Slumping sales amid spring listing surge in Windsor-Essex real estate market
New monthly housing statistics reveal real estate market trends may be ready to shift, according to the president of the Windsor-Essex County Association of Realtors.
On Thursday, WECAR released its data for April 2024, which show slumping sales amid the spring surge of listings.
“It looks promising for both buyers and sellers,” said Maggie Chen, the president of WECAR.
New listings shot up by 1,082 last month, representing a 22.54 per cent increase from the same time last year. However, that was paired with what Chen called a “significant” drop in the number of properties sold — falling 7.76 per cent year-over-year.
Not only are there fewer homes being sold, but runaway price increases have also slowed and stabilized.
The average sale price climbed less than half a per cent in April — just 0.47 per cent — to bring the final figure to $581,194.
The average year-to-date price of a home increased 2.4 per cent to $568,421 compared to an average price of $554,326 during the first four months of 2023.
The message from Chen to buyers banking on a real estate crash — don’t hold your breathe.
“Apparently, the market is not crashing; so, buyers should come to the realization that you should not wait for it anymore,” Chen told CTV News. “The average sale price is steadily, slowly climbing up.”
She also has words of caution for sellers following the compilation of the latest data.
Chen said sellers hoping to get the same price the market saw at its height in March 2022 may be chasing a horizon that never comes, which she says has set the stage for buyer-seller standoffs in the market.
“I think the proportion is getting smaller,” said Chen. “The sellers are getting a reality check. After almost two years of a waiting game, they’re starting to realize, ‘Okay, this is the market.’”
Chen said there is 3.22 months worth of inventory, indicating the Windsor-Essex real estate market tips in favour of sellers at the moment.
There were 1,459 available listings in Windsor-Essex at the time of the report.
SHIFTING STRATEGY
The continued pricing strategy in Windsor-Essex that sees homes listed below the expected sale price, albeit a recent phenomenon, is somewhat perplexing to Chen.
She says it is confusing to buyers as sellers aim to generate bidding wars for their properties.
“‘They’re asking for $499,000 and then final sale price is $565,000, what do I do?’” explained Chen. “You have to look at what the value of the property is.”
Chen said with interest rates remaining at elevated levels, prices stabilized, and more posted listings, a return to more familiar real estate bidding may be on the way for Windsor-Essex but, isn’t likely to return until toward the end of the year at the earliest.
“I do not know why it’s still not going toward a traditional selling strategy as of yet,” said Chen. “If we price it traditionally, it’s not selling.”
Unfortunately, the report doesn’t contain much upside for first-time home buyers.
Prices remain elevated and demand strong, keeping many properties unaffordable and out of reach for would-be house shoppers.
CTVNews.ca Top Stories
Robert Pickton to remain in medically induced coma until later this week: police
Serial killer Robert Pickton will remain in a medically induced coma for at least the next few days following an attack in a Quebec prison Sunday, according to police spokesperson Hugues Beaulieu.
Charlie Colin, founding member of the pop-rock band Train, dies at 58
Charlie Colin, bassist and founding member of the American pop-rock band Train, best known for their early-aughts hits like 'Drops of Jupiter' and 'Meet Virginia,' has died. He was 58.
'Five feet nothing': Pickton's safety likely behind Quebec transfer, says ex-prison judge
When serial killer Robert Pickton was transferred from British Columbia's Kent Institution to a maximum security prison in Quebec about six years ago, correctional authorities gave no public explanation or confirmation at the time, citing privacy.
'I feel betrayed': Ottawa-area customers out thousands of dollars warn of bad faith contractor
A group of people from eastern Ontario and western Quebec is issuing a warning about Dennis Walker and his company Vue Windows.
Fancy pigeon outfitted in custom diaper has free rein in B.C. family home
When Chrissy Chin volunteered to take in a fancy pigeon abandoned on a park bench, she never imagined she would one day be ordering custom-made diapers for the bird – who lives in her house and has become a member of the family.
'We'll need all hands on deck': Details emerge after deadly boat crash near Kingston
Police say they have wrapped up their on-scene investigation into a deadly boat crash in eastern Ontario as details of the incident begin to emerge.
WestJet planning new fare category for travellers willing to forgo carry-on bag
WestJet Airlines plans to launch a new cheaper fare category that would be available to travellers willing to fly without a carry-on bag.
5 dead and at least 35 hurt in Iowa tornado: officials
Five people died and at least 35 were hurt as powerful tornadoes ripped through Iowa Tuesday, with one carving a path of destruction through the town of Greenfield, officials said.
Woman found dead in Lake Ontario in 2017 matches identity of missing person in Switzerland
Genetic genealogy has helped Toronto police identify a woman who was found dead in Lake Ontario in 2017.