Taking a look at the Real Estate Market in Windsor Essex, Owner and Broker of Record Frank Binder sits down to discuss the latest trends and more for April 2023.
Residential Sales - While we see almost static market in sales of home the 459 homes sold in April represent a 24.13% decrease of homes sold in April of last year. You will note though that the current level is in keeping with levels back in post-pandemic July, so we are seeing steady demand for homes over the last year. This is important as we have now had a stable interest market going forward.
Home Sold Under and Above the Median Price ($550,000) - While home sold under $550,000 were almost identical to last month, we continue to see an uptick in the homes sold over $550,000 to 223 homes. However, this only represents 54% of the total market, so while constant the greater movement is now in the upper market. This is also seen in the over $1M market with 24 homes changing hands.
Average Sale Price Annual and Monthly - We can see a rebound in the average sales price since January as more buyers/sellers return to the upper market. More activity in this part of the market will lead to slightly higher prices even though supply has been static. However, prices are still 20.53% below last April. If inventory levels drop as they did this month, we will likely see added upper pressure on price going forward.
Most Popular Style of Home for April - It is always good to review homes sold by type and we can note subtle changes in all home types but mostly in 2 storey homes and raised ranches and ranches. All have increased since the beginning of the year in keeping with our prices changes generally.
Monthly Residential Sales % - While we are still below last year you will note that the amounts of the decrease are less. Look for those to continue as we compare this year’s sales to post-pandemic sales of last year. If we go back to our sales slide April/23 sales were above July/22 sales which was a drop (due to interest rate increase) from the previous month. Look for July sales to be close or equal to last year.
Annual and Monthly Sales/List Ratio - So we can see the rebound in the average sales price since January as more buyers/sellers return to the upper market. More activity in this part of the market will lead to slightly higher prices even though supply has been static. However, prices are still 20.53% below the last April. However, if inventory levels drop as they did this month, we will likely see added upper pressure on price going forward.
Residential Listings - So we can see the rebound in the average sales price since January as more buyers/sellers return to the upper market. More activity in this part of the market will lead to slightly higher prices even though supply has been static. However, prices are still 20.53% below the last April. However, if inventory levels drop as they did this month, we will likely see added upper pressure on price going forward.
Active Listings - However, we should not be too concerned as we are not experiencing a drought of homes available for sales as in other parts of Ontario. We continue to have a steady supply of homes available for sale (2.5-month supply) so buyers still have some selection. However, in certain neighbourhoods and certain types of homes we are experiencing multiple offers again albeit not to pandemic levels.
Average Days on Market - With sales being static and a good supply of listings to view, average days on the market continue to hover around 30 days and we expect that to be the case as the inventory of homes remains at 2.5 months’ supply.
Monthly Condo Sales - Well there is little doubt that we hit a peak in March, sales are definitely in line with last year and so we’d call this an adjustment. Expect that as construction of new condominiums slows, we will likely see a drop in sales of condos. It will be interesting to see if our market can support more condominiums being built going forward.
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**
