The September 2017 stats have just been released by the Windsor Essex County Association of Realtors.
In September 2017 we saw decline in Sales for the 3rd month in a row. Sales were down almost 24% from the previous month, and down 18.08% compared to September 2016. It’s typical at this time of the year for the number of sales to slow down as summer is ending, school is starting, and most people are too busy with these things to be house hunting. The drop from the previous month is expected, but the 18% drop compared to this time last year will be something to keep an eye on in the coming months.
While the market appears slowing in terms of the number of sales, the average price has been holding steady. The average price covers the entire county, so over the next week or so, i will be breaking down the number of sales and average list/sales prices per zone to see how the prices have been changing over the past few months. The reason i am going to break down these factors by zone, is the charts show that we have been selling less homes under $280,000, and more homes over $280,000 than we were last year. (see “High End Homes” chart). Due to selling more higher end homes, its helping maintain the average price.
We are still a long way from a balanced market, but it can change due to other factors, such as rising bank interest rates.
The average Residential price Year-to-Date has dropped a few thousand over the past 3 months but seems to be holding steady in the $264,000 range.
The Bungalow/Ranch is still the most popular style of home being sold.