and GTA areas:
BURLINGTON AUGUST RESULTS
Burlington experienced a small decrease, by 1%, in the sales activity for August when compared to last year. New listings was another story. A decrease by 10% which means the average selling price went up by 2% to $766,382. "If the average price continues to increase and inventory stays low, we may shift out of the balanced market we've been experiencing over the last year and a half as we move into a busy fall." says RAHB President Bob Van de Vrande. For the full Burlington report please click here.
OAKVILLE & MILTON MARKET RESULTS
The number of sales for both Oakville and Milton were down - Milton down by 18.45% while Oakville experienced a small decrease of under 1%. The same story holds true for both areas in the total number of listings in August - 985 residential compared to 1,127 in August of 2019, For your Milton report please click here and for the Oakville report please click here.
MISSISSAUGA & GTA AUGUST RESULTS
GTA-wide sales were up on a year-over-year basis for all major market segments, with annual rates of sales growth strongest for low-rise home types including detached homes. This reflects the fact that demand for more expensive home tuypes was very low in 2018 and has rebounded to a certain degree in 2019, albeit not back to the record levels experienced in 2016 and the first quarter of 2017.
The Toronto Real Estate Board also reported that market conditions became tighter in August because, while sales were up on a year-over-year basis, new listings were down by 3% over the same period last year. The average selling price, at $792,611 in August of 2019 was up by 3.6% year-over-year. For your concise report on Mississauga for August please click here. For the full report on the GTA from Jason Merer, Director of Market Anaylsis for the Toronto Real Estate Board please watch the video below: