With the end of March and the beginning of April, we are officially into spring here in Windsor-Essex. With the spring season comes the spring real estate market. The March announcement from the Bank of Canada of another rate hold helped buyers feel more confident in the market and has pushed some buyers who previously left the market to return are renew their home search for Windsor homes for sale. With the the Bank of Canada set to make another announcement in April, all eyes will be on them to hear or project when interest rates may begin to drop.
The Windsor-Essex County Association of REALTORS® reported the average sales price of a home in Windsor-Essex for March of 2024 was $563,309 a decrease of just 1.32% compared to March 2023 when the average price of a home in the region was $570,863. While sales for March 2024 saw a 10.29% drop versus March 2023, the year-to-date sales for Windsor-Essex has actually increased by 2.56% from 1017 last year to 1043 sales this this year at the end of Quarter 1. This further helps to illustrate the sentiment in the market regarding the Bank of Canada rate hold
Market activity for the region saw similar statistics as above. For March 2023 vs march 2024, there was a dip of 4.39%. 866 vs 828 listed properties. However, for year-to-date, Windsor-Essex is up 1.90% with 2148 properties listed in Quarter 1 in 2024 versus 2108 properties listed in Q1 in 2023.
Two price bands were far and away the busiest in March. 118 properties were sold in the $420,000-$549,999 price band and 116 properties were sold in the $550,000-$699,999 price band. Year-to-date, these two bands represent the most homes sold as well, with 261 units sold in the former and 280 in the latter.
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 Association of REALTORS®; https://wecartech.com/wecfiles/stats_new/2024/mar/
