Market Watch August 2013

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.

 

Market Watch Condominium Dec 31, 2012

BUCKINGHAM REALTY (WINDSOR) LTD. MARKET WATCH
Windsor-Essex County Condominium Market
For the Period Ending December 31, 2012

• During the twelve month period ending December 31, 2012 there were 442 condominium sales in the market place. This compares to 425 condo sales in the same period of 2011, an increase of 4%.
• As of December 31, 2012 there were 809 condo listings received. This compares to 878 for the same period of 2011, a decrease of 8%.
• The sales to list ratio (Listings sold expressed as a percent of Listings received) for the December 31, 2012 period was 55%. In 2011 it was 48%.
• The inventory of active condo listings as of December 31, 2012 was 206 units. This compares to 227 units in 2011 and is a decrease of 9%.
• The number of months of inventory represents the number of months it would take to sell current inventories at the current rate of sales activity, and is a further measure of the balance between housing supply and demand. It currently stands at 5.6 months. In 2011 it was 6.4 months.
• The average condo selling price was $126,745 for the 12 month period an increase of 4% from 2011.
• The average listing during the period took 83 days to sell. Compared to 101 in 2011 and sold for 96% of the list price.

Market Watch Residential Dec 31, 2012

BUCKINGHAM REALTY (WINDSOR) LTD. MARKET WATCH
Windsor-Essex County Residential Market
For the Period Ending December 31, 2012

• During the twelve month period ending December 31, 2012 there were 4,933 residential sales in the market place this compares to 4,786 residential sales for the same period in 2011, an increase of 3%.
• As of December 31, 2012 there were 9,061 residential listings received this compares to 9,364 in the same period for 2011, this is a decrease of 3% in residential listings received.
• The sales to listings ratio (listings sold expressed as a percent of listings received) for the period was 54% in 2011 it was 51%.
• The inventory of the active residential listings as of December 31, 2012 was 2,192, this compares to 2,450 in 2011. This is a decrease of 11% in active residential listings.
• The number of months of inventory represents the number of months it would take to sell current inventories at the current rate of sales activity, and is a further measure of the balance between housing supply and demand. It currently stands at 5.3 months. In December 2011 it was 6.1 months.
• The average residential selling price was $175,515 for the 12 month period ending December 31, 2012. This is an increase of 3% from 2011.
• The average listing during the period took 74 days to sell (76 in 2011) and sold for 95% of the list price.