Taking a look at the Real Estate Market in Windsor Essex, for August 2023
Residential Sales: Residential Sales were down slightly from last month but 4.32% up from last year.
Homes Sold Under and Above the Median Price ($550,000): With 60% of home sold under the median price, the lower market continues to dominate the market. Also homes over $1M dropped to 25 for August.
Average Sales Price, both Annually and Monthly: The Annual Average Sales Price was slightly below last month and has been flat since May. With the slowdown in the upper market expect this to continue.
Most Popular Style of Home in July: Most categories of homes were down slightly from last month except for the 2-storey home and ranch style home.
Monthly Residential Sales %: We are seeing the second straight month increase in monthly sales as compared to last year. Note that June and July of last year had significant adjustments in sales last year.
Annual and Monthly Sales/List Ratio: Monthly and Annual Sales/List Ratio continue to be the same month over month. With sluggish sales this will likely continue over the remainder of this year.
Residential Listings: With residential listings seeming to peak in June we’ve seen a steady decline in listings over the summer. With prices stable, Sellers will have a more predictable outcome in selling their homes.
Active Listings: Even with a slight decline in listings and a small increase in sales, Windsor-Essex still has a good supply of active listings available at the end of August.
Average Day on the Market: With sluggish sales and a good supply of listings the Average Days on Market was likely to rise, and it did. We certainly experienced a slowdown in demand in August even though results were better than last year.
Monthly Condominium Sales: While we experienced a spike in condominium sales in July we returned to normal in August.
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:
