The December 2024 residential market statistics are now in from WECAR (The Windsor/Essex County Association of Realtors). Happy New Year! Let’s check out December’s numbers.
You can download my full PDF report HERE: https://steveblais.com/wp-content/uploads/2025/01/December-2024-Market-update-report-PDF.pdf
The average sale price for December 2024 was $585,542 which is up 14.42% from this time last year and up ever so slightly at 0.19% from last month. Listings were the headliner in December which were up (and down) at 399 which is a 29.97% increase compared to a year ago but down 52.84% compared to last month’s pace. Sales were also up with 242 sales which is a 0.41% increase compared to a year ago but is also down 34.60% from last month. It’s typical to see month over month declines in Nov/Dec months due to the Holidays, however notably listings were up considerably year over year while sales remained fairly flat.
Average days on market was at 20.5 days in December which is longer than last month which sat at 18 days. Months of inventory came in at 4.2 months which indicates a “Balanced Market” using this metric (up slightly from last month). The Sales to New Listings Ratio (SNLR) came in at 64.3% (up considerably from last month). This metric indicates that we have moved just slightly into “Seller’s Market” territory. With additional weight given to the SNLR metric due to seasonality, let’s call December 2024 a Seller’s Market.
Current headlines? The BoC cut rates again at the December 11th meeting, down another fifty basis points leaving us with a target of 3.25%. Inflation dropped slightly to 1.9% in November as we continue to maintain the BoC target of 2% so hopefully we can continue that downward trend. The real headlines? With Trump re-elected in the US and Trudeau announcing his resignation, the political world is volatile to say the least! With potential tariff wars on the horizon, could these changes affect people’s confidence in employment and ultimately the housing market?
Final thought: December 2024 felt like a typical Holiday Season in the real estate world however it’s hard not to notice the influx of new listings with sales remaining fairly flat. Good things are happening with interest rates and inflation numbers, and although we technically slipped just barely into a Seller’s Market, it feels fairly balanced overall. The current market is healthy for buyers, sellers and agents. If you’re still waiting on that pandemic-frenzy-fueled-peak to re-appear before selling, you may be waiting for some time. With the increase in listings, Buyers have more choice while average sale price continues to hold steady in the short term and increase at a comfortable pace year over year. A great way to start 2025! Contact me if you’d like to discuss your specific, individual situation.
Take care!
