Hello, Mississauga! I'm here today with your Mississauga market update for February 2020. This is everything you need to know about what's going on in the Mississauga real estate market right now.
I hate to sound like a broken record, but it is still a tight seller's market here in Mississauga and in the GTA. In January, we did just shy of 4600 sales across the GTA, which is up 15% from the same time last year. But we also have about 18% fewer listings available than we did in January of 2019, which gives us a 33% difference – a huge difference – so it makes a lot of sense that we're down to only 1.7 months of inventory. These tight market conditions have pushed the average price in the GTA up 12% to about $840,000, and the average home is on the market for about 27 days.
Now, let's get into Mississauga; it is even tighter here than it is across the GTA. In January, we did about 440 sales, which is up about 14% from last year. But we have 30% fewer listings, which gives us a 44% difference, even more than across the GTA. We're down to only 1.4 months of inventory, which is a super tight seller's market. These market conditions have pushed the average price in Mississauga up about 11% to $782,000, and the average home is on the market for about 23 days.
So, what does that mean for you? If you're a seller, it’s time to jump on this opportunity. I don't know how long these market conditions are going to keep this up. If you want to take advantage of this hot market, please do it right away.
Now, if you're a buyer, understand that it's very tight out there. I’m seeing multiple offers on all asset classes, and you're going to have to work very hard to find a home and put in a competitive offer to make it work.
Alright, let's talk about those Mississauga micro-markets. The price of a detached home is up just shy of 8% to $1.18 million right here in Mississauga, and we've got about 2.8 months of inventory. Your average semi-detached in Mississauga is going for about $817,000, which is up 12.5% from last year. We have only 0.7 months of inventory, which means if we didn't list another semi for the rest of the month, we would be sold out in about three weeks. That is absolutely crazy and looking similar to 2017 numbers.
The townhouse market is just as tight with only 0.7 months of inventory. The prices are up about 6% to $644,000. And finally, let's talk about those condo apartments. As usual, they've been the hottest market here in the GTA and in Mississauga, and the price is up to $540,000. This is up a whopping 22% from last year. I don't think this is sustainable in the long-term, but we'll see what happens over the next couple of months. We do have 1.4 months of inventory, and the average condo was on the market for about 18 days.