Taking a look at the Real Estate Market in Windsor Essex, for July 2023
Residential Sales: Residential Sales dropped slightly from June but were up slightly (1.4%) from last year.
Homes Sold Under and Above the Median Price ($550,000): Homes under $550,000 continue to dominate sales with 292 or 60% of the 484 homes sold in July. Sales over $1M dropped as well to 22 homes sold for the month.
Average Sales Price, both Annually and Monthly: Both the monthly and annual average sales prices dropped from June.The annual average sales price was also down by approximately 14% from July last year.
Most Popular Style of Home in July: Average Prices for each home style were down over last month except for the 2 storey home which increased slightly to $694,673 from 688,349 last month.
Monthly Residential Sales %: For the first time in quite some time monthly residential sales surpassed last year’s sales ever so slightly.
Annual and Monthly Sales/List Ratio: Annual Sales/List ratio remained static for July, but the monthly sales/list ratio dropped to 43%, indicative of a slow-down in demand for homes.
Residential Listings: Residential listings have been relatively consistent since May but dropping slightly in July to 1155 homes.
Active Listings: The # of active listing at 1564 still represents a 2.5-month supply of homes allowing for good selections for buyers and will likely keep prices in check.
Average Day on the Market: Average days on market saw a slight increase to 22 days but have remained steady, almost the same as last July.
Monthly Condominium Sales: Sales of condominiums spiked in July to 103 compared to 75 last month. This could be indicative of challenges with affordability where buyers have selected for condo unit prices.
Royal LePage Binder is committed to providing content and data illustrating the rapid changes occurring in the #yqg market, as shown in the below downloadable PDF:
