Windsor and area home sales post solid May

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 683 units in May 2018. This was down 20.3% from the record May in 2017 and also below May 2016 but above every other year on record.
“Home sales were running at solid levels in May – still below last year’s record levels but above almost every other month of May in history,” 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 May 2018 was $300,026, up 7.1% from May 2017.
The more comprehensive year-to-date average price was $286,388, rising 10.2% from the first five months of 2017.
There were 1,022 new residential listings in May 2018. This was down 3.2% on a year-over-year basis. This was the lowest supply of new listings for the month since the early 2000’s.
Active residential listings numbered 1,018 units at the end of May. This was up 65% from the end of May 2017 and was a somewhat more normal level of supply for this time of the year.
Months of inventory numbered just 1.5 at the end of May 2018, up from the 0.7 months recorded at the end of May 2017 but below the long-run average of 3.5 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 May 2018 was $204.9 million, falling 14.6% from the same month in 2017.
Sales of all property types numbered 740 units in May 2018. This was down 21.4% from May 2017. The total value of all properties sold was $220.7 million, decreasing by 15% from May 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.
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