The July 2024 residential market statistics are now in from WECAR (The Windsor/Essex County Association of Realtors). It may be the summer market but there’s activity out there. Especially new listings! Let’s take a look.
You can download my full PDF report here: https://steveblais.com/wp-content/uploads/2024/08/July-2024-Market-update-report-PDF.pdf
The average sale price for July 2024 was $599,248 which is up 4.77% from last month and up 8.15% from this time last year. If you check out the graph on page 3 you’ll notice that this was the highest average sale price over this past 12 months. Listings are the headliner for July at 1291 which is up 8.49% from last month but up a whopping 20.65% compared to last year! Sales were flat at 0% compared to a year ago and up 2.38% from last month at 467 Sales.
Days on market is at 14 which is slightly higher than what we experienced last year at this time and the same as last month. Months of inventory came in at 3.5 months which is up just slightly from last month and compared to this time last year. The Sales to New Listings Ratio (SNLR) came in at 38.4 which maintains our Buyer’s Market that we moved into last month.
Current headlines? The Bank of Canada has lowered the target rate to 4.50% with another 25 basis-point reduction. Their first rate cut didn’t appear to make too much of a difference but will another quarter point start to stir the hornets nest? Inflation dropped back down to 2.7% for June so we’re headed in the right direction. With listings up significantly Sellers are showing confidence. And with sales up, albeit at a slower pace, Buyers appear to also be ready to re-enter the market.
Traditionally our summer market can bring with it a lull in sales and even listings. This year, we’ve seen some decent activity and a significant increase in average sale price. Will this continue in August? Will the second rate cut fuel the fire? I guess we’ll have to wait and see!
Contact me if you’d like to discuss your specific, individual situation. Take care!
