Windsor Essex Market Watch August 2013

Windsor Essex Market Watch August 2013

RESIDENTIAL MARKET

The number of residential sales in Windsor and Essex County remains fairly flat year to date as of July 31, 2013, with an increase of only 1%, compared to YTD July  31, 2013.  The average price increased 4% to $181,210  from $174,144 during the same period.  Active Listings as of July 31, 2013 was 2,738 compared to 2808 in 2012, this is a decrease of 2.6%.  The market remains fairly balanced with a listing sales ratio of 54% year to date 2013 compared to 53% in 2012.

We are anticipating prices to continue to rise this year, as inventory levels remain low and demand remains steady.  Many Windsor home owners have struggled with low home values.   As property values continue to improve each year,  we anticipate more home owners in future years will be looking to buy and sell, as they will have more equity available to them.

CONDO MARKET

The number of condo sales in Windsor and Essex County has increased 4.3% year to date as of July 31, 2013.  The average price year to date increased substantially to $137,498 as of July 31, 2013  from $128,794 in 2012, representing an increase of 6.8%.

Active  Condo Listings as of July 31, 2013 was 225 compared to 259 in 2012, this is a decrease of 13.1%.   . The Listing Sales Ratio increased to 54% year to date  as of July 31, 2013 compared to 50% in 2012.

The substantial drop in condo inventory is putting upward pressure on condo prices.  With rising prices and steady demand, we expect the construction on new condominiums will begin to resume within the next 1 – 2 years after coming to a halt in 2009.

Other News:  The City of Detroits declaration of Bankruptcy.  Detroit tax base has fallen dramatically, as the city struggles with a declining population, declining property values, and hi vacancy. However Michigan as whole is now in recovery with prices recovering rapidly from their substantial drop in 2009.

Windsor is still struggling with unemployment, Windsor’s jobless rate moved up to third in Canada in June despite the fact it fell marginally from 9.5 per cent in May to 9.4 per cent last month.

The CMHC housing outlook report shows housing starts continue to be low in 2013.

 

Windsor Essex Market Watch April 2013

Windsor Essex Market Watch April 2013

RESIDENTIAL MARKET

The number of residential sales in Windsor and Essex County decreased 15.08% in March 2013, compared to March 2012. Despite the decrease in sales, the average price increased to $179,271 from $173,002 in March 2012. The number of new listings that came on the market decreased 8.57% in March 2013, compared to March 2012. The March 2013 sales to listings ratio (listings sold expressed as a percent of listings received) was 50% which is down from 54% in  March 2012 this is reflective of the drop in sales that occurred in March 2013.  Despite a significant drop  in sales for the month, prices continued to increase, which we feel is do to the low levels of inventory.   Properly priced homes continue to see more instances of multiple offers. Average days on the market has fallen to 65 days in February  2013 to 73 days in February 2013.  We are anticipating prices to continue to rise this year.

CONDO MARKET

The number of condo sales in Windsor and Essex in March 2013 was 23. This compares to 33 condo sales in the same period of 2012.  The average condo selling price was $123,994 in March 2013 a decrease of 2.97% from 2012. As of March 31, 2013 there were 55 new condo listings received compared to 73 new condo listings in March 2012. The sales to list ratio (Listings sold expressed as a percent of Listings received) for March  2013 period was 42% compared to 45% in March 2012.

The inventory of active condo listings as of  March 31, 2013 was 224 units. This compares to 250 units in 2012 and is a decrease of  10.4%.  While sales did drop in March 2013, we expect that demand will remain steady in Condos, and prices will rise do to the low levels of inventory.

Local News:  The biggest recent news by far is the Presidential signing of the building permit for the new Detroit –Windsor International bridge.

While Windsor is still struggling with unemployment, the current strong auto sector as well as massive infrastructure projects are helping employment stability, unemployment dropped to 9.2% in February 2013.

Over the past 12 months, StatsCan reports that Windsor’s population has increased by 1,300, employment is up by 2,300. This is an excellent sign that the market is improving.

 

Windsor Essex Market Watch April 2013

Windsor Essex Market Watch February 2013

RESIDENTIAL MARKET

The number of residential sales in Windsor and Essex County increased 16% in January 2013, compared to January 2012. Despite the increase in sales the average price decreased to $166,417 from $168,764 in January 2012. It should be noted that the average price was more a factor of certain county areas experiencing several less expensive sales than the prior year. When we Look at the Windsor area only, the average home price increased slightly. The January 2013 sales to listings ratio (listings sold expressed as a percent of listings received) was 45% which is up from 38% in 2012. As inventory shrinks and sales remain steady or grow, we are anticipating prices to rise.

CONDO MARKET

During the one month period ending January 31, 2013 there were 31 condominium sales in the market place. This compares to 28 condo sales in the same period of 2011 As of January 31, 2012 there were 67 condo listings received. This was the same amount of listings received in January 2012. The sales to list ratio (Listings sold expressed as a percent of Listings received) for January 31, 2013 period was 46%. In 2012 it was 42%. The inventory of active condo listings as of January 31, 2013 was 202 units. This compares to 224 units in 2012 and is a decrease of 9.8%. The number of months of inventory represents the number of months it would take to sell current inventories at the current rate of sales activity, and is a further measure of the balance between housing supply and demand. It currently stands at 6.5 months. In 2012 it was 6 months. The average condo selling price was $149,625 in January 2013 an increase of 24.5% from 2012. While we do feel there is upward price pressure on Condos, a 24% increase is more a factor of several more expensive units selling in January, than an indication of the market as a whole. The average listing during the period took 65 days to sell. Compared to 108 in 2012 and sold for 97% of the list price.

