The October 2024 residential market statistics are now in from WECAR (The Windsor/Essex County Association of Realtors). Slow and steady winds the race. Let’s take a look at October’s numbers!
You can download my full PDF market report HERE
The average sale price for October 2024 was $579,765 which is up 9.33% from this time last year and up ever so slightly at 0.8% from last month (finally putting an end to three consecutive months of average price decline).
Listings were up (and down) at 1,029 which is a 10.17% increase compared to a year ago but down 14.11% compared to last month’s spike. Sales were once again fairly consistent with 451 sales which is a 19.63% increase compared to a year ago and is also up 6.87% from last month.
Average days on market is at 19 days which is just slightly higher than last month but significantly higher than a year ago … which was 14 days (are more offers being accepted with financing and/or home inspection conditions now?). Months of inventory came in at 3.4 months which is down a fair bit from last month due to less listings. The Sales to New Listings Ratio (SNLR) came in at 44% which is up slightly from this time last year and up considerably from last month. This change pushes us into a balanced market based on this metric in comparison to last month’s buyer’s market.
Current headlines? The Bank of Canada now has four rate cuts under its belt so far this year with the October announcement cutting 50 basis points! Inflation continues to drop at 1.6% for September which is below the BoC target of 2%. The federal government has also announced that as of December 15th, 2024, mortgage amortizations of 30 years will be available for all first-time home buyers, and for any new construction purchase. Also, the maximum purchase price for an insured mortgage will also increase to $1.5 million from the current $1 million.
Final thought: The September spike in listings has relaxed for October while sales have remained fairly consistent month over month bringing us into a more balanced market. While this means a bit less selection for Buyers, a balanced market is always a good thing for everyone! We’ll need to keep an eye on inventory levels as we get into the holidays as listings generally get harder to come by at years end.
Contact me if you’d like to discuss your specific, individual situation.
