Taking a look at the Real Estate Market in Windsor Essex, for June 2023
Residential Sales: Residential sales declined about 6% from last year to 564 sales which were off about 20 units from last month. Sales are fairly steady.
Homes Sold Under and Above the Median Price ($550,000): The under $550,000 market is almost unchanged from last month and the over $550,000 has dropped. This is the effect of the slight interest rate change. Those in the higher market usually retreat with an interest rate change. The over $1M market remains strong with 32 homes sold for over $1M.
Average Sales Price, both Annually and Monthly: While this was hardly any change in the Annual Average Sales Price the monthly trend dropped 3.3%, reflecting the drop in sales of the upper market. Look for prices to continue to drop or remain stagnant in the short term as consumers are weary of interest rate hikes by the BOC.
Most Popular Style of Home in May: Always interesting to see changes in the house types. 2 Storey homes dropped substantially by $100,000 in June while one and one-half storey homes dropped slightly. All other categories had slight increases.
Monthly Residential Sales %: We are finally comparing post pandemic sales to our current sales and we see a slight drop in the % of sales this year c/t last year. Expect that sales will likely reflect those of last year depending on interest rate increases.
Annual and Monthly Sales/List Ratio: Sales activity has been steady so Sales/List ratio have remained virtually the same as well. We can note a slight change in the monthly sales/list ratio.
Residential Listings: This is the first major adjustment that we are seeing in the listing market compared to a year ago. While they are much the same as last month listings were down some 27% c/t to last year. Of course, Sellers were still trying to capitalize on higher prizes at this time last year and that may be the difference.
Active Listings: With both listing and selling sides slowing we’re left with more available homes with 100 additional homes available for sale. This should continue to “temper” sales prices going forward.
Average Day on the Market: As we are well into our Spring Market, we can see houses selling at a more rapid rate and as a result Average Days on Market have dropped. This may move back up over the summer months.
Monthly Condominium Sales: The Condominium market remains strong, almost hitting the highs of March and May.
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**
