A look at the Real Estate Market in Windsor Essex County, for MAY 2024
Residential Sales: While single family homes sales were down, but when adding “single family other” residential sales were actually up slightly over last month.
Monthly Residential Sales %: Comparing the month of May to last year sales were down substantially, mostly related to higher interest rates.
Homes Sold Under and Above the Median Price ($550,000): The market continues to be dominated by sales under the median price but sales above the median price are steady.
Average Sales Price, both Annually and Monthly: The Annual Average Sales Price is slightly above last month due to continued strength in the upper market. Depending on future demand, more negative pressure on prices will be coming.
Most Popular Style of Home: While bungalows still dominate, both bungalows and 2 storey homes were down in price for May.
Annual and Monthly Sales/List Ratio: With a substantial drop in the Monthly Sales/List ratio the annual rate has dropped to 46% but well within the annual average.
Residential Listings: Residential Listings compared to last year are up by almost 12%. While listings do increase in the Spring market, we are seeing more than expected homes for sale.
Active Listings: Active listings have increased dramatically due to the substantial increase in listings and “lull” in demand due to interest rates. Lots of homes to look at now.
Average Day on the Market: Average days on market dropped substantially for the month of May but with increased active listings look for that to increase in the next few months.
Monthly Condominium Sales: Monthly condominium sales climbed in May compared to a year ago. Many more new condominiums are available and first-time buyers are migrating to condos due to affordability issues.
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:
