The November 2024 residential market statistics are now in from WECAR (The Windsor/Essex County Association of Realtors). All in all, a decent end to the fall selling season. Let’s take a look at November’s numbers!
You can download my Full PDF Market Update Report HERE: https://steveblais.com/wp-content/uploads/2024/12/November-2024-Market-update-report-PDF.pdf
The average sale price for November 2024 was $584,452 which is up 10.73% from this time last year and up ever so slightly at 0.81% from last month. Listings were up (and down) at 846 which is a 4.57% increase compared to a year ago but down 17.78% compared to last month’s pace. Sales were also up with 370 sales which is a 9.47% increase compared to a year ago but is also down 17.96% from last month. October 2024 was a fairly active month, so I’m not surprised to see the month over month contrast while the year over year is a modest gain.
Average days on market is at 18 days which is just slightly lower than last month. Months of inventory came in at 3.8 months which indicates a “Seller’s Market” using this metric. The Sales to New Listings Ratio (SNLR) came in at 45.8% which has been fairly consistent in November over the past few years. This metric indicates that we remain in a “Balanced Market” and with seasonality considerations more weight is given to the SNLR metric so Balanced Market it is!
Current headlines? There was no BoC Rate announcement in November, so the last rate cut was in October with a 50-basis point plunge. The next rate announcement will be on December 11th. Inflation bounced back up slightly from 1.6% to 2% in October however we continue to maintain the BoC target of 2% so hopefully we can continue that trend or even drop slightly.
Final thought: October 2024 was a busy month, November proved to run at a fairly reasonable pace. Multiple offer situations with over asking sales are still quite common, especially in lower price point homes. If you are a Buyer, the lack of listings, especially outside of the city can be frustrating. As we approach the Holidays we can expect fewer listings on the market potentially driving up prices slightly. How busy will things be in the New Year? This often has a lot to do with what kind of winter we get. Some fresh new inventory will certainly help Buyers to find that dream home! A Balanced Market is something we can be happy to maintain.
Contact me if you’d like to discuss your specific, individual situation.
Take care!
