Windsor and area home sales decline in January amid historical supply shortage
Residential sales activity recorded through the MLS® System of the Windsor-Essex County Association of REALTORS® numbered 339 units in January 2020. This was down 20.8% from January 2019.
“Home sales moderated sharply in January, likely because buyers did not get much in the way of new listings,” said Lorraine Clark, President of the Windsor-Essex County Association of REALTORS®. “That could be because many would-be sellers are waiting for later in the spring. In the meantime, buyers will be competing for what is available, with the usual implications for price. This was on full display to start 2020.”
The average price of homes sold in January 2020 was a record $373,639, surging 24.4% from January 2019.
There were 572 new residential listings in January 2020, down 8.2% on a year-over-year basis.
Overall supply continues to run at record lows. Active residential listings numbered only 753 units at the end of January, down 7.5% from the end of January 2019.
Months of inventory numbered just 2.2 at the end of January 2020, up slightly from the 1.9 months recorded at the end of January 2019 but well below the 10-year average of 5.2 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.
The dollar value of all home sales in January 2020 was $126.7 million, edging down 1.5% from the same month in 2019. This was still the second highest January on record after last year.
Sales of all property types numbered 384 units in January 2020, a decrease of 19.2% from January 2019. The total value of all properties sold was $144.7 million, edging back 0.5% from January 2019.
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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.
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