The May 2025 residential real estate market statistics are now in from WECAR (The Windsor/Essex County Association of Realtors). Year over year listings are up, sales are flat and average price trending downward. Let’s take a closer look!
You can download my full PDF Market Update Report HERE.
The average sale price for May 2025 was $556,855 which is down 2.70% from this time last year and also down 3.98% from last month. Listings in May were up once again at 1,378 which is a 9.89% increase compared to a year ago and up 14.55% compared to last month. Sales were down at 491 which is a 1.01% decrease compared to a year ago but were up 18.03% from last month.
Average days on market was at 14 days in May which is the same as we saw in April. Months of inventory came in at 3.7 months (down again from last month’s 4.0). This metric indicates that we are in a “Seller’s Market”. The Sales to New Listings Ratio (SNLR) came in at 36.4% (up slightly from last month’s 34.0%). This metric indicates that we remain currently in a “Buyer’s Market”. Ok, this makes no sense you say. How can it be a Buyer’s and a Seller’s Market at the same time? In essence, these two metrics offer complementary perspectives on the real estate market. While months of inventory provides a snapshot of the overall supply situation, the sales to new listings ratio gives a more immediate indication of current market demand.
Current headlines: The BoC interest rate announcement released today resulted in the BoC holding the target rate at 2.75%. Inflation dropped slightly in April from 2.3% to 1.7%. The daily headlines still tend be led by President Trump and the ever-changing Tariff situation and global economic uncertainty. CREA (Canadian Real Estate Association) had initially forecasted an 8.6% increase in sales for 2025 but has now revised their forecast to a 0.02% decline in sales (no change) with a minor national average price decrease of 0.3%.
Final thought: On a monthly level we’re seeing a bit more activity in listings and sales, but average price drops once again. With an extra 10% in inventory and flat sales y/y, are Seller’s finally reluctantly lowering their expectations? As we enter our typical summer slowdown season it will be interesting to see if any economic/political changes wake up Buyers and Sellers or will we continue to pause for the next few months? Time will tell. Some homes are still experiencing multiple offers and even bully offers (mostly in the average or below range). Keep in mind that market conditions vary greatly depending on what price point you are in etc. so it’s never been more important to hire a REALTOR® who understands the market and can offer you the best advice possible!
Take care!
