Windsor-Essex County Association of REALTORS® MLS® home sales remain well below average as benchmark prices continue to moderate in October
The number of homes sold through the MLS® System of the Windsor-Essex County Association of REALTORS® totaled 407 units in October 2022. This was a big decline of 44.2% from October 2021.
Home sales were 37.1% below the five-year average and 30.8% below the 10-year average for the month of October.
On a year-to-date basis, home sales totaled 5,588 units over the first 10 months of the year, declining by 20.3% from the same period in 2021.
“Sales activity will be running below typical levels for some time yet as the market continues to play catch-up with a rapidly changing interest rate environment. Looking at the monthly trend it does appear that sales have at least stabilized around levels from July and are not falling any further at the moment,” said Elica Berry, President of the Windsor-Essex County Association of REALTORS®. " New listings are coming in at an average pace and inventories have risen from their record lows at the beginning of the year but are still well below the historical average. We’d ideally like to see even more supply ahead of the eventual turning point when buyers decide to mark their gradual return, since our market is very well positioned to absorb a sizeable increase in inventory."
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 $590,700 in October 2022, a gain of 6.3% compared to October 2021.
The benchmark price for single-family homes was $636,000, up by 5.1% on a year-over-year basis in October. By comparison, the benchmark price for townhouse/row units was $453,600, an increase of 27.2% compared to a year earlier, while the benchmark apartment price was $404,200, a sizable gain of 18.4% from year-ago levels.
The average price of homes sold in October 2022 was $535,628, a modest decline of 1.7% from October 2021.
The more comprehensive year-to-date average price was $616,643, up by 15.5% from the first 10 months of 2021.
The dollar value of all home sales in October 2022 was $218 million, a significant decline of 45.1% from the same month in 2021.
The number of new listings fell 12.3% from October 2021. There were 813 new residential listings in October 2022.
New listings were 6.4% below the five-year average and 1% above the 10-year average for the month of October.
Active residential listings numbered 1,273 units on the market at the end of October, a substantial gain of 83.2% from the end of October 2021. Active listings haven’t been this high in the month of October in more than five years.
Active listings were 29.7% above the five-year average and 12.1% below the 10-year average for the month of October.
Months of inventory numbered 3.1 at the end of October 2022, up from the 1 month recorded at the end of October 2021 and above the long-run average of 2.7 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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