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.