Taking a look at the Real Estate Market in Windsor Essex, Owner and Broker of Record Frank Binder sits down with our host, Dom Papa from WE Digital Productions, to chat about the latest trends and more for October 2022.
The discussion includes:
Number of Residential Listing in 2022: We continue to see a decline in listings from a peak in June until now with 765 Listings taken in October c/t 885 in September.
Number of Residential Sales in 2022: Residential sales have really been static over the last four months, and we are well aware of the 40% drops in August and September followed by the latest drop of 48.23% in October. We must really take stock of these sales numbers which are very low not only in terms of pandemic sales but also pre-pandemic sales which averaged over 1000 sales in October 2018 and 2019. Many buyers are sitting on the sidelines and are in “wait” mode.
Monthly Residential Sales Percentage: We are seeing a continued plunge of unit sales which started in February and has gone down ever since.
Units Sold By Price Range in October; The percentage of sales to the total sales of 366 remains about the same with roughly two-thirds of sales in the under the median average of $550,000 versus one-third of sales above.
Year to Date Sales/List Ratio VS Monthly Sales/List Ratio: The ratios in the annual graph have been stable since June and have hardly moved at all. While this is substantially lower than the Seller’s Market in the spring it has settled into a Balanced Market which is defined between 20% - 60% of sales.
Most Popular Style of Homes for October: While the market has changed the most popular choice of home has really remained constant. Bungalows, ranches and raised ranches still dominate our market.
*Originally aired LIVE ON FACEBOOK on November 10, 2022*
Royal LePage Binder is committed to providing content and data illustrating the rapid changes occuring in the #yqg market, as shown in the below downloadable PDF:
**click on top right arrow to download**