Windsor Essex Market Watch April 2013

Market Watch January 2013

RESIDENTIAL

During the twelve month period ending December 31, 2012 there were 4,933 residential sales in the market place this compares to 4,786 residential sales for the same period in 2011, an increase of 3%.

As of December 31, 2012 there were 9,061 residential listings received this compares to 9,364 in the same period for 2011, this is a decrease of 3% in residential listings received.

The sales to listings ratio (listings sold expressed as a percent of listings received) for the period was 54% in 2011 it was 51%.

The inventory of the active residential listings as of December 31, 2012 was 2,192, this compares to 2,450 in 2011. This is a decrease of 11% in active residential listings.

The number of months of inventory represents the number of months it would take to sell current inventories at the current rate of sales activity, and is a further measure of the balance between housing supply and demand. It currently stands at 5.3 months. In December 2011 it was 6.1 months.

The average residential selling price was $175,515 for the 12 month period ending December 31, 2012. This is an increase of 3% from 2011.

The average listing during the period took 74 days to sell (76 in 2011) and sold for 95% of the list price.

In the Market Watch for December 2012, we broke down changes in average residential sale price by area, while the  overall average sale price increase is 3% in Windsor and Essex County, several areas performed better in 2012.

 

CONDO

During the twelve month period ending December 31, 2012 there were 442 condominium sales in the market place.  This compares to 425 condo sales in the same period of 2011, an increase of 4%.

As of December 31, 2012 there were 809 condo listings received.  This compares to 878 for the same period of 2011, a decrease of 8%.

The sales to list ratio (Listings sold expressed as a percent of Listings received) for the December 31, 2012 period was 55%.  In 2011 it was 48%.

The inventory of active condo listings as of December 31, 2012 was 206 units.  This compares to 227 units in 2011 and is a decrease of 9%.

The number of months of inventory represents the number of months it would take to sell current inventories at the current rate of sales activity, and is a further measure of the balance between housing supply and demand. It currently stands at 5.6 months.  In 2011 it was 6.4 months.

The average condo selling price was $126,745 for the 12 month period an increase of 4% from 2011.

The average listing during the period took 83 days to sell.  Compared to 101 in 2011 and sold for 96% of the list price.

Average Sales Price 2005 - 2012

Residential Sales LSiting Ratio 2005-2012

Windsor Essex Market Watch April 2013

Market Watch December 2012

Residential Sales: Residential sales in November 2012 increased 13.09% compared to November 2011.  Year to date sales are up 3.93%. The Listing Sale Ratio Year to date was 54% which indicates we are in a balanced market moving towards a Sellers Market.  Listings as a whole are down 3.10% year to date from the previous year.  With low inventories and steady demand we are expecting prices to rise. The Average Sale Price Year to Date was $175,287 compared to $170,105 YTD in 2011.

Condominium Sales: The condo market has significantly improved and now has a listing sales ratio of  55% year to date.  Average Sale Price year to date was $127,105 in 2012 compared to $119,485 YTD in November 2011.

This month we have broken down Average home price by area from WECAR Statistics.  This breakdown gives you an idea of how each area is performing this year compared to last year.

 

Nov 2011- Nov 2012 Area Sales

Market Watch November 2012

Market Watch November 2012

Residential Sales: Residential sales in October 2012 fell 2.67% compared to October 2011.  Year to date sales are up 3.27%. The Listing Sale Ratio Year to date was 54% which indicates we are in a balanced market moving towards a Sellers Market.  Listings as a whole are down 3.33% year to date from the previous year.  With low inventories and steady demand we are expecting prices to rise. The Average Sale Price Year to Date was $175,814 compared to $170,492 YTD in 2011.

Condominium Sales: The condo market has significantly improved and now has a listing sales ratio of  55% year to date.  This is causing prices to rise. Average Sale Price year to date was $127,719 in 2012 compared to $120,748 YTD in October 2011. Condos were one of the hardest hit by the recession in 2009. The market has shifted from a strong Buyers market with falling prices, to Seller’s market with rising prices. The 2009 September Listing Sales Ratio was 29%, condominiums have seen the greatest recovery of all property types.

Demand in Windsor continues to be fairly steady. Windsor continues to benefit from a strong auto sector.  As a result, unemployment, though still high, is improving.  Infrastructure spending continues to be significant. The Bridge is clearly proceeding, as well the City of Windsor, St. Clair College and the University of Windsor continue to invest in the downtown core.

There has been some articles in the Windsor Star lately which indicate the City’s Core is in decline.  WECAR statics show that average home prices in  downtown Windsor are not declining. The City’s downtown core, while not growing at the same rate as some area, is  holding its property values. As downtown properties are primarily 70 to 90 years old, the average home price is lower than newer homes areas in the city. Growth is also limited in the downtown core as for the most part, land is developed.  As with all Cities, certain areas perform better than others.  While some areas are struggling, other areas, such as Old Walkerville, are seeing reinvestment and resurgence in local business activity. The  large amount of investment in the downtown core,  should also prove beneficial, in the future.  We continue to have a positive outlook for the City of Windsor.