A look at the Real Estate Market in Windsor Essex County, for APRIL 2024
Residential Sales: Residential Sales remain restrained due to interest rates, but we’re seeing some increase in activity in the upper market as rates and price have been static.
Monthly Residential Sales %: Residential Sales were down almost 8% year over year, possibly due to a “wait and see” attitude of buyers.
Homes Sold Under and Above the Median Price ($550,000): More homes sold under the median level than above it but we’re seeing a strengthening market over the median for the second straight month. 25 homes over $1M sold in April up over last month, but new construction is lagging behind.
Average Sales Price, both Annually and Monthly: While average prices have been pushing slightly higher we expect some downward pressure on prices as supply levels are increasing at a faster pace.
Most Popular Style of Home: Every style of home by price increased in April except for one and one-half storey homes. Bungalows still dominate the market.
Annual and Monthly Sales/List Ratio: Annual Sales/List ratios have settled in at almost 50% but showing a bit of a downward trend in the month of April. It will likely persist over the short term.
Residential Listings: We can see the huge spike of almost 23% in Residential Listings as many have decided to sell in the Spring Market. Expect that this supply may have a negative affect on home prices in the short term.
Active Listings: We can see the immediate affect of the increase in listings as active listing have jumped by over 300 homes in April. Over a 3 month supply provide lots to pick from for Buyers.
Average Day on the Market: While Average Days on Market dropped slightly in April look to see a reversal of that trend in May and June due to substantial increase of homes available for sale.
Monthly Condominium Sales: While Condo sales dropped slightly from last month, demand continues to be on pace with last year.
Royal LePage Binder is committed to providing content and data illustrating the rapid changes occurring in the #yqg market, as shown in the below downloadable PDF:
