Residential Stats President’s Reports
Residential sales activity recorded through the MLS® System of the Windsor-Essex County Association of REALTORS® numbered 488 units in September 2018. This was down 4.1% from September 2017 but was in line with the 10-year average for this time of year.
“Sales were running at healthy if average levels in September,” said Daniel Hofgartner, President of the Windsor-Essex County Association of REALTORS®. “Meanwhile, new listings bounced up nicely in September; however, it will take a lot more than one month of stronger new supply to even start to bring inventories back to more normal levels.”
The average price of homes sold in September 2018 was $298,280, jumping 18% from September 2017.
The more comprehensive year-to-date average price was $293,682, rising 13.3% from the first nine months of 2017.
There were 765 new residential listings in September 2018. This was an increase of 13% on a year-over-year basis.
Nonetheless, overall supply is still running near record lows. Active residential listings numbered just 1,120 units at the end of September, unchanged from the end of September 2017.
Months of inventory numbered 2.3 at the end of September 2018, little changed from the 2.2 months recorded at the end of September 2017 and below the long-run average of 6.2 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 September 2018 was $145.6 million, rising 13.2% from the same month in 2017. This was a new record for the month.
Sales of all property types numbered 532 units in September 2018, down just 0.4% (two sales) from September 2017. The total value of all properties sold was $167.1 million, rising 21.5% from September 2017.