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Home prices may have stabilized in recent months, but it’s still a seller’s market in the Windsor area according to a September study of 29 Ontario communities by national online real estate firm Zoocasa.
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The study found that final sales prices in the region were 16.3 percent higher than the sales price in September. Windsor ranked third in the province behind Ottawa (27.8 percent on demand) and Whitby (16.4 percent).
Windsor’s median sales price of $ 453,210 was the lowest in the survey and was nearly $ 166,000 behind the next closest community (Kingston).
London’s median sales price of $ 645,425 was 2.62 percent above the sales price, placing the city in ninth place in Ontario.
“I think that selling above the asking price is part of the game that has been going on to set lower prices for houses and buyers know they have to pay $ 100,000 or more above the price,” said the Manor Realty manager / broker, Rob Agnew.
“The most realistic reflection of the market in the survey is the relationship between sales and new listings. That shows that Windsor is on the higher end of what is considered a balanced market.
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“We are definitely still a seller’s market, but we have a tendency towards equilibrium. That’s good for buyers. “
The percentage of sales of new listings locally in September was 63.2 percent. Zoocasa considers a balanced market one in which these percentages are between 40 and 60 percent.
However, September’s 63.2 percent is significantly lower than the 78.3 percent in March, when 700 of the 893 homes listed were sold.
The other cities with the highest percentages of the sale price were Oshawa (14.5), Ajax (13.3) and Waterloo (13.2).
Of the 13 communities where homes sold for above sale price, nine of them had median sales prices below $ 1 million.
Windsor’s median sale price was the lowest at $ 389,658. That was roughly $ 144,000 below the next lowest median sales price (Ottawa, $ 523,842).
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The median selling price in London was $ 628,960.
Windsor-Essex County Realtors Association President Damon Winney said smaller communities with lower sales prices continue to attract people from larger urban centers.
Winney said the double-digit bargaining frenzy of a few months ago has subsided.
“We continue to look very affordable in this area compared to the rest of Ontario,” Winney said.
“Looking across the province, there is still room (for prices) to grow.
“The good news for buyers is that the relationship between sales and listing has moved lower. There is still competition, but there is less. “
Surprisingly, many of the most popular markets in the greater Toronto area, such as the city of Toronto, Mississauga, Oakville and Hamilton, saw sales prices below the asking price in September.
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Final sales prices in Toronto were seven percent lower than requested, Mississauga (6.7), Hamilton (4.9), Oakville (12.9) and Burlington (8.8)
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Aside from Toronto’s balanced rating, the survey ranks all of those communities as seller’s markets because the number of buyers is keeping up with the number of new listings.
For example, for every 10 homes sold in Burlington, nearly 8.5 new buyers are entering the market.
“The sales to new listings ratio is still very strong in the Greater Toronto area and I think that’s more indicative of the health of the market than the price difference,” Winney said.
“I think there is a price expectation from sellers comparable to last May or June, but buyers are holding back and not giving them those prices. I think it is a sign of a healthier and more balanced market. “
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Reference-windsorstar.com