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...… MAY 2023 MARKET REPORT TO DATE:
The average sale price $602,591 down 17.2%, new listings down 24.91% and properties sold down 10.9%, compared to same month last year across the Windsor Essex County region. What's interesting from January 2023 until May 2023, the average sale price has been steady increasing month over month with a 2023 YTD increase of 16.8%. Listing inventory is still not sufficient against strong and consistent buyer demand, listing inventory is increasing in part from massive new construction builds, but not fast enough. Another notable fact for May, the highest unit’s sales by price category is 144 in the $420,000 to $549,999 category followed by 112 in the $550,000 to $699.999.
The Windsor Essex County market still continues with multiple offer bidding wars and houses selling well above their asking price, but bidding wars have decreased in terms of the number of competing offers on homes and recently sometimes failing. In prior years bidding war offers could be as high as 15-20, now treading to 3-8 or none. There has been a significant change in buyers’ behavior, buyers searching for homes have become more patient and the frenzied bidding wars are subsiding that may help stabilize prices over the long term. It's expected bidding wars will continue despite higher interest rates, as a result of a large demand of local buyers and buyers from outside the region.
May 2023 Stats for Windsor Essex County Real Estate reported a total of 546 residential homes were sold for the month (downward trend of 10.93% from 613 for the same month last year). Residential homes sold YTD 2,057, down 31.11% from 2,986 year over year comparisons). Continued strong buyer demand on available residential listings for the month, new listings for the month at 1,094, down 24.91% from residential listings last year at 1,457. Residential listings YTD 4,084 down 15.8% from 4,851 year over year comparisons), as at month end there was a total 1,305 listings still available on the market.
Residential Sales / Listing Ratio Stats hit an YTD annual average of 50.4% with a monthly trend at 49.9%. A legitimate Seller's Market (>60% is a Seller's Market), this just illustrates the tight market when almost 5 out of 10 homes are being sold. The average sale price of these homes hit $602,591(compared to $643,818 during the same month last year down 6.4%). The average sales price YTD $567,844, down 17.18% from $685,638 year over year comparisons. Directly related by a low inventory supply of available listings, strong buyer demand dispite higher interest rates. 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. Many have posed the question, when will the bidding wars stop? My answer to this, when economic factors come into play or a substaintal increase in inventory supply. However, we are still an area of many affordable homes, but becoming less so. Increasingly becoming less affordable to the first-time home buyer.
May 2023 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.