Windsor-Essex’s residential sales remain steady in July 2018, despite increasing prices and lower inventory, as reported by real estate platform Point2Homes.
Data showed that a total of 671 units were sold within the period, 5% lower compared to figures during the same period for the last three years but still higher than the usual July benchmark.
Daniel Hofgartner, President of the Windsor-Essex County Association of REALTORS, linked the fewer sales to dropping levels of inventory. The month of July saw only 1,076 residential properties being listed, reaching record lows. This was a 3.4% decline compared to 2017.
A significant slowdown active inventory was also recorded by Point2Homes, noting that “[It] was almost three times lower than the average for the same period, which currently stands at 2,725 listings.”
Residential listings tracked a similar trend and logged lower numbers in July. The total inventory was 940 units, down 6.3% from last year.
These limited listings have caused prices to hike. In fact, the average price of a home was $305,983, up a significant 21% compared to July 2017. The year-to-date price also rose, with the average figure of $292,188. This covers the 12.1% hike from the first half of 2017.
Point2Homes also highlighted the fact that Windsor’s sales remained strong despite multiple hiccups along the way.
“Overall, the dollar value of all homes sold in the area was up 15% on a year-to-year basis, standing at $205.3 million in July 2018, a record high for this month.”
“And even though there were only 712 units of all property types sold during the month of July, 6.2% fewer compared to the same month last year, the cumulated value of all properties went up 9.1%, to $218.9 million.”
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate