October 2021 Residential Real Estate Market Update for Windsor/Essex County
The residential real estate statistics have just arrived from WECAR (The Windsor Essex County Association of Realtors) for the month of October 2021. So, we’ve been hearing rumours of the market slowing … is it? Let’s break it down!
The average sale price in September 2021 was $552,186 but in October we jumped to $565,278! Which is a 31.73% increase from a year ago in October 2020. *(The Median sale price for October 2021 was $506,500).
There were 1,035 new listings in September 2021 which shrunk to only 855 new listings in October 2021 which is up 2.40% from the same time last year (down slightly from last month). There were 655 sales in September 2021 compared with October 2021 at 658 sales which is down 12.50% from this time last year (and is up just slightly from last month).
A significant decrease in supply along with still low (for now) interest rates continues to fuel tis Seller’s market. With 13 homes selling for over 1.4 million in October, the high end of the market is certainly strengthening! Also, the bulk of sales are shifting towards the over $450k ranges which is to be expected when you consider our current average sale price.
The most popular home styles in October 2021 were:
1st – Bungalow (142 sales) $469.220
2nd – 2 Storey (116 sales) $727,815
3rd – 1.5 Storey (81 sales) $464,800
4th – Raised Ranch (75 sales) $642,933
5th – Ranch (73 sales) $666,027
Wondering what your price category looks like in October 2021? here’s the breakdown
Sales by Price Category
$0 – $159,900 (9)
$160,000 – $299,999 (51)
$300,000 – $449,999 (221)
$450,000 – $599,999 (186)
$600,000 – $749,999 (181)
$750,000 – $899,999 (63)
$900,000 – $1,199,999 (29)
$1,200,000 – 1,399,999 (9)
$1,400,000 + (13)
If you’re wondering what the October 2021 listings/sales look like where you live in Essex County, here’s the breakdown:Listings vs Sales by Area
00 – Windsor, LaSalle, Tecumseh – (List 542 – Sold 410)
10 – Amherstburg – (List 56 – Sold 34)
20 – Colchester / Harrow – (List 13 – Sold 9)
30 – Kingsville- (List 49 – Sold 28)
40 – Leamington – (List 56 – Sold 48)
50 – Wheatley – (List 8 – Sold 5)
60 – Lakeshore West – (List 58 – Sold 51)
70 – Essex – (List 20 – Sold 20)
80 – Lakeshore East – (List 18- Sold 15)
90 – Tilbury – (List 18 – Sold 13)
What does all this mean?
With the decline in inventory compared to last month (but with similar sales to last month), Buyers are seeing a bit less on the market to choose from. We still have about 3 month’s supply with a sale to new listing ratio of 76.96% which means we’re still in a Seller’s market. So, is there market slowing? Yes and no. New listings are slowing but sales are not. When people talk about a “slowing” or “cooling” market they generally mean that prices and demand are relaxing which isn’t what we are seeing now.
Is it still a good time to sell?
Absolutely! The lack of current inventory means it’s a great time for you to get your home on the market. There are still plenty of Buyers out there looking however now more than ever a proper pricing strategy is extremely important. We’re often seeing less showing activity and less offers than in the past. Showcasing the home professionally and utilizing the right pricing strategy could mean the difference between a quick sale and your home sitting on the market.
So, is it a good time to buy?
Yes, mortgage interest rates are still low but expected to rise. Buying power will be reduced as rates increase. Waiting for the spring market? hoping for more inventory? If rates go up, you may find that the money you thought you would save is lost to the lender. If you can find a home that you love and can afford it … buying now may be the smart choice.
What about new homes?
New construction availability continues to shrink. Sewage capacity limitations continue to plague many municipalities as existing developments sold out quicker than expected and developments in the works were planned for years down the road and not yet ready. New home prices will continue to rise which should bring even more interest in the higher end resale segment. Builders are searching for ready to go buildable land to keep their crews busy! Demand is certainly there!
Does all 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. I 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 Representative and Team General Manager with Angie Goulet and Associates, RE/MAX Preferred Realty Ltd. – Brokerage
Happy Fall everyone!
*Median Sales Price is when you take all of the sales 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.
