Welcome to Windsor Real Estate Market News by www.windsorrealestateonline.com....... Monthly real estate market news articles on the Windsor Essex County Ontario real estate market. Local area real estate market stats, pricing, listings, units sold, averages, statistical trends with Y-T-D with comparative year-over-year statistics. These monthly real estate market reports include all mls real estate activity for Windsor, Ontario and the surrounding Essex County region including LaSalle, Amherstburg, Tecumseh, Lakeshore, Belle River, St. Clair Beach, Essex, Harrow, Colchester, Kingsville, Leamington and Wheatley Ontario.
WINDSOR REAL ESTATE MARKET NEWS...… AUGUST 2024 MARKET REPORT TO DATE:
The average sale price for homes sold in August was $587,553 up 4.6%, new listings up 2.72% and properties sold up .022%, compared to same month last year across the Windsor Essex County region. The average sale price from January 2024 until August 2024 has been marginally increasing month over month with a 2024 YTD increase of 1.59%. What's interesting listing inventory is increasing in part from massive new construction builds, but still not sufficient against strong and consistent bu
yer demand to have an impact on pricing. Another notable fact for August, the highest unit’s sales by price category is 109 homes in the $420,000 to $549,999 category, followed by 98 in the $550,000 to $699.999 range.
The Windsor Essex County market still continues with multiple offer bidding wars and houses selling well above their asking price, but bidding wars are not as prominent and have decreased in terms of number of competing offers and offer pricing. There has been a significant change in buyers’ behavior, buyers on hold waiting for lower interest rates, coupled with fact that buyers searching for homes have become more patient. It's still expected bidding wars will continue, but less frequent. It's dependant on the listing price, if the listing is priced below market value. Also local buyer demand is still high, and buyers from outside this region still continue.
August 2024 Stats for Windsor Essex County Real Estate reported a total of 463 residential homes sold for the month (unchaged from 462 for the same month last year). Residential homes sold YTD 3,518, down 1.37% from 3,567 year over year comparisons. New listings for the month 1,020, up 2.73% from residential listings last year 993. YTD residential listings are on the rise 8,045 up 10.13% from 7,305 year over year comparisons. At month end there was a total 1,791 listings still available on the market, about 4 months supply.
Residential Sales / Listing Ratio Stats hit an YTD annual average of 43.7% with a monthly trend at 45.4%. A legitimate Seller's Market (>60% is a Seller's Market). The average sale price of these homes hit $587,553(compared to $561,916 during the same month last year up 40.56%). The average sales price YTD $575,978, up 1.59% from $566,959 year over year comparisons. The local market peaked in March 2022 with an average sale price at $723,739 and bottom out in December 2022 with average sale price $473,642 and has been steadly rising. Many have posed the question, will the housing market drop again? My answer to this, if economic factors come into play or a substaintal increase in inventory supply. However, the Bank of Canada recently lower interest rate again and new construction builds will slow if inventory supply continues to increase. We are still an area of many affordable homes, but becoming less so. Increasingly becoming less affordable to the first-time home buyer.
August 2024 Monthly MLS Statistic Charts
Compliments of Ron Klingbyle, Top Producer Real Estate Agent for Windsor and Essex County
In Today's Competitive real estate market timing is everything. Many good properties are sold before they are advertised. To beat out the competition, if you're thinking of Buying a property in the Windsor Essex County Ontario region, begin you search here with my New Listings Notification.
If you own a commercial real estate property within the Essex County Region that you're thinking of Selling, I would be happy to provide you with a FREE No Obligations Property Evaluation.
Compliments of Ron Klingbyle a full time top producer real estate professional serving Windsor and the surrounding Essex County Community Areas. If you're thinking of Buying or Selling a home, investment or commercial property or relocating to the Windsor / Essex County Area? Contact me I can help, let my consistent, proven accomplishments and lifetime experience in real estate go to work for you.
