The fall market has arrived along with another rate decrease, the largest to date, from the Bank of Canada to lead Windsor-Essex into the last quarter of 2024.
The Windsor-Essex County Association of REALTORS® have released their market update for October 2024 and the market showed signs of the seasonal uptick we see in the fall.
Starting with the average sales price of a home in Windsor-Essex, it sits at $579,765 for October, and increase of 9.33% compared to the average sale price of Ocotber 2023 which was $530,272. For the year-to-date, the average sales price is $576,827, an increase of 2.83% from the year-to-date average of $560,956 at this point in 2023.
Next are reported sales for the month. 451 homes were sold this past month in WIndsor-Essex, this is a 19.63% increase over October 2023 when only 377 homes were reported as sold to WECAR. That brings the year-to-date total of homes sold in Windsor 4414, an increase of 1.89% compared to the 4332 homes reported as sold through the same timeframe in 2023.
Market activity remains strong in the region. At time of reporting, there were 1,029 homes listed for sale and increase of 10.17% compared to the 934 homes listed for October 2023. The strong trend continues when looking at the year-to-date data with an increase of 11.76% in market activity through October 2024 versus 2023, 10,282 homes in 2024 versus 9200 homes in 2023.
The $420,000-$549,999 and $550,000-$699,999 price bands continue to dominate the market with 120 and 110 sales respectively in October. That trend is the same for year-to date data with 1,109 and 1,045 units sold this this year.
As mentioned the strong numbers come after multiple Bank of Canada rate cuts, with October seeing a 50 basis point cut. Their final announcement for 2024 is scheduled for December 11, 2024.
Source: Windsor Essex County Association of REALTORS®
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Stats courtesy Windsor Essex County Association of REALTORS®; https://wecartech.com/wecfiles/stats_new/2024/oct/
