Residential sales activity recorded through the MLS® System of the Windsor-Essex County Association of REALTORS® numbered 602 units in October 2018. This was a record for the month of October, up 5.1% from October 2017.
“After a brief dip to start the year home sales activity has recovered nicely, with October now marking the first monthly sales record of 2018,” said Daniel Hofgartner, President of the Windsor-Essex County Association of REALTORS®. “Meanwhile, with inventories still extremely low, prices are running well above were they were at this time last year. In fact, 2018 will mark the third straight year of double-digit average price growth in the region.”
The average price of homes sold in October 2018 was $305,552, jumping 22% from October 2017.
The more comprehensive year-to-date average price was $294,854, rising 14.1% from the first 10 months of 2017.
There were 801 new residential listings in October 2018. This was up 8.1% on a year-over-year basis.
Even so, overall supply is still running at record lows. Active residential listings numbered 1,031 units at the end of October, down 3.9% from the end of October 2017.
Months of inventory numbered just 1.7 at the end of October 2018, down a bit from the 1.9 months recorded at the end of October 2017 and well below the long-run average of 6.1 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 October 2018 was $183.9 million, rising 28.2% from the same month in 2017. This was a new record for the month by a margin of $40 million.
Sales of all property types numbered 647 units in October 2018, up 4.5% from October 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.