Windsor-Essex County Association of REALTORS®

The number of homes sold through the MLS® System of the Windsor-Essex County Association of REALTORS® totaled 533 units in June 2024. This was a decline of 10.4% from June 2023.

Home sales were 19.9% below the five-year average and 23.7% below the 10-year average for the month of June.

On a year-to-date basis, home sales totaled 2,760 units over the first six months of the year, decreasing by 2.3% from the same period in 2023.

“We observed a modest decline in June sales, continuing the recent trend of below-average monthly totals. Despite stable new listings, the number of available homes rose slightly due to sales lagging behind listings by more than a 2:1 margin. The recent increase in new listings has not been matched by buyer interest, likely due to uncertainty around potential future interest cuts by the Bank of Canada,” said Maggie Chen, President of the Windsor-Essex County Association of REALTORS®. “In other news, Windsor approved the adoption of a vacant home tax to help address the city’s housing crisis. The tax, implemented annually, will direct net revenue towards Windsor’s housing initiatives, which aims to fund affordable housing development and support services for vulnerable residents in our communities.”

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 $585,100 in June 2024, down only 0.9% compared to June 2023.

The benchmark price for single-family homes was $637,500, nearly unchanged, down only 0.9% on a year-over-year basis in June. By comparison, the benchmark price for townhouse/row units was $445,700, an increase of 4.7% compared to a year earlier, while the benchmark apartment price was $385,900, a slight reduction of 0.5% from year-ago levels.

The average price of homes sold in June 2024 was $557,314, a modest decline of 2.7% from June 2023.

The more comprehensive year-to-date average price was $559,441, nearly unchanged, up only 0.2% from the first six months of 2023.

The dollar value of all home sales in June 2024 was $297 million, a decrease of 12.8% from the same month in 2023.

The number of new listings saw a moderate gain of 5.6% from June 2023. There were 1,327 new residential listings in June 2024.

New listings were 1.7% above the five-year average and 13.7% above the 10-year average for the month of June.

Active residential listings numbered 1,830 units on the market at the end of June, increasing by 25% from the end of June 2023. Active listings haven’t been this high in the month of June in more than five years.

Active listings were 39% above the five-year average and 27.2% above the 10-year average for the month of June.

Months of inventory numbered 3.4 at the end of June 2024, up from the 2.5 months recorded at the end of June 2023 and above the long-run average of 2.1 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