July 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 July 2021. It may be time to dig out that sweater because the market is cooling slightly! At least with regards to activity anyway … Let’s get into it!
The average sale price in July 2021 was $542,334 which is up 27.09% from July 2020 but down slightly by 2.38% from last month, June 2021 which was at $555,544. *(The Median sale price for July 2021 was 505,000).
There were 1,047 new listings in July 2021 which is up 14.43% from the same time last year but down 8.40% from last month.
Sales were down 13.68% from July 2020 which is also down 13.20% from last month.
With Listings and Sales both down from June 2021, prices have managed to remain relatively unaffected.
The most popular home styles in July 2021 were:
- Bungalow (144 sold) avg price $423,174
- 2 Storey (89 sold) avg price $633,677
- Ranch (84 sold) avg price $607,246
- Raised Ranch (76 sold) avg price $621,812
- 5 Storey (74 sold) avg price $443,301
Below is a chart showing the most active price ranges for July 2021:
$0 – $159,900 (4 units)
$160,000 – $299,999 (67 units)
$300,000 – $449,999 (220 units)
$450,000 – $599,999 (181 units)
$600,000 – $749,999 (120 units)
$750,000 – $899,999 (56 units)
$900,000 – $1,199,999 (23 units)
1200000 – 1,399,999 (11 units)
1,400,000 + (5 units)
If you’re wondering what the July 2021 listings/sales look like where you live in the county, here’s the breakdown:
Windsor, LaSalle, Tecumseh (List 691 – Sold 399)
Amherstburg (List 68 – Sold 53)
Colchester / Harrow (List 26 – Sold 11)
Kingsville (List 43 – Sold 26)
Leamington (List 65 – Sold 36)
Wheatley (List 6 – Sold 8)
Lakeshore West (List 51 – Sold 29)
Essex (List 34 – Sold 21)
Lakeshore East (List 26 – Sold 21)
Tilbury (List 25 – Sold 13)
What does all of this mean?
Right now, our residential sales/new listing ratio sits at approximately 60.27% for July 2021. In June 2021 we were at about 62.90%. A Seller’s Market is considered anything over 60% and a Buyer’s Market is anything under 40% with everything in between representing a Balanced Market. So, we are getting very close to moving into a more balanced market with about 3 months of inventory currently.
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 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.
Contact me at 226-347-6945
Angie Goulet and Associates, RE/MAX Preferred Realty Ltd. – Brokerage
Have an amazing summer 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.
