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.

 

Market Watch March 2013

RESIDENTIAL MARKET

The number of residential sales in Windsor and Essex County decreased 10.76% in February 2013, compared to February 2012. Despite the decrease in sales, the average price increased to $174,357 from  in February 2012. The total new inventory of homes available for sale decreased 8.78% in February 2013, compared to February 2012. The February 2013 sales to listings ratio (listings sold expressed as a percent of listings received) was 56% which was the same as February 2012 2012.  Over all Inventory levels are continuing to fall and sales are fairly steady, this is making it an excellent time to sell a home. We are anticipating prices to continue to rise this year.

CONDO MARKET

The number of condo sales in Windsor and Essex in February 2013 was 37. This compares to 35 condo sales in the same period of 2012.  The average condo selling price was $138,022 in February 2013 an increase of 19.8% from 2012. As of February 28, 2013 there were 74 new condo listings received compared to 35 new condo listings in February 2012. The sales to list ratio (Listings sold expressed as a percent of Listings received) for February 28, 2013 period was 50% compared to 44% in February 2012.

The inventory of active condo listings as of  February 28, 2013 was 218 units. This compares to 241 units in 2012 and is a decrease of 9.5%. 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 5.9 months. In 2012 it was 6.9 months.

Condos continue to recover strongly, having been one of the hardest in 2009. We continue to expect prices of Condos to rise this year.

Local News:  Employment is likely the biggest issue Windsor currently faces. 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. With stonger employment and higher population, housing demand will increase, which will put further pressure on house prices.

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.

 

Service Guarantee

SERVICE GUARANTEE

Cameron’s Five Written Guarantees When You Sell Your Home

In consideration of our listing agreement on your home, I guarantee the following commitments and services to you.

1. “EASY EXIT LISTING” ~ If any time (before the offer!) you are not 100% satisfied with Cameron’s services, you can cancel our listing.
2. “COMPARABLE MARKET ANALYSIS” ~ Cameron will provide you with a detailed computerized market analysis, (not just printouts of listings), to help you in pricing your home to sell.
3. “COMMITMENT IN WRITING!” ~ A 15-point Marketing System ~In Writing~ for you to follow to ensure you’re getting what you signed for, or you can fire him!
4. “YOUR CALL RETURNED IN 1 HOUR.” ~ If Cameron doesn’t return your call within one hour of receiving your page, he will reduce your commission by $25 for each occurrence.
5. “Cameron WON’T FORGET YOU!” ~ Cameron will contact you at least once per week during the currency of the agreement or for every week missed he will take off $50.

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.