A look at the Real Estate Market in Windsor Essex County, for JUNE 2024
Residential Sales: Residential sales have tapered off over the high in May. We’re feeling the effects of high interest rates for sure, and buyers are waiting for more cuts.
Monthly Residential Sales %: This is the second consecutive month of double digit drops in sales compared to last year with this month over 17% lower.
Homes Sold Under and Above the Median Price ($550,000): Homes sold under the median price continue to outsell homes higher than the median price. This has been the pattern for a number of months.
Average Sales Price, both Annually and Monthly: While the monthly average sales price did drop by about $4000 the annual price remains unchanged.
Most Popular Style of Home: Most styles of homes dropped in price compared to last month except for bungalows and one and one-half storeys.
Annual and Monthly Sales/List Ratio: This is the second month in a row that the monthly sales/list ratio is below 40% and has altered the annual sales/list ratio to it lowest level this year at 45%. Edging towards Buyer’s market territory.
Residential Listings: Residential listings were just a bit off last month’s pace and will likely continue to ease off during the summer months ahead.
Active Listings: Active listing inventory at the end of June was 1838 and is the highest we’ve seen this year. This amounts to over 3.4 months’ supply of homes. With this much “choice” for buyers Sellers can expect longer sales times in the sale of their homes.
Average Day on the Market: Average Days of Market in June reflect that less homes were available at the beginning of the month. Expect increases in Days on Market in July.
Monthly Condominium Sales: Monthly condominium sales dropped slightly in June but were up over last year. While this offers a good alternative to first time buyers, sales of condominiums should moderate over the remainder of the year as they did 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:
