The June 2024 residential market statistics are now in from WECAR (The Windsor/Essex County Association of Realtors). Listings are up, Sales are down, and inflation is creeping back up. Let’s take a look!
You can download my full June 2024 Real Estate Market Update report for Windsor/Essex County here: https://steveblais.com/wp-content/uploads/2024/07/June-2024-Market-update-report-PDF.pdf
The average sale price for June 2024 was $571,952 which is down just slightly from last month and down 1.74% from this time last year. New Listings have decreased 7.75% from last month and up 4.11% compared to last year. Sales are the headliner again this month …. June saw 456 sales which is down 1.72% from last month but down over 17% compared to a year ago!
Days on market is at 14 which is a bit of a jump compared to the 11 we saw last month and last year at this time. Months of inventory came in at 3.4 months which is up from last month and up almost a full month from this time last year. The Sales to New Listings Ratio (SNLR) came in at 40.2 which is trending upward just over the threshold into a “Balanced Market” compared to last month’s Buyer’s Market status.
Current headlines? Inflation for May 2024 increased slightly from 2.7% the previous month to 2.9%. Not the direction we were hoping for. With a Bank of Canada interest rate announcement scheduled shortly on July 24th, will the BoC give us another rate cut or hold steady? Clearly the quarter point drop we had last month has not yet translated into much of a shift in sales.
With our Summer market now in full swing can we expect an increase in sales for July? The trend currently has us seeing the average price decreasing slightly since April 2024. After watching new listings increase each month since December, June was the first decrease we’ve seen since the Holidays.
Are we still seeing multiple offers with over asking sale prices? Absolutely. More so in lower price points but ultimately it is highly dependent on the listing strategy chosen by the Seller and their agent. While some listings are still being sold traditionally (asking price set higher and negotiated) the list-low, sell-high strategy seems to be working for the lower priced listings (and some higher priced ones too!). If you are selling make sure to go over the pros and cons with your agent to determine the right strategy for your individual scenario.
Whether you are buying or selling, contact me if you’d like to discuss your specific, individual situation. 226-347-6945.
