The statistics are now in from WECAR (The Windsor Essex County Association of REALTORS ®) for November 2023. 2023 is winding down, let’s see where we stand heading into the home stretch! (no pun intended).
The new average sale price for November 2023 was $529,143. That’s a + 3.32% increase from this time a year ago and a decrease of -0.20% from the previous month (October 2023 average price was $530,223). *(The Median sale price for November 2023 was $460,000 which is a – 4.17% increase y/y).
There were 801 new listings in November 2023 compared to 917 new listings in October 2023. This was an increase of 8.39% from the same time last year and a decrease of -12.65% from the previous month.
There were 319 sales in November 2023 compared with 367 sales in October 2023 which was a -8.86% decrease compared to a year ago and a decrease of 13.08% from the previous month.
Here’s what the average price has looked like for the month of November historically:
2023 – $529,143
2022 – $511,275
2021 – $567,708
2020 – $420,007
2019 – $338,338
2018 – $292,619
2017 – $261.607
2016 – $223,492
MOST POPULAR HOME STYLES (November 2023)
1st – Bungalow (78) avg price $426,815
2nd – Ranch (51) avg price $573,537
3rd – 1.5 Storey (49) avg price $409,853
4th – Raised Ranch (45) avg price $599,395
5th – 2 Storey (31) avg price $845,531
Wondering what sales activity in your price category looked like in November 2023? here’s the breakdown:
SALES BY PRICE CATEGORY
$0 – $159,900 (2)
$160,000 – $299,999 (32)
$300,000 – $449,999 (134)
$450,000 – $599,999 (87)
$600,000 – $749,999 (53)
$750,000 – $899,999 (24)
$900,000 – $1,199,999 (13)
$1,200,000 – 1,399,999 (4)
$1,400,000 + (3)
If you’re wondering what the November 2023 listings/sales looked like where you live in Essex County, here’s the breakdown:
Listings vs Sales by Area (November 2023)
00 – Windsor, LaSalle, Tecumseh – (List 502 – Sold 206)
10 – Amherstburg – (List 45 – Sold 21)
20 – Colchester / Harrow – (List 26 – Sold 9)
30 – Kingsville- (List 41 – Sold 9)
40 – Leamington – (List 35 – Sold 16)
50 – Wheatley – (List 2 – Sold 1)
60 – Lakeshore West – (List 37 – Sold 16)
70 – Essex – (List 39 – Sold 12)
80 – Lakeshore East – (List 17 – Sold 7)
90 – Tilbury – (List 25 – Sold 11)
Bank of Canada Interest Rate Announcements 2023
December 6, 2023 (Target 5.00%) (no change)
October 25, 2023 (Target 5.00%) (no change)
September 6, 2023 (Target 5.00%) (no change)
July 12, 2023 (Target 5.00%) (+0.25%)
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%)
Canadian Inflation (Target 2%)
October 2023 (3.1%)
September 2023 (3.8%)
August 2023 (4.0%)
July 2023 (3.3%)
June 2023 (2.8%)
May 2023 (3.4%)
April 2023 (4.4%)
March 2023 (4.3%)
February 2023 (5.2%)
January 2023 (5.9%)
Is it a Buyer’s or Seller’s Market?
Using the months of inventory metric currently we are barely still in a Seller’s Market at 3.8 months of inventory (Balanced market is 4-6 months of inventory). Using the Sales to New Listings Ratio metric we are just barely into a Balanced Market at 41.2% (Balanced market is 40-60%).
That’s not at all confusing, how can it be both a Balanced and Seller’s market at the same time? Overall, the months of inventory metric provides a more accurate view of the market than the sales to new listings ratio, especially if not adjusting the SNLR for seasonality. SNLR is also affected by conditions where there is so little inventory that it constrains sales (you can’t sell what you don’t have). The reality is that we continue to camp on the doorstep of a balanced market, which with some additional overall activity would be a good thing for both Buyers and Sellers.
To Summarize ….
Today the Bank of Canada announced it would again hold the overnight rate at 5%. This is the fifth consecutive month with no rate increase. While keeping the door open for another rate increase, they did acknowledge the economic slowdown and general decreasing of prices. Many Buyers have been waiting patiently on the sidelines waiting for rates to come down to bring back a bit of affordability to mortgage payments (and qualification). This according to some economists is within sight in 2024 and some are waiting to see that happen before getting back into the real estate market. However, this will likely be a double-edged sword … when rates finally begin to come down (and fixed-rate mortgage rates already have been), there will likely be some pent-up demand of many Buyers who move back into the market which may strain supply and increase home prices. So, what you save in financing costs may be offset by higher home prices.
Generally speaking, we are seeing more and more homes sold “traditionally” (at or below asking price). We’re often seeing numbers in the apprx. 60% of sales range. The list-low, sell-high strategy is still being used but less frequently today than a month or two ago. It was often a strategy used especially for lower priced homes although that is no longer an easy generic statement to make. We’re seeing a mix throughout all price ranges which is why it is more important than ever to have an experienced REALTOR by your side to help make sense of your particular situation and choose the best listing strategy possible.
New Construction
There are some exciting new projects underway (like our builder, Lakeland Home’s Phase 3 launch of their popular Oakwood Trails townhome development) and some good deals to be had on remaining inventory for 2023. Use a REALTOR that has a good understanding of new construction and good relationships with quality local builders.
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. One of our expert REALTORS ® at Team Angie Goulet and Associates 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.
