The average residential sale price year to date is up 2.8% compared to 2011, with the number of sales year to date up 7.71%.
Sales were up 5.71% in July 2012 compared to July 2011, which is in line with the steady demand we are seeing in the Windsor-Essex market.
We continue to see inventory fall, Listings are down 1.7% year to date. The decline in inventory to 2,938 active residential listings for July 2012 is really the main trend which is effecting the market. With steady demand and declining inventory, Buyers are finding it more difficult to find their dream home. We are also seeing much more instances of multiple offers for properly priced homes.
One of the key indicators in the market is the Listing Sales Ratio. The Listing Sales ratio year to date was 53% which is up from 48% year to date 1 year ago. While still fairly balanced, a listing sales ratio of above 50% is an indication that we are now in a Sellers market, and we can continue to expect prices to rise.
With rising prices, it is essential to use up date sales comparable data and get the advice of someone that knows the local market. If you are thinking of buying or selling locally, choose a local realtor. Buckingham Realty is a locally owned and operated real estate brokerage, we have been proudly serving Windsor and Essex County since 1968.
INFRASTRUCTURE SPENDING: As mentioned in last months report, we feel Windsor continues to be poised for a strong recovery over the next several years. Infrastructure spending continues to be substantial in the area. July saw the announcement of a new HMCS Hunter site on Windsor Port Authority land on Mill street. HMCS has been located in an older out dated building on Ouellette for many years, and this move was long over due. While the $1.4 billion dollar new bridge is the largest investment by far in the area, the number of smaller $30 million to $70 million infrastructure projects will also help employment and housing demand over the next several years.
EMPLOYMENT: The current strong auto sector is helping employment in the area, which in turn helps housing demand. However, contract negotiations between the Ontario Government and teachers in the province may be having a negative effect on demand, as many teacher’s decision to buy or sell may be delayed until contracts are settled.