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.