CREA > Housing Market Stats > Windsor-Essex County Association of REALTORS®
Residential sales activity recorded through the MLS® System of the Windsor-Essex County Association of REALTORS® numbered 671 units in July 2018. This was down 5% from July 2017 but was not far off record levels for the month.
“Home sales were running at solid levels in July – a little below the same month in the last three years but above every other month of July in history,” said Daniel Hofgartner, President of the Windsor-Essex County Association of REALTORS®. “With under two months of inventory, a lack of product for sale could be why sales have not been able to quite match levels in recent years. This idea was supported by yet another new average price record in July.”
The average price of homes sold in July 2018 was a record $305,983, surging 21% from July 2017.
The more comprehensive year-to-date average price was $292,188, rising 12.1% from the first seven months of 2017.
There were 940 new residential listings in July 2018. This was down 6.3% on a year-over-year basis.
Overall supply is running at record lows. Active residential listings numbered 1,076 units at the end of July, down 3.4% from the end of July 2017. The long-term average for this time of the year is 2,725 listings.
Months of inventory numbered 1.6 at the end of July 2018, unchanged from the end of July 2017 and well below the long-run average of six months 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 July 2018 was $205.3 million – a new July record. It was up 15% from the same month in 2017.
Sales of all property types numbered 712 units in July 2018, down 6.2% from July 2017. The total value of all properties sold was $218.9 million, up 9.1% from July 2017.
Board & Association Information
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.