February Real Estate StatsThe average sale price went up over the last month by 3.23% to $532,777, and the median sale price also increased 3.69% to $492,000. Over the last 2 months both are up
Windsor Essex Stats February 2023
Dated: March 1 2023
February Real Estate Stats
The average sale price went up over the last month by 3.23% to $532,777, and the median sale price also increased 3.69% to $492,000. Over the last 2 months both are up around 10%-12%. Mortgage rates have come off their peak a bit so this would be refelcted in the increased prices.
For February there were 281 residentail sales, which was a small increase from January that had 244 sales. Historically these are moderately weak numbers.
Year over year our sales are down 52%. In February of 2022 we had 593 sales. Granted 2022 sales exploded, so using 2022 as a comparable for the next few months will make 2023 seem horrible. Year over year comparisons are more general economic indicators and not really relevant to people wishing to buy or sell now. Month over month data is more important.
February saw 621 new listings which was up a little from January's 598. The sale to listing ratio is pretty much back to historical norms of just below 50%. It has been 4 or 5 years now, but only half the listings selling in a month was always pretty normal for us Realtors who have been doing this for multiple decades. (Yes I am old).
We are entering the spring market which is usually the busiest, and with mortgage rates pretty steady and off their highs I would expect prices to stay around here unless something dramatic to long term bond rates happens for March. If the Bank of Canada raises the fed rate again, short term mortgage rates and variable rate mortgages could tick up.
The vast majority of sales activity is in the $420,000-$700,000 range. Lower end prices have actually held up pretty well, or gone down the least from the 2022 highs. That would be mainly due to higher mortgage rates lowering borrowers approval amounts.
This was actually written by me not ChatGPT or another A.I. system. I am not a cyborg, yet.
If you have any questions or need the services of a ruggedly handsome Realtor with 23 years experience don't hesitate to contact me. Spring is almost here.
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