Local house prices continue to rise steadily

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After taking a dip during the summer months, average monthly home sales prices in the Windsor region are on the rise again this fall.

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The November median sale price of $ 570,879 is the second highest monthly average on record after the April benchmark of $ 571,943. In October, the median sale price was $ 565,278.

“It seems consistent with what we’ve seen in previous months,” said Elica Berry, president of the Windsor-Essex County Realtors Association.

“It didn’t skyrocket like we saw last year. We stay the course with steady and minor increases.

“Compared to last year, it has grown quite a bit, but that’s the market across the country.”

November average sales prices were 36.58 percent or $ 152,885 higher than last November’s average of $ 417,994. During the first 11 months of the year, average sales prices have increased by 34.98% compared to 2020.

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Another indicator of market strength is that November sales of 626 homes exceeded November 2020 sales figures. It is the first time that the 2021 monthly sales figures dwarf their 2020 counterparts since June, when the market began to fall slightly.

Sales volume increased 12.59 percent in November compared to the previous year and listings were also up 35 percent.

Berry said home inventory is better than a year ago, but demand is so strong that about half of what goes on the market each month sells in 30 days.

“Inventory has improved slightly, but not enough to create price changes,” Berry said. “I don’t think we are going to see a drop in prices, even if we see more inventory right now. It’s still a seller’s market. “

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Berry added that he feels demand is also being driven by some concerns that interest rates will rise in the first half of 2022.

Manor Realty General Manager / Broker Rob Agnew admitted that he expected prices to drop a bit in the latter half of the year after the summer slowdown and knowing historical trends in November and December.

“This market is challenging historical norms,” ​​Agnew said.

“What strikes me is the sustained level of activity. The level of activity is what drives these prices.

“We have seen a lot of Toronto investors come out of the woodwork. They will buy the most horrible house because they can get reasonable financing and the potential profits are there on resale. “

Although the median price for the year has risen more than 32 percent compared to the first 11 months of 2020, the current median price of $ 501,000 has only risen $ 1,000 since June.

“Average price and median price this year are the two things I’ll be looking at,” Agnew said. “They are showing signs of stability.

“He tells me that the price points that we thought were artificially high have been affected by the arrival of the Toronto market and these prices are here to stay.”

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