Windsor Essex Market Watch April 2013
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.
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.