NOVEMBER 2022 MARKET UPDATE W/FRANK BINDER

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 November 2022.

The discussion includes:

Number of Residential Listings:  We have seen a steady decrease in the number of listings and we move into the winter months and as some Sellers are now realizing they will not get their anticipated values for their homes as earlier in the year.

# of Active Listing End of Current Month:  As a result of the drop in listings each month the current inventory of listing now is at 1274 which represents approximately a 2-month supply, down from over a 3-month supply only months ago. This should adjust to an even lower number by the end of December.

Number of Residential Sales:  From a peak in March residential sales have continued to drop and have settled below 400 for the last 5 months.  As we move into the winter months of December and January, we expect that number to continue to drop.

Average Days on Market:  As we approach the end of the year, and possibly another slight interest rate increase in December we will see diminishing demand over the next few months as Buyer’s take a break from shopping for homes which is leading to additional time for homes to be sold on the market. 

Monthly Residential Sales Percentage:  We are seeing greater decreases in sales as compared to last year.  Last year, at this time we were not experiencing higher interest rates and inflationary pressures and Buyers were coming to the market.  Due to those pressures Buyer’s are pausing and often re-calculating as are Sellers.  This environment of uncertainty will continue to play on the market in a negative way. 

Over/Under $550,000:  Home sold under $550,000 continue to be the dominant market (65.9 %) and has been over the last number of months.  This shows that there is still firm first-time buyer demand for homes.  Where families have to sell their home to realize the equity and transfer to another is much more difficult in this particular market as interest rises and prices decrease.  This uncertainty drives them to the sidelines.

Average Sales Price:  We continue to see a slow decrease in the Annual Average Sales Price but where we saw a small up-tick in the monthly average in October we have again fallen back in November.  Again this reflects the uncertainty of both Buyers and Sellers in the marketplace.

Sales/List Ratio:  The annual sales/list ratio is flat and static at the moment and has remained at 50% for 4 months in a row!  Also, the news in the monthly sales/list ration is about the same as we see slight fluctuations but nothing dramatic. This has now comfortably settled into mid-range of a Balanced Market (between 40 – 60%) and looks likely to remain there for some time to come.

Most Popular Style of Home:  This story remains unchanged as we see bungalow and ranches or one floor homes continuing to be the most popular style homes.

*Originally aired LIVE ON FACEBOOK on December 8, 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**


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