by admin | Aug 1, 2013 | Market Watch
RESIDENTIAL MARKET
The number of residential sales in Windsor and Essex County remains fairly flat year to date as of July 31, 2013, with an increase of only 1%, compared to YTD July 31, 2013. The average price increased 4% to $181,210 from $174,144 during the same period. Active Listings as of July 31, 2013 was 2,738 compared to 2808 in 2012, this is a decrease of 2.6%. The market remains fairly balanced with a listing sales ratio of 54% year to date 2013 compared to 53% in 2012.
We are anticipating prices to continue to rise this year, as inventory levels remain low and demand remains steady. Many Windsor home owners have struggled with low home values. As property values continue to improve each year, we anticipate more home owners in future years will be looking to buy and sell, as they will have more equity available to them.
CONDO MARKET
The number of condo sales in Windsor and Essex County has increased 4.3% year to date as of July 31, 2013. The average price year to date increased substantially to $137,498 as of July 31, 2013 from $128,794 in 2012, representing an increase of 6.8%.
Active Condo Listings as of July 31, 2013 was 225 compared to 259 in 2012, this is a decrease of 13.1%. . The Listing Sales Ratio increased to 54% year to date as of July 31, 2013 compared to 50% in 2012.
The substantial drop in condo inventory is putting upward pressure on condo prices. With rising prices and steady demand, we expect the construction on new condominiums will begin to resume within the next 1 – 2 years after coming to a halt in 2009.
Other News: The City of Detroits declaration of Bankruptcy. Detroit tax base has fallen dramatically, as the city struggles with a declining population, declining property values, and hi vacancy. However Michigan as whole is now in recovery with prices recovering rapidly from their substantial drop in 2009.
Windsor is still struggling with unemployment, Windsor’s jobless rate moved up to third in Canada in June despite the fact it fell marginally from 9.5 per cent in May to 9.4 per cent last month.
The CMHC housing outlook report shows housing starts continue to be low in 2013.
by admin | Nov 28, 2012 | Market Watch
Residential Sales: Residential sales in October 2012 fell 2.67% compared to October 2011. Year to date sales are up 3.27%. The Listing Sale Ratio Year to date was 54% which indicates we are in a balanced market moving towards a Sellers Market. Listings as a whole are down 3.33% year to date from the previous year. With low inventories and steady demand we are expecting prices to rise. The Average Sale Price Year to Date was $175,814 compared to $170,492 YTD in 2011.
Condominium Sales: The condo market has significantly improved and now has a listing sales ratio of 55% year to date. This is causing prices to rise. Average Sale Price year to date was $127,719 in 2012 compared to $120,748 YTD in October 2011. Condos were one of the hardest hit by the recession in 2009. The market has shifted from a strong Buyers market with falling prices, to Seller’s market with rising prices. The 2009 September Listing Sales Ratio was 29%, condominiums have seen the greatest recovery of all property types.
Demand in Windsor continues to be fairly steady. Windsor continues to benefit from a strong auto sector. As a result, unemployment, though still high, is improving. Infrastructure spending continues to be significant. The Bridge is clearly proceeding, as well the City of Windsor, St. Clair College and the University of Windsor continue to invest in the downtown core.
There has been some articles in the Windsor Star lately which indicate the City’s Core is in decline. WECAR statics show that average home prices in downtown Windsor are not declining. The City’s downtown core, while not growing at the same rate as some area, is holding its property values. As downtown properties are primarily 70 to 90 years old, the average home price is lower than newer homes areas in the city. Growth is also limited in the downtown core as for the most part, land is developed. As with all Cities, certain areas perform better than others. While some areas are struggling, other areas, such as Old Walkerville, are seeing reinvestment and resurgence in local business activity. The large amount of investment in the downtown core, should also prove beneficial, in the future. We continue to have a positive outlook for the City of Windsor.
by admin | Aug 13, 2012 | Market Watch
Link to full Report
The average residential sale price year to date is up 2.8% compared to 2011, with the number of sales year to date up 7.71%.
Sales were up 5.71% in July 2012 compared to July 2011, which is in line with the steady demand we are seeing in the Windsor-Essex market.
