windsor area home prices, sales remain steady in august
the average monthly cost of a windsor area home in augu...
sep 12 2024
2 minute read
windsor area housing prices have remained stable, but further bank of canada rate cuts could spark increased buyer demand.
dave waddell
/
windsor star
the average monthly cost of a windsor area home in august was virtually the same as a year ago as were total sales and new listings.
the month saw the average sales price rise 1.59 per cent to $575,978 compared to $566,959 in august 2023.
“the market is very stable,” said windsor-essex county association of realtors president maggie chen.
“the year-to-date median sales price, which is a more accurate reflection of the market, has been about $535,000 since march. it’s a very safe market.”
the number of monthly sales has remained almost unchanged since april.
there were 463 homes sold last month, one more than a year ago. since april, that monthly total has remained between a high of 467 and a low of 452.
total sales for the year so far are running 1.37 per cent ahead of 2023’s pace, with 3,567 homes sold in 2024.
after a significant increase in listings the previous month, new listings dropped by 271 to 1,022 in august. however, that remains 2.72 per cent higher than in august 2023.
“what’s happening is, if you’re a seller who doesn’t have to sell, they see the rates coming down, that gives them hope activity will improve,” chen said. “they’ve decided to just wait on listing or re-listing.
“the fact we’re not seeing distressed sales is a real positive. it indicates the local economy remains strong, there aren’t big job losses and people can afford to pay for their homes.”
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the one segment that has picked up steam in the past two months is the sale of high-end homes.
for the second straight month there were 12 homes sold with a value each of $1.4 million or more. the past two months account for nearly half of this year’s total sales (53) in that segment.
there were another 21 homes sold worth between $1 million and $1.399 million.
“if you analyze the high-end homes listings, those prices have been reduced to a point where they have become more palatable to buyers, and they’ve jumped in,” said manor realty general manager rob agnew.
“since april, we’ve seen examples of a home originally listed for $2 million, re-listed in july for $1.6 million and then sold for $1.4 million,” agnew said. “the prices have moved lower to the point it makes sense for buyers.”
despite the bank of canada making its third consecutive interest rate cut on sept. 4, agnew and chen don’t expect that to fuel a surge in the market this fall.
however, they do expect activity to pick up in the second half of september and continue into late november as is the traditional pattern.
“if we get the prime rate under four, we’ll start to see some impact,” agnew said. “these cuts help more with the psychology of buyers.”
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