Windsor-Essex County MLS® home sales moderate to average levels as new listings hit all-time high in May
System of the Windsor-Essex County Association of REALTORS® totaled 661 units in May 2022. This was a substantial decrease of 15% from May 2021.
Home sales were 1.5% below the five-year average and 3.8% below the 10-year average for the month of May.
On a year-to-date basis, home sales totaled 3,195 units over the first five months of the year. This was a moderate decrease of 4.1% from the same period in 2021.
“Sales activity was back down to more normal levels for this time of year after last year’s second highest May showing on record,” said Elica Berry, President of the Windsor-Essex County Association of REALTORS®. “I think it’s fair to say that the strength in new listings surpassed expectations, but it was a welcome surprise to be sure. Overall inventories have only just lifted off their historical lows and it’s going to take a sustained increase in new supply to bring those inventories back to healthier levels where potential buyers will have a reasonable selection of suitable properties to choose from.”
The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. The overall MLS® HPI composite benchmark price was $681,400 in May 2022, a significant increase of 35% compared to May 2021.
The benchmark price for single-family homes was $753,200, advancing 37.2% on a year-over-year basis in May. By comparison, the benchmark price for townhouse/row units was $403,600, a notable gain of 32.7% compared to a year earlier, while the benchmark apartment price rose 26% from year-ago levels, to $388,500.
The average price of homes sold in May 2022 was $629,592, up 13.8% from May 2021.
The more comprehensive year-to-date average price was $669,982, a gain of 27.8% from the first five months of 2021.
The dollar value of all home sales in May 2022 was $416.2 million, down modestly by 3.3% from the same month in 2021.
The number of new listings saw a large increase of 37.6% from May 2021. There were 1,533 new residential listings in May 2022. This was the largest number of new listings added for the month of May and was also the highest number added for any month in history.
New listings were 39.1% above the five-year average and 42.6% above the 10-year average for the month of May.
Active residential listings numbered 1,078 units on the market at the end of May, a jump of 68.7% from the end of May 2021.
Active listings were 9.7% above the five-year average and 30.7% below the 10-year average for the month of May.
Months of inventory numbered 1.6 at the end of May 2022, up from the 0.8 months recorded at the end of May 2021 and below the long-run average of 2.4 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
BOARD & ASSOCIATION INFORMATION
The Windsor-Essex County Association of REALTORS® (WECAR) is recognized as the voice and source for real estate by providing education and essential services to maximize professionalism and business opportunities of our Members so they are able to make a valid contribution to our Communities. WECAR is the oldest Real Estate Association/Board in Ontario and the second oldest in Canada, celebrating our 100th Anniversary in 2018 and represents over 1000 members and 90 firms.
WINDSOR-ESSEX COUNTY ASSOCIATION OF REALTORS®
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