The August 2024 residential market statistics are now in from WECAR (The Windsor/Essex County Association of Realtors). Has our hot summer weather translated into a hot real estate market? Let’s take a look!
You can download my full PDF report HERE.
The average sale price for August 2024 was $587,533 which is up 4.56% from this time last year but down 1.56% from last month. Listings are up marginally at 1020 which is a 2.72% increase compared to a year ago but down considerably at 20.99% compared to last month! Sales were once again fairly flat with a 0.22% increase compared to a year ago and down slightly at 0.86% from last month at 463 Sales.
Days on market is at 17 which is a fair bit higher than what we experienced last year at this time and also when compared to last month. Months of inventory came in at 3.4 months which is down just slightly from last month and up compared to this time last year. The Sales to New Listings Ratio (SNLR) came in at 45.7 which is down slightly from this time last year but up considerably from last month. This change pushes us into a balanced market from the buyer’s market conditions last month.
Current headlines? The Bank of Canada has lowered the target rate to 4.25% with another 25 basis-point reduction at their September meeting. Will these rate cuts bring more Buyers back to the table as we enter our fall market? Inflation dropped once again to 2.5% for July so we continue to make progress towards the BoC goal of 2% inflation.
As we typically experience in late summer, the number of listings on the market dropped considerably by over 20% from last month while sales stayed relatively flat. As interest rates come down and inflation cools further it may take some time for us to feel the benefits at the grocery store etc. but with our fall market just about to take off, will Sellers be ready to put up the for-sale signs again and more importantly, are Buyers feeling more confident and ready to buy?
Contact me if you’d like to discuss your specific, individual situation.
Take care!
