Residential Stats President’s Reports
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 630 units in April 2018. This was down 8.8% from April 2017 but was in line with both the five- and 10-year averages for this time of year.
“Home sales were running at healthy levels in April – still below the same month in the last three years but above every other month of April on record before that,” said Daniel Hofgartner, President of the Windsor-Essex County Association of REALTORS®. “Better sales numbers over the last couple of months have coincided with an increase in new listings. This suggests that the sales slowdown to start the year was to some extent the result of a lack of product for sale.”
The average price of homes sold in April 2018 was $303,183, up 9.8% from April 2017. This was a new record for average price for any month.
The more comprehensive year-to-date average price was $282,306, rising 12.2% from the first four months of 2017.
There were 817 new residential listings in April 2018. This was down 7.8% on a year-over-year basis. This was the lowest supply of new listings for the month since the early 2000’s.
Overall supply is still running at record lows. Active residential listings numbered 920 units at the end of April. This was down 20.3% from the end of April 2017.
Months of inventory numbered 1.5 at the end of April 2018, down from the 1.7 months recorded at the end of April 2017 and below the long-run average of 4.8 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 April 2018 was $191 million; this was little changed, up only 0.1% from the same month in 2017 to a new monthly record.
Sales of all property types numbered 693 units in April 2018; this was down 6.9% from April 2017. The total value of all properties sold was $207.3 million; this edged up only 0.2% from April 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.