Taking a look at the Real Estate Market in Windsor Essex, for April 2023.
Residential Sales: If we look back at May of last year, we can see that we’re closing in on 2022 post-pandemic numbers again. While we were still down 11% from last year, 584 homes sales are a 27.23% increase over last month. Strong demand for housing that is definitely recovering in May 2023! Look for June numbers to be about even with last year.
Homes Sold Under and Above the Median Price ($550,000): The lower end of the market continues to have more sales, just beating out the over $550,000 by 28 sales! The upper market continues it’s slower path to recovery as those who have to sell their homes to buy others continue to adapt to the new reality of achievable prices in our current market. However, we will continue to see the upper market influence our average sales prices as they have over the last few months. It is noteworthy that the $1M + market had 39 sales this month c/t 24 last month.
Average Sales Price, both Annually and Monthly: One must take notice of the upward average sales price trend now at $567,844. Also please note that the monthly average sales price has now crept over $600,000 for the first time. A definite signal that demand for homes is back!
Most Popular Style of Home in May: We always like to look at home prices by type and this graph tells us that 2 Storey homes still lead in average sales price but what might not be that apparent is the major jump in average price of $83,593 to $788,333 in May c/t $704,740 in April which amounts to an 11.9% increase in price! While bungalows dropped in price all other types of homes saw increases in their house type sales prices. Important to keep an eye on these categories.
Monthly Residential Sales %: As we can see in this graph as we start to compare monthly residential sales % to post-pandemic months of last year we will certainly “close the gap” in the average changes. As we saw in our Average Monthly Sales Price graph, we are now heading to $600,000 + territory and when compared to last year we will likely be less than 10% in difference at that time.
Annual and Monthly Sales/List Ratio: Annual Sales/List Ratios remain almost fixed over the last period of months and continue in the balanced market that we’ve experienced since September of last year. Likely to remain that way as there is also a balance in supply/demand.
Residential Listings: This is a great indicator of our Spring market as more residential homes are being readied for sales. Last month’s residential listings may have dropped due to weather conditions, but 352 more homes were listed in May, still 22% less than last May when sellers were still attempting to “cash in” on the higher sale prices of the Pandemic.
Active Listings: With the surge in new listings in May it should be no surprise that many listings were available at the end of May. This will continue to have a “stabilizing” effect on sales prices going forward. It is also important to Buyers as they will continue to enjoy more choice with a 2.5-month supply of homes available. In this we are bucking the trend of many Ontario cities where listings are down year over year.
Average Day on the Market: Average Days on Market continue to hover around the 30 day mark and while it did fall somewhat in May due to a bit of surge in demand we will expect that continued good supply of homes will likely see DOM stable at or near one month.
Monthly Condominium Sales: Condominium Sales again moved to their highest level at 77 units as it did in March. One should notice that this year compared to last year sales of condominiums are very much up as many select this market for their housing needs.
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**
