The statistics are now in from WECAR (The Windsor Essex County Association of REALTORS ®) for April 2023. While there were minor gains in average sale price, new listings, and sales … I definitely feel like Bill Murray in Groundhog Day. April was very similar to March but trending slightly back towards a stronger Seller’s market. Let’s go over the numbers.
The new average sale price for April 2023 was $576,654. That’s a -16.10% decrease from this time a year ago and an increase of +1.49% from the previous month (March 2023 average price was $568,204). *(The Median sale price for April 2023 was $540,000).
There were 860 new listings in April 2023 compared to 859 new listings in March 2023. This was a decrease of -20.66% from the same time last year and an increase of +0.12% from the previous month.
There were 459 sales in April 2023 compared with 417 sales in March 2023 which was a -24.13% decrease compared to a year ago and an increase of +10.07% from the previous month.
MOST POPULAR HOME STYLES (April 2023)
1st – Bungalow (119) avg price $514,308
2nd – 2 Storey (79) avg price $707,740
3rd – Ranch (63) avg price $613,685
4th – 1.5 Storey (52) avg price $436,997
5th – Raised Ranch (44) avg price $646,405
Wondering what sales activity in your price category looked like in April 2023? here’s the breakdown:
Sales by Price Category
$0 – $159,900 (3)
$160,000 – $299,999 (27)
$300,000 – $449,999 (131)
$450,000 – $599,999 (153)
$600,000 – $749,999 (90)
$750,000 – $899,999 (47)
$900,000 – $1,199,999 (21)
$1,200,000 – 1,399,999 (9)
$1,400,000 + (7)
If you’re wondering what the April 2023 listings/sales looked like where you live in Essex County, here’s the breakdown:
Listings vs Sales by Area
00 – Windsor, LaSalle, Tecumseh – (List 494 – Sold 289)
10 – Amherstburg – (List 77 – Sold 30)
20 – Colchester / Harrow – (List 24 – Sold 9)
30 – Kingsville- (List 57 – Sold 21)
40 – Leamington – (List 51 – Sold 20)
50 – Wheatley – (List 15 – Sold 1)
60 – Lakeshore West – (List 3 – Sold 5)
70 – Essex – (List 33 – Sold 16)
80 – Lakeshore East – (List 24 – Sold 16)
90 – Tilbury – (List 22 – Sold 14)
Here’s what the average price has looked like for the month of April historically:
2023 – $576.654
2022 – $692,759
2021 – $571,943
2020 – $352,463
2019 – $354,125
2018 – $303,183
2017 – $283,295
2016 – $227,520
Bank of Canada Interest Rate Announcements
2023
April 12, 2023 (Target 4.50%) (no change)
March 8, 2023 (Target 4.50%) (no change)
January 25, 2023 (Target 4.50%) (+0.25%)
2022
December 7, 2022 (Target 4.25%) (+0.50%)
October 26, 2022 (Target 3.75%) (+0.50%)
September 7, 2022 (Target 3.25%) (+0.75%)
July 13, 2022 (Target 2.50%) (+1.00%)
June 1, 2022 (Target 1.50%) (+0.50%)
April 13, 2022 (Target 1.00%) (+0.50%)
March 2, 2022 (Target 0.50%) (+0.25%)
January 26, 2022 (Target 0.25%) (no change)
Canadian Inflation
2023
March 2023 (4.3%)
February 2023 (5.2%)
January 2023 (5.9%)
2022
December 2022 (6.3%)
November 2022 (6.8%)
October 2022 (6.9%)
September 2022 (6.9%)
August 2022 (7.0%)
July 2022 (7.6%)
June 2022 (8.1%)
May 2022 (7.7%)
April 2022 (6.8%)
March 2022 (6.7%)
February 2022 (5.7%)
January 2022 (5.1%)
Is it a Buyer’s or Seller’s Market?
Mostly similar news as last month. Inventory continues to be lower than it should be for our spring market with demand continuing to rise now that interest rates have stabilized outpacing supply. April 2023 saw 2.2 Months of Inventory which is still fairly low compared to what we were seeing in late 2022, early 2023 in the 3-month range, so using this metric we are still in a Seller’s Market. Once again, our Sales to New Listings Ratio for April was in the Balanced Market range at 55.5% which is trending slowly back towards a Seller’s Market.
We need more inventory. At this point it does feel as though we are levelling out a bit which is what was predicted at the beginning of 2023 and if things continue as expected, prices will rise slowly throughout the rest of the year. With the Target inflation rate at 2-3%, we have been making great strides in achieving those numbers. March 2023 inflation came in at 4.3% (it was at 6.7% this time last year). The feds still expect that we will reach that target by the end of 2023 which will likely continue a pause on interest rate increases by the BoC. Currently the target rate is at 4.50% and has been paused since the last increase in January 2023.
Is it a good time to sell?
We’ve been seeing a considerable increase in listings utilizing the list low – sell high strategy with daily sales in the 65-70% range using this strategy compared to more traditional pricing strategy. The number of offers has also been increasing especially in the average to below average price points. Even homes in the $1M+ range have been selling over asking with multiple offers. Right now, there is good demand from Buyers since interest rates have levelled off. If you are thinking of selling, this may be a good time as demand remains strong with less competition from other listings.
Is it a good time to buy?
Rental stock is also very low and rents in Windsor/Essex are rising. Even with elevated interest rates, the value of owning your home and building equity are likely favourable over continuing to rent (and I say this as a landlord myself). We are seeing inventory levels rise very little at 0.12% compared to last month but sales increasing at 10.07% higher than in March. Waiting for inventory levels to rise considerably or interest rates to drop does not appear to be in the cards for the near future and as average price increases each month, you may see your purchasing power decrease even further. If you find a home that you like and you can afford it, this may be the right time to pull the trigger. Everyone has a different situation – needs, savings, tolerance for risk, etc., so discuss with your REALTOR and find out what the right move for you may be.
What about new homes?
Over the past couple of months, we’ve noticed more activity from builders and developers working to prepare developments for construction. Since this red tape filled, bureaucratic process can be slow, the turnaround time for construction ready lots can be lengthy. One of our builders, Lakeland Homes has exciting new projects underway as do other Essex County builders. Contact one of our agents today to learn more about upcoming developments in Windsor/Essex!
Does all of this information apply to everyone?
Real Estate is very difficult to generalize. While averages are great for painting a picture of the general health of the marketplace, many factors are present that determine market value including location, timing/season, pandemic status, condition of home, neighbourhood etc. I would be happy to sit down with you for a free, no obligation consultation and discuss your specific, unique situation.
Call me at 226-347-6945 or email: steve@steveblais.com
Steve Blais, Sales Representative and Team General Manager
Angie Goulet and Associates, RE/MAX Preferred Realty Ltd. – Brokerage
*Median Sales Price is when you take all of the sale prices listed in numerical order and pick the price in the exact middle of the list, if there is an even number of sales, it is the average of the two middle prices.
