Windsor and area home sales remain solid in December despite record supply shortage
December 19, 2018
Residential Stats President’s Reports
Residential sales activity recorded through the MLS® System of the Windsor-Essex County Association of REALTORS® numbered 316 units in December 2018, down a slight 0.9% (three sales) from December 2017. Monthly sales activity in December was roughly in line with both the five and 10-year averages for that month.
On an annual basis, home sales totalled 6,643 units in 2018, down 9.8% from the 2017 record. It was still the third-best year on record for home sales in the region.
“While sales didn’t set any records in December, to have more than 300 homes change hands in the final month of the year is still a solid showing, particularly given that there are currently fewer homes out there for sale than at any other point on record going back to the late 1980s,” said Tina Roy, President of the Windsor-Essex County Association of REALTORS®. “For 2018 as a whole, sales were down from their 2017 record, and that probably reflects both the stress test and the lack of available product. The average price in the region also posted a third straight double-digit increase in 2018.”
The average price of homes sold in December 2018 was $298,975, edging up 1.2% from December 2017.
The more comprehensive annual average price was $294,573 in 2018, rising 13.3% from 2017.
There were 330 new residential listings in December 2018. This was up 6.1% on a year-over-year basis.
Notwithstanding the small increase in new supply, overall supply is running at record lows. Active residential listings numbered just 772 units at the end of 2018 – the lowest reading ever. It was down 21.7% from the end of 2017.
Months of inventory numbered just 2.4 at the end of 2018, down from the 3.1 months recorded at the end of 2017 and a record-low 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 December 2018 was $94.5 million, edging up 0.2% from the same month in 2017 to set a new record for the month.
Sales of all property types numbered 341 units in December 2018, down 2.6% (nine sales) from December 2017. The total value of all properties sold was $106.6 million, edging back 0.8% from December 2017.