We continue to see inventory fall, Listings are down 1.7% year to date. The decline in inventory to 2,938 active residential listings for July 2012 is really the main trend which is effecting the market. With steady demand and declining inventory, Buyers are finding it more difficult to find their dream home. We are also seeing much more instances of multiple offers for properly priced homes.
One of the key indicators in the market is the Listing Sales Ratio. The Listing Sales ratio year to date was 53% which is up from 48% year to date 1 year ago. While still fairly balanced, a listing sales ratio of above 50% is an indication that we are now in a Sellers market, and we can continue to expect prices to rise.
With rising prices, it is essential to use up date sales comparable data and get the advice of someone that knows the local market. If you are thinking of buying or selling locally, choose a local realtor. Buckingham Realty is a locally owned and operated real estate brokerage, we have been proudly serving Windsor and Essex County since 1968.
INFRASTRUCTURE SPENDING: As mentioned in last months report, we feel Windsor continues to be poised for a strong recovery over the next several years. Infrastructure spending continues to be substantial in the area. July saw the announcement of a new HMCS Hunter site on Windsor Port Authority land on Mill street. HMCS has been located in an older out dated building on Ouellette for many years, and this move was long over due. While the $1.4 billion dollar new bridge is the largest investment by far in the area, the number of smaller $30 million to $70 million infrastructure projects will also help employment and housing demand over the next several years.
EMPLOYMENT: The current strong auto sector is helping employment in the area, which in turn helps housing demand. However, contract negotiations between the Ontario Government and teachers in the province may be having a negative effect on demand, as many teacher’s decision to buy or sell may be delayed until contracts are settled.
by admin | Jun 11, 2012 | Market Watch
View Complete Market Watch Here
Year to date MLS residential sales totaled 2,083 at the end of May for all of Windsor Essex, this sales number was up 10.97% from one year ago.
The average sale price for the first 5 month of the year totaled $171,896 compared to $162,563 for the same period last year. This marks an increase of 5.7%.
May’s Average Residential Sale Price was up 1.08% compared to one year ago. The May average sale price for residential came in at $177,789. This is highest average price for the month of May on record.
While other areas in Canada have seen significant inflation, Windsor continues to have average home prices of less than half the national average. With the current strong auto-sector, and the enormous amount of infrastructure spending in the area, consumer confidence in the area is returning. With prices on the rise, now more than ever is a good time to invest in the Windsor Essex area.
Listing Inventory continues to remain low with only 904 new listings in May. May’s total listing residential inventory of 3,071 Units the lowest level for the month of May since 2003.
10 of the last 12 months had lower new listing inventory compared to the year before, and May of this year was no exception. With continued low levels of inventory, the market is seeing more multiple offer situations for properties that are priced close to market value. We predict prices will continue to rise as they have for the past 2 years.
The increase in sales combined with low levels of inventory continues to push prices up. With rising prices, it is essential to use the services of a realtor, to ensure you have the latest up-to-date data, and receive professional advise when buying or selling a home.
by admin | Jan 11, 2012 | Blog, Market Watch
http://www.cmhc-schl.gc.ca/odpub/esub/64251/64251_2011_Q04.pdf?lang=en
by admin | Jan 6, 2012 | Blog, Market Watch
BUCKINGHAM REALTY (WINDSOR) LTD. MARKET WATCH
Windsor-Essex County Residential Market
For the Period Ending December 31, 2011
- During the period ending December 31, 2011 there were 4,786 residential sales in the market place this compares to 4,806 residential sales for the same period in 2010.
As of December 31, 2011 there were 9,364 residential listings received this compares to 9,779 in the same period for 2010 and is a decrease of 4%.
- The sales to listings ratio (listings sold expressed as a percent of listings received) for the period was 51% in 2010 it was 49%.
- The inventory of the active residential listings as of December 31, 2011 was 2,450, this compares to 2,629 in 2010. This is a decrease of 7% in active residential listings.
- The average residential selling price was $169,972 for the period ending December 31, 2011. This is an increase of almost 4% from 2010.
- The average listing during the period took 76 days to sell (75 in 2010) and sold for 95% of the list price.
For a similar report of statistics about condominiums sales, contact one of our sales representatives.
Statistics are provided courtesy of the Windsor Esssex County Real Estate Board.
