September 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 September 2021. So, what’s the market doing? Let’s break it down!
The average sale price in August 2021 was $568,420 but in September 2021 cooled slightly to $552,186 (which is up 27.40% from September 2020). *(The Median sale price for September 2021 was $512,000).
There were 1,035 new listings in September 2021 which is up 5.94% from the same time last year (and also up from last month). There were 655 sales in September 2021 which is down 15.70% from this time last year (and is up just slightly from last month).
With listings and sales both up from the month before (August 2021), the average sale price has however decreased from August 2021. You will also notice that there were more sales in the $300-$500k range and less from the high-end price range (over $750k there were 117 sales in August vs only 112 in September 2021. For homes over $1.2 million there were 22 sales in August vs only 18 in September 2021).
The most popular home styles in September 2021 were:
- Bungalow (170 sales) $458,933
- 2 Storey (118 sales) $672,255
- Ranch (88 sales) $624,498
- 1.5 Storey (73 sales) $419,417
- Raised Ranch (65 sales) $633,381
Wondering what your price category looks like in September 2021? here’s the breakdown:
Sales by Price Category
- $0 – $159,900 (3)
- $160,000 – $299,999 (74)
- $300,000 – $449,999 (224)
- $450,000 – $599,999 (168)
- $600,000 – $749,999 (123)
- $750,000 – $899,999 (60)
- $900,000 – $1,199,999 (34)
- $1,200,000 – 1,399,999 (12)
- $1,400,000 + (6)
If you’re wondering what the September 2021 listings/sales look like where you live in Essex County, here’s the breakdown:
Listings (L) vs Sales (S) by Area
- 00 – Windsor, LaSalle, Tecumseh – (List 676 – Sold 404)
- 10 – Amherstburg – (List 46 – Sold 38)
- 20 – Colchester / Harrow – (List 22 – Sold 17)
- 30 – Kingsville- (List 39 – Sold 29)
- 40 – Leamington – (List 60 – Sold 43)
- 50 – Wheatley – (List 10 – Sold 7)
- 60 – Lakeshore West – (List 70 – Sold 36)
- 70 – Essex – (List 31 – Sold 22)
- 80 – Lakeshore East – (List 15- Sold 10)
- 90 – Tilbury – (List 23 – Sold 22)
What does all this mean?
The market appears to be stabilizing – once again we have an increase in listings and decrease in sales but this time with a decrease in average sale price (although average price will fluctuate depending on what the sales in various price categories look like. If you remember last month, I mentioned there was a considerable spike in the ultra-high-end sales which will affect average price. In September there was a smaller number of ultra-high-end sales which reflected in a lower average price). If you look at the median price for Aug 2021 vs. Sept of 2021, you’ll notice that September 2021 is actually higher at $512,000 (compared to August with a median price of $505,900). So, the long and the short of it is we still have about 3 month’s supply with a sale to new listing ratio of 63.20% which means we’re still in a Seller’s market.
Is it still a good time to sell?
Absolutely! We are still historically very low on supply. There are still many Buyers’ competing for homes and prices have remained strong. Depending on what price category you’re in (eg. high-end) it can be an extremely good time to sell.
So, is it a good time to buy?
Yes, with a continued stabilizing of the market and as sales continue a slight decline while listings increase, Buyers today are often finding that they are competing against fewer offers come presentation time which means they may finally land that dream home! Sometimes the offer presentation date arrives with no offers written.
As by now we all know, new construction prices have increased significantly due to material shortages/price increases however ready-to-go subdivision lots are increasingly harder to find as builders/developers wait for government approvals and are also dealing with sewage capacity constraints in certain municipalities. If you’re looking for a new home, your options are limited. This is providing a boost to the high-end resale price category which is currently lacking in inventory.
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. 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.
Contact me, i’d be happy to discuss what the current market conditions mean for your unique situation!
Steve Blais, Sales Rep.
Team 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.
