The March 2025 residential real estate market statistics are now in from WECAR (The Windsor/Essex County Association of Realtors). Listings way up and sales way down, but average price still climbs in March.
You can download my full March 2025 Market Update Report PDF HERE.
The average sale price for March 2025 was $583,182 which is up 2.94% from this time last year and also up 4.26% from last month. Listings in March were up significantly at 1,020 which is a 21% increase compared to a year ago and up a whopping 38.2% compared to last month! Sales were down at 342 which is a 22.27% decrease compared to a year ago but were up 11.40% from last month. This is the lowest March sales figure we’ve seen in a decade.
Average days on market was at 13 days in March which is a fair bit shorter than last month which sat at 15.5 days. Months of inventory came in at 4.1 months (up just slightly from last month’s 3.9). The Sales to New Listings Ratio (SNLR) came in at 34.7% (down from last month’s 41.3%). This metric indicates that we currently in a “Buyer’s Market”.
Current headlines: The BoC interest rate announcement on March 12 resulted in a 25 basis-point drop reducing the target to 2.75%. Inflation jumped from 1.9% to 2.6%. US President Donald Trump’s on again – off again Tariff threats have been a significant disrupter in Canadian economic confidence, especially in the Windsor/Essex region where automative tariffs may impose significant change to our local automotive industry and local economy.
Final thought: Buyers, hop in, I’ll drive. Average price has managed to bounce back from last month’s disappointing numbers. March his seen a slight increase in average price month over month and year over year. We’ve seen a large influx of listings both year over year and especially since last month (it is our spring market after all), and poor sales numbers in March. We’ve seen another drop in interest rates to something that many in the mortgage industry would consider “a more normal range”. Our current Buyer’s market may just be the best time to buy in a very long time. Will this mean bargain basement prices? Well, so far average price has increased and average days on market has decreased so it’s unlikely that Seller’s will just roll over, but time will tell and there certainly is more selection out there! As I write this, President Trump is set to unleash more tariffs on Canada and other countries tomorrow. The unpredictability we’re all facing is likely to keep the elephant sitting on the pause button for now. All we can do at this point is to do our part to support the Canadian and local economies and wait to see what happens next.
Take care!
