Fewer listings and sustained demand combined to create a brisk start to the real estate market in Port Credit for 2017.
On average, during the first quarter of 2017, homes in Mississauga’s jewel on the lake where selling in 14 days and for 105% of list price. Thats 42% faster than the 24 days it took on average one year ago, and over 7% more than the already impressive 98% sale/list price ratio experienced during the same time in 2016.
The Toront Real Estate board reported the sale of 31 properties made up of 5 detached, 2 semi-detached, 13 townhouse and 11 condo apartments. Although that figure is down from the 37 sales in the previous quarter of 2016, it kept pace almost exactly with the 32 sales reported for the same time period in 2016.
The full breakdown of activity is available here in my Port Credit Market Update for Q1 2017.
Lower inventory and increased demand pushed the average sale price in Port Credit up by 12% to over $950,000 in 2016. Overall, properties in Port Credit where being purchased in almost half the time it took in 2015, and 151 sales where recorded on The Toronto Real Estate Board last year.
The largest average sale price increase was found – not suprisingly – in a small, but increasingly attractive segment of the local market. The recent infill development of new semi-detached homes in the Shawnmarr and Credit Grove neighbourhoods contributed to this property type recording 6 sales and seeing the largest gain in both average and median sale prices in 2016: up almost 25% in the former to $1,232,567, and over 21% in the latter to $1,187,500.
Along with semis, every other residential resale category saw an increase in average sale price and all but one, condo townhouses, saw an increase in median sale price as well. A busy year in the more affordable pocket of Shawnmarr Rd. saw 18 sales contribute to an overall townhouse median sale price decrease of 31% in Port Credit. This adjustment from last year brought the median townhouse sale price to $555,000 in 2016 and the average sale price for this type of property was over $850,000.
The crown jewel of homeownership – a detached home – saw an average sale price increase of 13% to $1,177,536 in 2016.
The full Port Credit 2016 Annual Real Estate Review is availabe here.
Lower inventory in the Port Credit real estate market over the third quarter of 2016 has resulted in 43% fewer sales as compared to the same time period last year. Statistics from The Toronto Real Estae Board reveal that demand is heading in the other direction though.
Properties sold after an average of 17 days on the market between July and September. Thats over over 60% faster than the 44 day average sale time during the third quarter of 2015.
The Port Credit Q3 2016 Market Update can be found here. If you have questions about finding your home along the GTA Lakeshore West please contact me. My inbox is always open!
Summer might be over soon, but the Real Estate market in the GTA is not cooling off. The end of August marked a seventh straight monthly gain in the GTA and the average sale price has more than doubled since June of 2005 says the most recent Teranet – National Bank House Price Index report. The report goes on to say that the year over year average sale price increase in the GTA was over 14.5%.
Closer to my own home in Port Credit the gains have been even higher. As of the end of the 2016 second quarter the average sale price in Port Credit is up over a staggering 27% year over year and the median price is not far behind at an over 24% increase.
Whether these continual and substantial gains in our local market are for the better or worse is another important conversation, but one thing is for sure. A lot of people want to own property in the GTA and they are willing to pay keep paying extra for it. It is also becoming clear that the secret is out about Port Credit and I am not the only person who might beleive that living here might be worth even more.
If you would like to read the Teranet report it can found here. For those of you considering a move to Mississauga’s jewel on the lake, my 2016 Q2 Port Credit update is available here.
Real estate sales in the GTA were up 21% from last year for the month of February says the most recent Toronto Real Estate Board housing market update. As multiple offers become more and more commonplace, sellers who effectively prepare, price and promote their property continue to get their asking price and more. The average sale price in the GTA spiked up to over $685,000 making for a 15% increase over last February’s average sale price of $596,320.
Mississauga and Oakville proved to be even more busy with an increase in sales for the past month of 28% and 40% respectively in comparison to the year before. The average sale price, on the other hand crept up just under 6% in Mississauga and 12 % in Oakville.
As expected, seizing the gold ring of homeownership and buying a detached home also cost more this February over last year. The average sales price in the GTA for a detached increased by 16% and landed at $909,761. West of the 416 saw an increase of just under 11% with detached homes selling at an average sales price of $889,524 in Mississauga and $1,171,571 in Oakville.
If you are considering selling or would like an updated valuation of your home I invite you to contact me. I would be happy to provide a comparative market analysis of your property. As always, our meeting is confidential and without cost or obligation to you.
The Re/Max 2016 Housing Market Outlook is forecasting another year of gains for the GTA. In Oakville and Mississauga in particular, buyers and sellers can expect to see an increase of five to six percent in the average price in 2016.
Citing continued low inventory for single family homes, the recent study matches my own day to day experience in the marketplace. The combination of demand for move up property and low interest rates continues to drive the market.
The entire GTA report is available here and if you are considering a cross country move, the National Report can be downloaded here for your reference.