Windsor-Essex County Real Estate Market Recap – November 1-8-2024

Stay updated on Windsor-Essex County’s real estate trends with our in-depth market recap for November 2023. This post offers valuable insights for buyers and sellers, covering current listings, average prices, sales, and more. Whether you're looking to buy, sell, or simply stay informed, this update is packed with essential information to guide your real estate decisions. Learn what factors are driving the market, what to expect moving forward, and how you can succeed in this competitive environment.

Windsor-Essex County Real Estate Market Update-November 2024

If you’re thinking of buying or selling a home in Windsor-Essex County, knowing the latest market trends is key. The real estate market here continues to thrive, but it’s more competitive than ever. Here’s a breakdown of what we’re seeing this month and what it means for you as a buyer or seller.

Current Market Overview

Residential Properties:

• Total Homes Listed: 245
• Homes Sold: 93
• Expired Listings: 20
• Cancelled Listings: 108
• Average Sale Price: $611,000
• Median Sale Price: $540,000
• Average Days on Market: 29 days

Condos:

• Condos Listed: 20
• Condos Sold: 7
• Expired Listings: 4
• Cancelled Listings: 9
• Median Sale Price for Condos: $474,000
• Average Days on Market for Condos: 28 days

Buyer Trends

Buyers are facing a competitive market in Windsor-Essex. Many listings are receiving multiple offers, and some buyers are waiving inspection or financing conditions to make their bids more attractive. Properties in the $299,000 to $399,000 range are especially popular, with certain homes selling well above list price.

What You Need to Know as a Buyer:

• Prepare for competition – If you’re looking at popular price points, expect bidding wars and consider having pre-inspections done.
• Understand the value – Some properties, even those listed higher, are worth the investment if they allow for upgrades like finishing basements or adding rooms, which can increase future value.

Seller Insights

Sellers are benefiting from high demand, but not all homes sell quickly. Price, condition, and location are essential. Homes in desirable locations that are priced right can see quick sales, while homes with higher asking prices may take longer.

What You Need to Know as a Seller:

• Set realistic expectations – While the market is strong, overpricing can lead to longer listing times.
• Highlight unique features – Buyers are willing to pay for well-maintained, move-in-ready homes. If your home offers these, it’s a strong selling point.

Real-Life Market Example

Recently, a client’s offer on a well-located three-bedroom home priced at $370,000 was outbid at $425,000, showing the market’s intensity. While competition is fierce, realistic pricing and flexibility can lead to successful transactions.

Bank of Canada Rate Cut Impact

The Bank of Canada recently cut interest rates by 0.5%, which could make mortgages more affordable for buyers. This shift may increase demand in the coming months, making it even more crucial for buyers to stay prepared and for sellers to set strategic prices.

Conclusion

Windsor-Essex County’s real estate market remains active, with plenty of opportunities for buyers and sellers. Staying informed about local trends, setting realistic expectations, and working with an experienced realtor can make all the difference. Whether you’re buying or selling, let’s work together to achieve your real estate goals.

For more guidance, reach out today for a personalized consultation.

Contact Information
📞 Phone: 1-519-259-9310
📧 Email: krisramotar@gmail.com