Windsor and area home sales slow to average levels in June; listings still historically low
June 19, 2018 May 28, 2019
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 631 units in June 2018. This was down 22.7% from June 2017 but was still in line with the 10-year average for this time of year.
“Home sales were running at healthy if average levels in June – well below the same month in the last two years but above most other months of June in history,” said Daniel Hofgartner, President of the Windsor-Essex County Association of REALTORS®. “With under two months of inventory, a lack of product for sale could be crimping sales. This idea was supported by yet another record average price in June.”
The average price of homes sold in June 2018 was a record $303,181, rising 12.1% from June 2017.
The more comprehensive year-to-date average price was $289,959, rising 10.7% from the first six months of 2017.
There were 922 new residential listings in June 2018. This was a decrease of 15.8% on a year-over-year basis.
Overall supply is up only slightly from all-time record-lows. Active residential listings numbered just 1,100 units at the end of June. This was up 5.5% from the end of June 2017 but remains well below the same time in all other years.
Months of inventory numbered just 1.7 at the end of June 2018, up a bit from the 1.3 months recorded at the end of June 2017 but well below the long-run average of 5.5 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 June 2018 was $191.3 million, falling 13.3% from the June 2017 record.
Sales of all property types numbered 670 units in June 2018. This was down 23.2% from June 2017. The total value of all properties sold was $204 million, down 14.3% from June 2017.