Market Update: October 2022 Update from WECAR

With the Bank of Canada announcing yet another key rate increase, this time 50 basis points, the Windsor real estate market continues to adapt and correct. Buyers looking for houses for sale in Windsor have seen these changes up close and personally as they view Windsor homes for sale and decide on offering.

The Windsor Essex County Association of Realtors newest report for the month of October illustrated the impact the actions the Bank of Canada have had over the last 6 or so months. The board recorded 366 homes sold in the region this October, a 48.23% decrease from last year, where 707 homes were sold. The average sales price of those homes this year was $542,707. In comparison, the average sales price for October 2021 was $566,857. That October 2022 figure is a nearly $180,000 decrease from the peak of March 2022 at $723,739.

Finally, while market activity was down 11.76% for October, the overall market activity for the year is still up 15.05%. Just over 1300 listings were live at the time of publishing the report.

Stats courtesy: WINDSOR-ESSEX COUNTY ASSOCIATION OF REALTORS® Residential Stats President's Report for OCTOBER 2022; https://wecartech.com/wecfiles/stats_new/2022/oct/

Some content courtesy Melanie Borrelli, CTV News Windsor; https://windsor.ctvnews.ca/home-sales-drop-48-in-october-in-windsor-essex-1.6135862

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, Harrow, 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!