Residential sales activity recorded through the MLS® System of the Windsor-Essex County Association of REALTORS® numbered 480 units in November 2018. This was down 7.9% from November 2017 but was still one of the better November sales figures on record.
On a year-to-date basis, home sales totalled 6,302 units over the first 11 months of the year. This was a decrease of 10.6% from the same period in 2017.
“Sales activity came off the boil a bit in November, although it is still running at historically strong levels,” said Daniel Hofgartner, President of the Windsor-Essex County Association of REALTORS®. “Nonetheless, with inventories still at record lows, 2018 will mark the third straight year of double-digit average price growth in the region.”
The average price of homes sold in November 2018 was $288,311, rising 10.6% from November 2017.
The more comprehensive year-to-date average price was $294,365, up 13.8% from the first 11 months of 2017.
There were 623 new residential listings in November 2018. This edged up 1.8% (11 listings) on a year-over-year basis.
Overall supply is running at record lows. Active residential listings numbered 933 units at the end of November. This was down 5.8% from the end of November 2017.
Months of inventory numbered just 1.9 at the end of November 2018, unchanged from the end of November 2017 and a 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 November 2018 was $138.4 million, edging up 1.9% from the same month in 2017. This was a new record for November.
Sales of all property types numbered 522 units in November 2018, down 7.6% from November 2017. The total value of all properties sold was $166.4 million, up 4.5% from November 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 66 firms.