January 2022 Residential Real Estate Market Update
Welcome to 2022 everyone! Did we think this would be the year things would cool down a bit in the local Windsor/Essex County real estate market? If that was your wish, then you will be disappointed.
The statistics are now in from WECAR (The Windsor Essex County Association of Realtors) for January 2022 and I hope you’re sitting down!
The average sale price in December 2021 was $575,069 but in January 2022 the average sale price increased to a whopping $636,422! Which is a 26.37% increase from a year ago in January 2021. *(The Median sale price for January 2021 was $599,950).
There were 405 new listings in December 2021 compared to 546 new listings in January 2022. This is up from last month and is an increase of 10.98% from the same time last year. There were 459 sales in December 2021 compared with 416 sales in January 2022 which is down slightly from last month and down 4.59% from this time last year. .
The most popular home styles in January 2022 were:
1st – Bungalow (103 sales) $560,038
2nd – 2 Storey (81 sales) $746,521
3rd – Ranch (52 sales) $667,862
4th – 1.5 Storey (41 sales) $496,759
5th – Raised Ranch (34 sales) $752,260
Wondering what your price category looks like in January 2022? here’s the breakdown:
Sales by Price Category
$0 – $159,900 (2)
$160,000 – $299,999 (23)
$300,000 – $449,999 (87)
$450,000 – $599,999 (128)
$600,000 – $749,999 (104)
$750,000 – $899,999 (53)
$900,000 – $1,199,999 (38)
$1,200,000 – 1,399,999 (11)
$1,400,000 + (5)
If you’re wondering what the January 2022 listings/sales look like where you live in Essex County, here’s the breakdown:
Listings vs Sales by Area
00 – Windsor, LaSalle, Tecumseh – (List 337 – Sold 256)
10 – Amherstburg – (List 54 – Sold 37)
20 – Colchester / Harrow – (List 9 – Sold 2)
30 – Kingsville- (List 18 – Sold 19)
40 – Leamington – (List 27 – Sold 18)
50 – Wheatley – (List 3 – Sold 5)
60 – Lakeshore West – (List 27 – Sold 24)
70 – Essex – (List 16 – Sold 10)
80 – Lakeshore East – (List 11- Sold 9)
90 – Tilbury – (List 16 – Sold 11)
What does all this mean?
The huge increase in average sale price for January 2022 speaks for itself. Our serious lack of inventory has pushed the number of offers higher than we experienced in the fall/winter of 2021. The high-end of the market has sustained some incredible growth as well … 38 sales in the month of January over $900k!! And 16 sales over 1.2 million. All this while we were in another lockdown in the province of Ontario. Now with restrictions easing somewhat on workplaces, restaurants, gyms etc. and kids are back in school will we see more listings? Likely – it’s hard to have a revolving door of showings while your child is at school on the kitchen table all day. Will more listings change much? It would take a significant number of new listings to really make a dent, as we have seen there are many more Buyers bidding than properties available. A continued Seller’s Market should be expected for the foreseeable future and not just here but in most of Canada.
Is it still a good time to sell?
Clearly with such low inventory and still low interest rates, now is an incredibly good time to list your home. With some offer presentations fetching as much as 65 offers, there is no shortage of Buyers looking to make a purchase. Now is that the norm for every home? Of course not, however we’ve been watching prices and the number of offers in general rising since the New Year and don’t see any signs of it slowing at this point.
So, is it a good time to buy?
I often hear “we’ll just wait a while for the market to calm down”. Unfortunately, while we wait, the average price continues to rise steadily upwards making your home purchase more expensive or you having to downgrade your expectations. There is no question that Buyers are tired. The multiple offers and low selection are no doubt difficult and stressful. That’s why it’s so important to choose a REALTOR who has the experience necessary to navigate this challenging market and help you secure your dream home before prices climb further. Interest rates are still low but won’t stay that way forever. An increase in interest rates will further diminish buying power simply resulting in less home for your hard-earned dollar.
What about new homes?
New construction availability continues to shrink while demand and prices continue to climb. Sewage capacity limitations continue to plague many municipalities as existing developments sold out quicker than expected and developments in the works were planned for years down the road and not yet ready. New home prices will continue to rise which should bring even more interest in the higher end resale segment. Builders are searching for ready to go buildable lots to keep their crews busy but that’s almost as easy to find these days as a pink unicorn.
Does all 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 Steve Blais at 226-347-6945 or email: steve@steveblais.com
Sales Rep/Team General Manger
Angie Goulet and Associates
RE/MAX Preferred Realty Ltd. – Brokerage
Best wishes to you all for a great 2022!
*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.
