We’ve scaled back from the heady heights of summer to a more real and cooler September. Still steady and strong Listings and Sales though compared to a year ago.
I think some Sellers got the message that Sales Prices were on the rise and decided to list their homes in September as our Listings increased by a whopping 14%. However before we get too excited about that fact we must realize that overall listings still remain down by 3% on the year.
The good news is that the Average Sales Price while taking a modest jump to $192,983 for the month has settled at $191,877 for the year and will likely hover near or around that based on increase supply of listings.. Thet upward trend of Sales to Listing Ratio seems to have softened as well having settled at a rock solid 59%, just below the Seller’s market territory of 60%. Even a cursory look at Sales to Listing Ratios by Area reveals that it has settled on an area by area basis.
Residential Sales remain static with a drop of 1.13% for the month but on an annual basis stays within one half of one percent of last year. However, dollar volumes continue to exceed last year by 6% reflective of the increase in Average Sales Price. It is anticipated that, barring any dramatic economical change in our area, we should continue along the path of strong but static sales and very little change in our Average Sales Price throughout the remainder of the year. However, if the area continues to get job announcements we should expect that our market will continue to strengthen. A basis for this is already seen in the new house market who have rebounded to new levels they have not seen for some time. The price differential between new and existing has narrowed, making building new a realistic alternative.
Windsor market in early stages of becoming a retirement destination for Canadians
Windsor, January 8, 2014 – The fourth quarter saw relatively flat year-over-year price increases for detached homes in Windsor while the condo market saw strong price appreciation according to the Royal LePage House Price Survey and Market Survey Forecast released today.
The average price for standard two-storey homes and condos both increased on a year-over-year basis, gaining 1.2 per cent to $131,350 and 5.5 per cent to $139,280, respectively. Detached bungalows saw a slight year-over-year price decrease of 0.1 per cent to $177,500.
“We saw the market remain largely flat in Windsor with a balanced inventory suitable to the number of potential buyers,”said Fred Shaw, sales manager, Royal LePage. “This is even true in the condo market where the upswing in average price is more reflective of which condos sold as opposed to a change in dynamics.”
According to Shaw, one change to Windsor’s housing market has been the slow transformation into an appealing retirement option for aging baby boomers. The decline of Windsor as a manufacturing hub has opened up the town as an affordable and well-established retirement option for older Canadians.
Looking ahead in 2014, Shaw suggests that the majority of the Windsor housing market will remain stable, but points out that some regions may be under pressure if economic or employment situations change.
“Windsor’s real estate market has seen its share of challenges due to the decline of the auto industry, but we have seen signs of recovery and stabilization,” Shaw added. `Employment is beginning to increase and the area should continue to attract new buyers looking for a retirement property.”
About the Royal LePage House Price Survey
The Royal LePage House Price Survey is the largest, most comprehensive study of its kind in Canada, with information on seven types of housing in over 250 neighbourhoods from coast to coast. This release references an abbreviated version of the survey which highlights house price trends for the three most common types of housing in Canada in 90 communities across the country. A complete database of past and present surveys is available on the Royal LePage website at www.royallepage.ca. Current figures will be updated following the complete tabulation of the data for the fourth quarter of 2013. A printable version of the fourth quarter 2013 survey will be available online on February 6, 2014. Housing values in the Royal LePage House Price Survey are Royal LePage opinions of fair market value in each location, based on local data and market knowledge provided by Royal LePage residential real estate experts.
About Royal LePage
Serving Canadians since 1913, Royal LePage is the country’s leading provider of services to real estate brokerages, with a network of nearly 15,000 real estate professionals in over 600 locations nationwide. Royal LePage is the only Canadian real estate company to have its own charitable foundation, the Royal LePage Shelter Foundation, dedicated to supporting women's and children’s shelters and educational programs aimed at ending domestic violence. Royal LePage is a Brookfield Real Estate Services Inc. company, a TSX-listed corporation trading under the symbol TSX:BRE.