Market Update: Buyers Still Hesitant to Buy

We’ve discussed in the past the affects the Bank of Canada’s actions with interest rates have had on home buyers in the Windsor real estate market. Buyers looking for houses for sale in Windsor are finding the market to be much more accommodating than in the past few years. Yet, there is still some lingering uncertainty and hesitancy from people looking for Windsor homes for sale based on recent WECAR statistics.

WECAR released their stats for the month of September 2022 and the average cost of a home has dropped to $523,928 from $723,739 in March of this year. September 2022 saw 403 homes sold compared to 694 in September of 2021. New listings dropped 15 percent as sellers are deciding to join buyers in waiting to see what direction the market is heading.

Jump’s Broker of Record Damon Winney gave his thoughts on the market.

“It’s too soon to know if we’ve bottomed out or are close to the bottom of declining prices. A 42 per cent decline in sales is a significant number, but we have to remember that was a supercharged market. That just wasn’t something that was sustainable.”

Speaking on the topic of the market balancing, described how looking at the median sales price is a reflection of the balancing market as it has only dropped to $510,000 in September versus it’s peak at $525,000 in April, all while we saw a decline of $200,000 in average monthly sales prices.

(Content and quotes courtesy Dave Waddell, Windsor Star, windsorstar.com/news/local-news/buyers-still-hesitant-to-take-home-buying-plunge)

Overall there seems to still be a lack of urgency from buyers even though we have seen an increase in showings and foot traffic. Winney believes that market activity will increase as prices have dropped to compensate for rising rates. “Consumers are starting to realize their monthly payments aren’t changing that much now that prices have come down. It’s become a bit of wash where lower prices balance out higher interest rates.”

Here at Jump Realty our agents will give you honest advice on what course of action is best for you in their professional opinion and will always put taking care of your best interests first! With offices in Windsor, Tecumseh, Kingsville, LaSalle, and Chatham, no matter where you are, a Jump agent is ready to help. Please contact us for any housing needs and let us give you a better real estate experience!