MLS® home sales in Windsor-Essex County post second highest August ever
The number of homes sold through the MLS® System of the Windsor-Essex County Association of REALTORS® totaled 723 units in August 2021. This was a substantial decrease of 11.4% from August 2020.
Home sales were 0.9% above the five-year average and 10% above the 10-year average for the month of August.
On a year-to-date basis, home sales totaled a record 5,580 units over the first eight months of the year. This was a sizable gain of 26.3% from the same period in 2020.
"August saw another strong performance for MLS® listed homes in our region," said Damon Winney, President of the Windsor-Essex County Association of REALTORS®. "New listings declined slightly from recent levels which in turn created a deterioration of overall inventory. This pushed active listings down month over month for the first time since January. Although easing somewhat in the last few months the market balance is still firmly in favour of sellers. The twin factors of strong demand and below-average supply have once again driven average prices to the second highest level on record. We are closely monitoring our local market conditions for any developing trends."
The average price of homes sold in August 2021 was $554,176, a significant gain of 32.5% from August 2020.
The more comprehensive year-to-date average price was $532,153, an advance of 36.4% from the first eight months of 2020.
The dollar value of all home sales in August 2021 was $400.7 million, up by 17.4% from the same month in 2020. This was also a new record for the month of August.
The number of new listings decreased 3.9% from August 2020. There were 998 new residential listings in August 2021.
New listings were 1.8% above the five-year average and 10.5% above the 10-year average for the month of August.
Active residential listings numbered 691 units on the market at the end of August, a large decline of 27% from the end of August 2020. Active listings haven't been this low in the month of August in more than three decades.
Active listings were 36.4% below the five-year average and 60.4% below the 10-year average for the month of August.
Months of inventory numbered 1 at the end of August 2021, down from the 1.2 months recorded at the end of August 2020 and below the long-run average of 2.8 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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