MLS® home sales in Windsor Essex County decline while listings continue to rise
The number of homes sold through the MLS® System of the Windsor-Essex County Association of REALTORS® totaled 497 units in August 2023. This was a gain of 7.6% from August 2022.
Home sales were 21.2% below the five-year average and 23.3% below the 10-year average for the month of August.
On a year-to-date basis, home sales totaled 3,810 units over the first eight months of the year. This was down sharply by 19.1% from the same period in 2022.
“MLS® home sales notched a fourth consecutive month-over-month decline in August, falling below our typical expectations for this time of year. The number of newly listed homes remained steady compared to recent months and aligned closely with the five-year August average,” said Marc Lalovich, President of the Windsor-Essex County Association of REALTORS®. “Overall inventory remained consistent with historical norms for a typical August. As market conditions reach a state of equilibrium, both the average price and the MLS® HPI Benchmark price saw minimal change compared to the previous month. As we move into September, all eyes will be on the Bank of Canada for any indication of their intentions moving into the fall and beyond.”
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 $596,500 in August 2023, unchanged compared to August 2022.
The benchmark price for single-family homes was $648,500, a minor increase of 1.1% on a year-over-year basis in August. By comparison, the benchmark price for townhouse/row units was $420,200, a big reduction of 14.4% compared to a year earlier, while the benchmark apartment price was $402,000, falling by 2.1% from year-ago levels.
The average price of homes sold in August 2023 was $549,653, an increase of 7.3% from August 2022.
The more comprehensive year-to-date average price was $555,192, a decline of 12.3% from the first eight months of 2022.
The dollar value of all home sales in August 2023 was $273.2 million, increasing by 15.4% from the same month in 2022.
The number of new listings fell 4% from August 2022. There were 1,074 new residential listings in August 2023.
New listings were 2.7% above the five-year average and 11.2% above the 10-year average for the month of August.
Active residential listings numbered 1,438 units on the market at the end of August, down 11.7% from the end of August 2022.
Active listings were 18.8% above the five-year average and 3.7% below the 10-year average for the month of August.
Months of inventory numbered 2.9 at the end of August 2023, down from the 3.5 months recorded at the end of August 2022 and above 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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