Market Update: October 2023
As October has come and gone, the Windsor real estate market has entered into the cold weather months and towards the traditional slowing of the market as buyers looking for Windsor houses for sale and sellers decide to focus on the holiday season coming up.
As we mentieond in the September update, the continued actions of the Bank of Canada remain an affect on the market. However, with the October decision to hold rates, some buyers may decide to continue into the winter months.
According to the monthly report from WECAR, for the month of October the average sales price of a home in Windsor-Essex was $$530,223, a drop of 1.98% from October 2022 where the aveage was $540,941. For reference the highest average monthly price for 2023 to date has was in May with an average sales price of $602,591. The average cost of a home year-to-date is $561,052, a 10.91% decrease from October 2022 YTD averge sales price of $629,726.
WECAR reported a total of 367 homes were sold this past October. This was a 4.92 per cent decrease compared to October 2022 where the area saw the 386 homes sold. The peak for units sold in 2023 was in May when we saw 546 homes sold. Year-to-date, the region has seen a 16.74% decrease in units sold, reporting 4332 sold homes this year versus 5203 this time last year.
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!
Stats courtesy Windsor Essex County Assosciation of REALTORS®; https://wecartech.com/wecfiles/stats_new/2023/oct/