We hope everyone’s Summer is getting off to a great start (there certainly hasn’t been a shortage of warm weather!) and now that the Province of Ontario has entered into step 2 of the Covid 19 re-opening plan, we’re looking forward to slowly getting back to normal … at least one step closer anyway! Boy, do I need a haircut!The statistics for June 2021 have just been released by WECAR (The Windsor Essex County Association of Realtors) and we are seeing some changes! Let’s dive in!
The average sale price for June 2021 was $555,544 (a 38.36% increase from June 2020). In June 2021 we saw 1,143 new listings and 727 sales (a 27.71% and 6.60% increase over 2020 respectively). *The median sale price for June 2021 was 505,888 which is up 33.15% from this time last year. The average sale price in May 2021 was $563,409 so a negligible decrease month over month from May/June 2021.
The most popular home styles in June 2021 were:
1. Bungalow (152 sold) avg price $438,052
2. 2 Storey (126 sold) avg price $692,825
3. Raised Ranch (89 sold) avg price $647,818
4. Ranch (88 sold) avg price $621, 439
5. 1.5 Storey (78 sold) avg price $431,487
Below is a chart showing the most active price ranges for June 2021:$0 – $159,900 (6 units)
$160,000 – $299,999 (68 units)
$300,000 – $449,999 (234 units)
$450,000 – $599,999 (213 units)
$600,000 – $749,999 (125 units)
$750,000 – $899,999 (83 units)
$900,000 – $1,199,999 (26 units)
1200000 – 1,399,999 (9 units)
1,400,000 + (10 units)
If you’re wondering what the listings/sales look like where you live in the county, here’s the breakdown:
Windsor, LaSalle, Tecumseh (List 736 – Sold 458)
Amherstburg (List 77 – Sold 52)
Colchester / Harrow (List 22 – Sold 17)
Kingsville (List 48 – Sold 35)
Leamington (List 67 – Sold 41)
Wheatley (List 12 – Sold 8)
Lakeshore West (List 56 – Sold 30)
Essex (List 41 – Sold 27)
Lakeshore East (List 25 – Sold 25)
Tilbury (List 32 – Sold 21)
What does all of this mean?
Right now, our residential sales/listing ratio sits at approximately 63% for June 2021. In May 2021 we were at about 67% and in January 2021 we were at apprx 84% . 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, folks we are slowly inching our way back towards a balanced market.
On the ground we are seeing slightly more listings come onto the market with slightly less sales. Generally speaking, the number of offers in multiple offer scenarios has been declining, however this does not seem to be affecting the sale price as one may think it would. We are seeing the average price per offer over asking going up yet the number of offers coming down. The Buyers that are writing offers appear to be bidding more aggressively.
It’s impossible to attribute the market changes to one cause, there have been variables affecting market activity in June including:
• Mortgage Stress Test rule changes June 1, 2021 (Buyers simply have less purchasing power than they did a month ago). For low and high ratio financing.
• Some easing of Provincial Covid 19 restrictions
• Typical seasonality as kids finish-up school and warm weather arrives
• A general desire amongst the community to enjoy some post-lockdown life!
• Have Buyers finally reached a limit as to how much they can/will pay for properties?
• Have Buyers just gotten tired and run out of steam with the market?
Is it still a good time to sell?
Absolutely! Even with some increase in inventory we are still historically very low on supply. There are still many Buyers competing for homes and prices have remained quite strong.
So, is it a good time to buy?
Yes, the increase in inventory we’ve experienced is allowing for a bit more choice for consumers and Buyers today are often finding that they are competing against fewer offers come presentation time which means they may finally land that dream home!
Will we ever be back to a Balanced Market with things like negotiations, financing and inspection conditions (even maybe sale of Buyers property conditions)? – I believe we’ll get there and I’m looking forward to it! We still have a serious supply and demand imbalance (especially in the new construction world where materials shortages and cost increases are a real 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. I would be happy to sit down with you for a free, no obligation consultation and discuss your specific, unique situation.
Call me at 226-347-6945 or email: steve@steveblais.com
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.
