Windsor Ontario and  Essex County Real Estate Market Recap October 1-25 2024

Stay updated on the latest real estate trends in Windsor Ontario and  Essex County  with our October market recap. From current listings to selling trends, Kris Ramotar, your trusted Windsor realtor, provides valuable insights to help you make informed buying and selling decisions.

Windsor Ontario and  Essex County  Real Estate Market Recap October 1-25 2024

Thinking about buying or selling a home in Windsor Ontario and  Essex County ? The real estate market has shown some interesting trends this October, and understanding them can help you make smart decisions. Here is a breakdown of the latest stats, buyer and seller insights, and what to expect in the coming months. Whether you are a homeowner looking to sell or a buyer searching for your next home, these insights will guide you through the current market.

October Real Estate Stats in Windsor Ontario and  Essex County 

Here is where we stand as of October:

- Total Homes Listed: 844 

- Homes Sold: 358 

- Expired Listings: 74 

- Cancelled Listings: 401 

- Average Sale Price: 581,000 dollars 

- Median Sale Price: 535,000 dollars 

- Average Days on Market: 27 days 

Condo Market Stats

- Condos Listed: 72 

- Condos Sold: 29 

- Expired Listings: 12 

- Cancelled Listings: 35 

- Average Condo Sale Price: 440,000 dollars 

- Median Condo Sale Price: 405,000 dollars 

- Average Days on Market for Condos: 30 days 

These numbers provide a snapshot of the Windsor Ontario and  Essex County  real estate landscape. With more homes being listed and sold, there are opportunities on both sides whether you are planning to buy or sell.

Current Market Conditions for Buyers and Sellers

If you are looking to buy or sell, here is what to expect in the Windsor-Essex market

For Buyers 

The market remains competitive, with many homes receiving multiple offers. Some buyers are even making unconditional offers, meaning no home inspection or mortgage conditions. On the other hand, some homes are accepting conditional offers that may include clauses for inspections or financing. This market varies depending on location, condition, and seller motivation, which affects whether homes sell above or below the list price.

For Sellers 

Expectations play a big role. Homes in good condition, priced right, and located in desirable areas can attract multiple offers. But for homes that are not meeting buyers expectations, the market may take longer to generate interest. In some cases, sellers may relist at a higher price if they initially receive offers below expectations, which can delay the sale. Being flexible with price and conditions can increase your chances of a successful sale.

Real-Life Example Patience and Realism Pay Off

Recently, I helped a buyer make an offer on a move-in-ready home in a central location. Although we made a strong, conditional offer over the list price, the seller initially declined it, hoping for higher offers. The property sat on the market, and they eventually reached out to us to negotiate. After an inspection and securing financing, we reached an agreement that made everyone happy.

This story highlights how patience and realistic expectations can make a big difference in achieving a successful transaction.

Selling Tips for Homeowners in Windsor Ontario and  Essex County 

If you are a homeowner looking to sell in Windsor Ontario and  Essex County , here is what you should keep in mind

1. Be Realistic Price your home according to its condition, location, and market trends 

2. Stay Patient Some properties may sell quickly, while others may take a bit longer 

3. Flexible Terms Expect some back-and-forth negotiation and be open to reasonable conditions from buyers 

4. Professional Marketing Quality photos, videos, and virtual tours attract more serious buyers 

By understanding current market trends, you will be better prepared for a smooth selling experience.

Bank of Canada Interest Rate Update and How It Affects You

As of October, the Bank of Canada has cut its overnight lending rate by 0.5 percent. This rate cut could affect mortgage rates, making it easier for buyers to afford monthly payments and potentially qualify for loans. While fixed mortgage rates may take a bit of time to adjust, those with variable-rate mortgages will likely see a decrease in their payments right away. Lower rates could also increase competition among buyers, affecting property values across Windsor Ontario and  Essex County.

What to Expect Going Forward

As interest rates drop, the average sale price in Windsor Ontario and  Essex County may stabilize in the 575,000 to 600,000 dollar range. While some properties might sell for more, others may sell close to or under the list price, depending on factors like location, condition, and buyer interest.

Final Thoughts

The WWindsor Ontario and  Essex County real estate market offers unique opportunities, but understanding the current conditions can make a huge difference. Whether you are buying or selling, having the right approach and a knowledgeable realtor by your side can turn a complicated process into a smooth experience.

Need help buying or selling in Windsor Ontario and  Essex County Contact Kris Ramotar today for expert guidance and insights on the local market. Let us work together to make your real estate goals a reality.

Contact Information 

Phone 1.519.259.9310 

Email krisramotar at gmail.com

Stay informed with our weekly updates and do not hesitate to reach out for personalized advice.