Windsor and area home sales post second-best August on record
Residential sales activity recorded through the MLS® System of the Windsor-Essex County Association of REALTORS® numbered 669 units in August 2018. This was up 1.2% (eight sales) from August 2017 and was the second-best month of August ever after 2016.
“Sales rebounded sharply this spring after a slow start to the year, and they’ve taken another leg higher this summer to the point that we are now back in near-record territory,” said Daniel Hofgartner, President of the Windsor-Essex County Association of REALTORS®. “With demand back at very strong levels and overall inventories still trending at record-lows, year-over-year price gains are back in the double-digits.”
The average price of homes sold in August 2018 was $301,981, rising 19% from August 2017.
The more comprehensive year-to-date average price was $293,761, rising 13.1% from the first eight months of 2017.
There were 918 new residential listings in August 2018. This edged down 2.9% on a year-over-year basis.
Overall supply is running at record-lows. Active residential listings numbered 1,096 units at the end of August. This was down 5.4% from the end of August 2017.
Months of inventory numbered just 1.6 at the end of August 2018, down from the 1.8 months recorded at the end of August 2017 and record-low for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
The dollar value of all home sales in August 2018 was a record $202 million, rising 20.4% from the same month in 2017.
The Windsor-Essex County Association of REALTORS® (WECAR) is recognized as the voice and source for real estate by providing education and essential services to maximize professionalism and business opportunities of our Members so they are able to make a valid contribution to our Communities. WECAR is the oldest Real Estate Association/Board in Ontario and the second oldest in Canada, celebrating our 100th Anniversary in 2018 and represents over 900 members and 64 firms.