Windsor-Essex County Market Report 1/10/2024 (December Stats)

January 10, 2024

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December 2023 Listings

Down 22.02%

Down 11.04% YTD

As we wrap up December 2023, the real estate landscape has undergone noticeable shifts. New listings have experienced a 22.02% decrease, accompanied by an 11.04% decline in overall supply. This year showcased a reduced inventory, reminiscent of pre-COVID averages, indicating a shift from recent lower listings.

Examining the total active listings for December, we find ourselves slightly below the figures from 2022 but positioned higher than the years spanning 2017-2021. This nuanced comparison highlights the dynamic nature of the current real estate market.

Looking ahead, the chatter among potential sellers contemplating spring listings echoes optimism fueled by the prospect of lower interest rates and a robust price rebound. However, the delicate equilibrium between demand and supply remains crucial. Should demand fail to surge in tandem with supply, we might witness a transition from a seller's market to a more balanced environment throughout the coming year.

Anticipating potential implications, this shift could translate into moderate price growth and an uptick in overall sales. As we step into the new year, the real estate landscape appears poised for transformation, urging industry stakeholders to navigate with agility and foresight in the face of evolving market dynamics.

3.5 Months of Inventory

As of December 2023, the months of inventory stand at 3.6, exhibiting a slight uptick from the 3.5 months reported in December 2022. Notably, this figure surpasses the long-term average of 3 months typically observed during this period. The months of inventory metric serves as a gauge, representing the duration it would take to deplete existing inventories at the present rate of sales activity. In 2022 and 2023, the time it takes to sell available homes (months of inventory) hit the highest point when we compare it to the years 2016-2021.

December 2023 Sales

Down 11.37%

Down 15.58% YTD

In December 2023, a total of 264 homes were sold through the MLS® System of the Windsor-Essex County Association of REALTORS®, marking a modest 4.3% decrease (12 fewer sales) compared to December 2022.

Notably, these home sales fell 30% below the five-year average and 24.8% below the 10-year average for the month of December.

Looking at the broader picture, the annual home sales for 2023 amounted to 5,253 units, reflecting a decline of 15.8% from the previous year, 2022.

December 2023 Average Sale Price

Up 11.37%

Down 9.65% YTD

In December 2023, the average price of homes sold surged to $506,142, marking an impressive gain of 8.9% compared to December 2022.

On an annual scale, the more comprehensive average price settled at $545,905, reflecting a notable 9.4% decline from the entire year of 2022. Examining the price trends since 2014, there has been a remarkable appreciation in the average price over the past decade.

The housing market experienced a surge in prices in 2022, but this trend was deemed unsustainable for the long term, especially considering the impact of higher inflation. Notably, there was a recent low in average prices in December 2022, and the subsequent December indicates the formation of a higher low. While prices remain elevated compared to pre-2021 levels, they have witnessed a significant decrease from the peak observed in March 2022.

CONDOS

WATERFRONT

REAL ESTATE FOR SALE

SANDWICH WEST WINDSOR

DOWNTOWN WINDSOR

CENTRAL WINDSOR/WALKERVILLE

EAST WINDSOR/RIVERSIDE

FOUTAINBLEU/FOREST GLADE

THANK YOU FOR ALL YOUR REFERRALS!

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Lou Joseph, Realtor

RE/MAX Preferred Realty

(519) 817-0887

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Work At Point Pelee National Park This Summer

Point Pelee National Park is hiring for the summer.

Jobs include grounds maintenance, visitor services attendant, resource conservation staff and heritage presenter.

Opportunities are 37.5 or 40 hours per week and you must be a secondary or post-secondary student in an accredited institution or a recent graduate in the last four months.

The deadline to apply is January 31st. Learn more here.

Local Restaurant Makes Top 100 Healthy Bites List

A local restaurant, Mettawas Station Mediterranean Restaurant in Kingsville, has earned a spot on OpenTable's inaugural Canadian list of the Top 100 Restaurants with Healthy Bites. The list is based on the analysis of over 1.1 million diner reviews and metrics, considering factors such as ratings and the percentage of reviews tagging the restaurant as "healthy." The compilation encompasses a diverse range of eateries, including vegan spots, seafood restaurants, cafes, and bistros offering a mix of hearty and lighter options, catering to those seeking healthier dining choices while enjoying the social aspects of eating out.