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Oakville & Mississauga Real Estate: Mid-April Real Estate Stats & Commentary

April 30, 2010

Greater Toronto REALTORS® report Mid-April Resale Market Figures

TORONTO, April 16, 2010 – GTA REALTORS® reported 4,601 sales of homes and condos through the Multiple Listing Service® (MLS®) during the first two weeks of April. This represented a 25% increase compared to the 3,681 sales recorded during the same period in 2009. New listings increased by 48% annually to 9,512.

“The fact that annual growth in new listings outstripped growth in sales suggests that the GTA existing home market is becoming better supplied,” said Toronto Real Estate Board President Tom Lebour.

“Home owners are reacting to strong sales and price growth by listing their homes in greater numbers.  They are confident they will receive offers in line with their asking price.”

The average price for April mid-month transactions was $430,271 – up 12% compared to the average of $383,361 recorded during the first 14 days of April 2009.  “The average annual rate of price increase has declined and we are shortly going to see a return to sustainable single-digit rates of growth,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

“As home buyers experience more choice in the marketplace, there will be less upward pressure on the average selling price in the GTA.”

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What does it all mean?

Buyers: This means buyers of resale homes and condos have more listings to choose from. Buyers are taking greater time in making decisions right now and we’re seeing a significant drop in the number of multiple offer sales.  Sellers are having to compete with more properties and those that need to sell sooner have realized the reality of the situation and we’re starting to see price reductions to bring values in line.  All good news for buyers.

My advice to buyers right now is to think before you leap. Be smart, take your time and assess your situation and needs thoroughly before making an offer – when you do, buy for the future.

Sellers: For Sellers entering the Oakville & Mississauga Real Estate market now, the proper pricing and marketing strategy is crucial.  With the dramatic increase in available home and condos for sale in Oakville, Mississaug & the GTA comes more competition.  Pricing your home or condo right the first time is more important than ever. I would highly dissuade Sellers from ‘trying to see how much they can get for their property’. Now is not the time, with higher numbers of homes and condos for sale comes more aggressive pricing strategies for those sellers that must sell their property now.  Many sellers have committed to a new property and must sell in a timely manner.

My advice for Sellers right now is to ensure your Realtor has done their homework and is thoroughly familiar with your neighbourhood.  Pricing your property properly will ensure your home sells for the best market price possible. Buyers are still buying in good numbers. Don’t miss out on a healthy market because you priced your property out of the market. Having to reduce your asking price even once will hurt your home or condo’s exposure and value.

Click here for a free, no-obligation market valuation of your home or condo.

Ryan Chelak is a real estate broker serving Oakville, Mississauga & the GTA, as well as a longtime Oakville resident. Subscribe to my blog to keep up to date on local news, information, events and of course everything you want to know about Oakville & Mississauga real estate.


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2 Comments leave one →
  1. May 5, 2010 9:19 am

    I admit, I have not been on this real estate blog in a long time… however it was another joy to see it is such an important topic and ignored by so many, even
    professionals. I thank you to help making people more aware of possible issues.
    Great stuff as usual….

  2. June 18, 2010 3:24 am

    Good post. It’s amazing how many realtors post complete junk. Some people spend zero time and effort on even the basic stuff like photography. Thanks for this amazing real estate.

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