Taking a look at the Real Estate Market in Windsor Essex, for September 2023
Residential Sales: Residential Sales continue to decline as high interest rates continue to dampen demand.
Homes Sold Under and Above the Median Price ($550,000): Homes sold over and under the median price continue the trend where the lower end of the market continues to out perform the higher end with 60% of sales completed. This can be seen in on the over $1M market with only 19 units sold.
Average Sales Price, both Annually and Monthly: Annual and Monthly Sales Prices dipped on September due to lower demand in the upper market.
Most Popular Style of Home in September: All prices based on style of home dropped in September except for bungalows. The price range for bungalow is a “sweet spot” for sales under the median.
Monthly Residential Sales %: We are beginning to see greater drops in monthly sales from a year ago and a good indicator of the effect of higher interest rates in the housing market.
Annual and Monthly Sales/List Ratio: The monthly sales/list ratio dropped to 38% for September bringing a slight drop to the Annual average.
Residential Listings: While we experienced a slight drop in listings for September, we continue a strong trend in listing supply.
Active Listings: As we’ve experienced a steady supply of new listings and lower sales, we can see that active listing at the end of September edged up. This represents a 3.5 month supply of available homes. With this supply of homes, we should expect slight drops in sales prices of homes.
Average Day on the Market: With a continuing strong trend in listing supply, the average days on market remained the same and we should expect this to continue.
Monthly Condominium Sales: We can see that Condominium sales peaked in July and have continued their downward trend more in line with the beginning of the year.
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:
