The statistics are now in from WECAR (The Windsor Essex County Association of REALTORS ®) for June 2023. Summer is here and the newest statistics are certainly reflective of that seasonality! Let’s take a look!
The new average sale price for June 2023 was $582,245. That’s a -3.75% decrease from this time a year ago and a decrease of -3.38% from the previous month (May 2023 average price was $602,591). *(The Median sale price for June 2023 was $525,000 which is a -6.25% decrease y/y).
There were 1,141 new listings in June 2023 compared to 1,094 new listings in May 2023. This was a decrease of -27% from the same time last year and an increase of 4.30% from the previous month.
There were 525 sales in June 2023 compared with 546 sales in May 2023 which was a -6.08% decrease compared to a year ago and a decrease of -3.85% from the previous month.
MOST POPULAR HOME STYLES (June 2023)
1st – Bungalow (129) avg price $492,199
2nd – 2 Storey (86) avg price $688,349
3rd – 1.5 Storey (66) avg price $511,901
4th – Ranch (66) avg price $665,833
5th – Raised Ranch (57) avg price $666,214
Wondering what sales activity in your price category looked like in June 2023? here’s the breakdown:
Sales by Price Category
$0 – $159,900 (4)
$160,000 – $299,999 (29)
$300,000 – $449,999 (169)
$450,000 – $599,999 (153)
$600,000 – $749,999 (116)
$750,000 – $899,999 (43)
$900,000 – $1,199,999 (31)
$1,200,000 – 1,399,999 (7)
$1,400,000 + (12)
If you’re wondering what the June 2023 listings/sales looked like where you live in Essex County, here’s the breakdown:
Listings vs Sales by Area
00 – Windsor, LaSalle, Tecumseh – (List 686 – Sold 342)
10 – Amherstburg – (List 101 – Sold 41)
20 – Colchester / Harrow – (List 34 – Sold 12)
30 – Kingsville- (List 69 – Sold 19)
40 – Leamington – (List 51 – Sold 20)
50 – Wheatley – (List 6 – Sold 3)
60 – Lakeshore West – (List 61 – Sold 25)
70 – Essex – (List 37 – Sold 23)
80 – Lakeshore East – (List 38 – Sold 20)
90 – Tilbury – (List 25 – Sold 10)
Here’s what the average price has looked like for the month of June historically:
2023 – $582,245
2022 – $607,704
2021 – $555,544
2020 – $406,113
2019 – $337,923
2018 – $303,384
2017 – $274,789
2016 – $231,880
Bank of Canada Interest Rate Announcements
2023
July 12, 2023 TBA
June 7, 2023 (Target 4.75%) (+0.25%)
April 12, 2023 (Target 4.50%) (no change)
March 8, 2023 (Target 4.50%) (no change)
January 25, 2023 (Target 4.50%) (+0.25%)
2022
December 7, 2022 (Target 4.25%) (+0.50%)
October 26, 2022 (Target 3.75%) (+0.50%)
September 7, 2022 (Target 3.25%) (+0.75%)
July 13, 2022 (Target 2.50%) (+1.00%)
June 1, 2022 (Target 1.50%) (+0.50%)
April 13, 2022 (Target 1.00%) (+0.50%)
March 2, 2022 (Target 0.50%) (+0.25%)
January 26, 2022 (Target 0.25%) (no change)
Canadian Inflation
2023
June 2023 TBA
May 2023 (3.4%)
April 2023 (4.4%)
March 2023 (4.3%)
February 2023 (5.2%)
January 2023 (5.9%)
2022
December 2022 (6.3%)
November 2022 (6.8%)
October 2022 (6.9%)
September 2022 (6.9%)
August 2022 (7.0%)
July 2022 (7.6%)
June 2022 (8.1%)
May 2022 (7.7%)
April 2022 (6.8%)
March 2022 (6.7%)
February 2022 (5.7%)
January 2022 (5.1%)
Is it a Buyer’s or Seller’s Market?
The answer, again this month, is both!. Even with inventory rising slightly, supply is still fairly low, especially in the lower price point homes where Buyer competition can still be fierce. Demand is softened slightly although this is typical in the summer months. May 2023 saw 2.0 Months of Inventory with June coming in at 2.3 months. Again, this is still fairly low compared to the 3.3% months we were seeing in late 2022 (or the 5.6 months we saw at this time in 2013!). Using the Months of Inventory metric we are still in a Seller’s Market.
The Sales to New Listings Ratio for June 2023 came in at 48.8% (down slightly from 51.3% in May) which keeps us in the balanced market territory using this metric.
Depending on the price point you are looking at the market does feel to be slowing slightly as it typically does in the summer months. If you are searching for homes in the below average entry-level price points, we are still seeing strong competition amongst Buyers, especially for those turn-key listings.
Is it a good time to sell?
Last month the Bank of Canada raised its overnight rate another 25 basis points and there is much discussion among experts that July 12th the BoC will again raise rates to try and push the current 3.4% inflation rate to its 2% target quicker and avoid stagnant inflation. As rates increase this erodes buying power and makes Buyer qualification more difficult. At this point waiting for rates to come down may take some time. Fixed rates are also currently on the high side. Some Buyers still have pre-approvals with lower rate holds available. Listing now before those expire may be the better choice rather than waiting out lower rates. Average days on market is still only 10 days in the region indicating a still positive demand level and with listings down 27% from a year ago, we are still short on inventory.
Is it a good time to buy?
As mentioned above, interest rates may increase yet again, Buyers may be wise to take advantage of any pre-approval lower rate holds available to them as well as more choice from slightly elevated summer inventory levels compared to previous months. Immigration is one force that will continue to drive demand in the area, and with population growth expectations high, supply may be an overall challenge long-term. If you find something you like that you can afford now, consider making the move before potentially higher rates push up qualification rates in turn lowering your buying power and lower supply reduces your choice. Rents continue to climb and with the government announcing a 2024 allowable rent increase rate of 2.5%, they’ll just continue to increase.
What about new homes?
New homes seem to be on many people’s radar once again, especially out of town interest. One of the builders our Team represents, Lakeland Homes, has a number of new projects launching now. We have building lots available in Amherstburg, Cottam, Essex, Lakeshore – single family and townhome/semi’s. With infrastructure in the works, and developers moving forward with shelved projects, it’s an exciting time again for new construction! Contact one of our agents today to learn more about upcoming developments in Windsor/Essex! Let’s build your dream home!
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
Steve Blais, Sales Rep – RE/MAX Preferred Realty Ltd. – Brokerage
Team General Manager – Angie Goulet and Associates
*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.
