August 2021 Residential Real Estate Market Update for Windsor/Essex County
The residential real estate statistics have just arrived from WECAR (The Windsor Essex County Association of Realtors) for the month of August 2021. Is the market slowing? let’s take a look!
The average sale price in July 2021 was $542,334 but in August 2021 jumped to $568,420 which is up 37.10% from August 2020. *(The Median sale price for August 2021 was 505,900).
There were 988 new listings in August 2021 which is up 3.46% from the same time last year but down just slightly from last month.
There were 645 sales in August 2021 which is down 16.23% from this time last year which is also down just slightly from last month.
With Listings and Sales both down slightly from July 2021, prices have managed to remain again relatively unaffected in fact, the average price has increased significantly.
The most popular home styles in August 2021 were:
- Bungalow (140 sold) avg price $440,652
- 2 Storey (108 sold) avg price $715,523
- Ranch (95 sold) avg price $664,169
- Raised Ranch (87 sold) avg price $634,439
- 5 Storey (74 sold) avg price $433,960
Below is a chart showing the most active price ranges for August 2021:
$0 – $159,900 (4 units)
$160,000 – $299,999 (72 units)
$300,000 – $449,999 (211 units)
$450,000 – $599,999 (170 units)
$600,000 – $749,999 (154 units)
$750,000 – $899,999 (76 units)
$900,000 – $1,199,999 (19 units)
1200000 – 1,399,999 (10 units)
1,400,000 + (12 units)
This is important – take a look at the number of high-end units sold in August 2021! This will certainly affect the average price!
If you’re wondering what the August 2021 listings/sales look like where you live in Essex County, here’s the breakdown:
Windsor, LaSalle, Tecumseh (List 602 – Sold 400)
Amherstburg (List 71 – Sold 42)
Colchester / Harrow (List 20 – Sold 15)
Kingsville (List 40 – Sold 35)
Leamington (List 63 – Sold 40)
Wheatley (List 6 – Sold 5)
Lakeshore West (List 54 – Sold 30)
Essex (List 31 – Sold 23)
Lakeshore East (List 26 – Sold 19)
Tilbury (List 22 – Sold 16)
What does all of this mean?
Well, if you watch the news and surf the net there’s an awful lot of talk about a cooling market but when we look at these numbers for August 2021 for Windsor/Essex (and seasonally speaking, August is typically a pretty slow month in real estate), they really don’t reflect that. Sales have dropped a bit further yet so have listings, but the average sale price has jumped considerably. We’re still in a Seller’s market folks.
Is it still a good time to sell?
Absolutely! We are still historically very low on supply. There are still many Buyers competing for homes and prices have remained strong.
So, is it a good time to buy?
Yes, with a continued decrease in overall activity and sales down more than listings, Buyers today are often finding that they are competing against fewer offers come presentation time which means they may finally land that dream home!
New construction is still hot where materials shortages and cost increases continue to be a challenge, not to mention a lack of buildable land and delays with new developments due to municipal sewage infrastructure etc.
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. One of our expert REALTORS at Team Angie Goulet and Associates would be happy to sit down with you for a free, no obligation consultation and discuss your specific, unique situation.
Call Steve Blais, sales rep. at 226-347-6945 or email me!
Angie Goulet and Associates, RE/MAX Preferred Realty Ltd. – Brokerage
Have a great Fall everyone!
*Median Sales Price is when you take all of the sales 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.
