Market Update: September 2023
Summer 2023 has come and gone here in the Windsor real estate market. With the actions of the Bank of Canada that summer pause of activity has crept into the fall as the market remains cool for September of 2023. This can be seen in the average sales price for the region. The average sales price of a home for Windsor-Essex was down with WECAR reporting an average sales price of $536,927 in September. The highest average monthly price 2023 has seen so far was the $602,591 figure from May. Compared to September of 2022, listings saw a decrease of 36 units for a total of 950 for the month. The number of sales saw a dip as well, 81 less homes, for a total of 353 units for the month.
Jump’s own Broker of Record Damon Winney attributes this to the uncertainty about the interest rates.
“It feels like there are more unknown quantities in the market right now, I think there’s sentiments out there beyond just real estate. People aren’t sure which way the compass is pointing. Inflationary costs have consumed a lot of their discretionary spending. People are sitting tight.” (Waddell, 2023)
Winney also pointed out that we are inching towards a buyers market. With the supply hitting 3.7 months worth of homes, we are just under the 4 months worth of supply that we use to deem a buyers market.
“We haven’t seen that level of supply since 2016, once we get to four months of supply, it’s deemed a buyers’ market. The risk then of waiting in 2022 could be the price rising by tens of thousands of dollars, now buyers are more comfortable and patient because that risk has been reduced.” (Waddell, 2023)
The general sentiment in the market seems to be that this pause is temporary until the Bank of Canada gives further direction on their key rate decisions.
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, Chatham, and Leamington, 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!
Quotes courtesy of Dave Waddell, Windsor Star; https://windsorstar.com/news/local-news/windsor-area-housing-market-remains-cool-in-september
Stats courtesy Windsor Essex County Assosciation of REALTORS®; https://windsorrealestate.com/monthly-stats/residential-stats-presidents-report-for-september-2023/