The September 2024 residential market statistics are now in from WECAR (The Windsor/Essex County Association of Realtors). Summer is over, rates and inflation have dropped – so have Buyers lined up to buy? Let’s take a look!
You can download my full September 2024 REPORT HERE.
The average sale price for September 2024 was $579,290 which is up 8.20% from this time last year but down 1.41% from last month (the third consecutive month of average price decline albeit small decreases). Listings are the headliner up at 1187 which is a 23.52% increase compared to a year ago and also up 16.37% compared to last month! Sales were once again fairly flat with an 8.48% increase compared to a year ago and down slightly at 8.66% from last month at 422 sales.
Average days on market is at 18 days which is just slightly higher than last month. Months of inventory came in at 3.9 months down slightly from last month. The Sales to New Listings Ratio (SNLR) came in at 36.7% which is down slightly from this time last year and down considerably from last month. This change pushes us into a buyer’s market based on this metric.
Current headlines? The Bank of Canada now has three quarter point cuts under its belt so far this year and inflation has finally dropped to the BoC target of 2%. Finance industry expectations are that we will continue to see more rate cuts, but does inflation feel effectively contained to you? Ask me when I’m done grocery shopping this weekend.
With the positive changes in rates and inflation combined with the end of summer and back to school, one may have expected Buyers to be back in the game in larger numbers. According to The Canadian Real Estate Association’s Senior Economist Shaun Cathcart, the national real estate market remains on pause and is “flat as a pancake”. A recent report by REMAX indicated that 16% of Canadians have indicated they would feel more comfortable entering the market if rates were cut by a full 1% (100 basis points). That may just happen at the next rate announcement on October 23rd! Let’s see where October takes us!
Contact me if you’d like to discuss your specific, individual situation. 226-347-6945
Take care!
