Windsor-Essex housing market showing signs of cooling off

The most recent report on home sales in Windsor-Essex indicates that the market may finally be starting to soften.

The Windsor-Essex County Association of Realtors (WECAR) released its July 2022 sales report on Wednesday. It shows year-to-year sales have dropped significantly from July 2021. A total of 393 properties were sold in the region last month, compared to 666 last July, a 40.99 per cent decline.

July was the fifth month in a row that produced a drop in the number of units sold.

The average sale price for a home, while still trending up, appeared to be slowing down in comparison to the June 2022 average. The report listed the average price at $557,989, a 2.1 per cent increase from July 2021. However, the increase was much lower than the one for June, when the average price of $607,704 was a 9.2 per cent increase from June 2021.

Market activity is still up. According to the report, there were 1,305 homes up for sale in Windsor-Essex in July, a 23.8 per cent increase from last year, when there were 1,054.

WECAR said that the average sale price is merely an estimate to establish sales trends, and is not necessarily the actual price of a home.

The complete July 2022 report can be found on the official WECAR website.

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