Windsor Ontario and Essex County Real Estate: Your December 1-3-2024 Market Recap

Are you curious about the latest trends in the Windsor Ontario and Essex County real estate market? With new mortgage rules and interest rate changes shaking things up, it’s essential to stay informed. Whether you're buying your first home, upgrading, or selling, knowing how the market is evolving can help you make the best decisions.

Hi, I’m Kris Ramotar, your trusted local real estate expert serving Windsor Ontario and Essex County. In this blog, I’ll break down the December 2024 market stats, share key insights for buyers and sellers, and give you my predictions for 2025. Let’s dive in!

December 2024 Real Estate Market Highlights

Market Stats at a Glance

• 277 homes listed on MLS.
• 131 homes sold in the same time frame.
• 32 expired listings and 147 canceled listings.
• Average home sale price: $579,000.
• Median home sale price: $506,000.
• Average days on market: 35 days.

Condo Market:

• 37 condos listed, but only 6 sold.
• Average condo sale price: $359,000.
• Median condo sale price: $315,000.
• Average days on market for condos: 16 days.

These numbers highlight a balanced market with opportunities for both buyers and sellers.

Insights for Home Buyers

1. Leverage Lower Interest Rates

The Bank of Canada recently cut its interest rate by 0.5%, bringing it to 3.25%. This makes borrowing more affordable, meaning your monthly mortgage payments could be lower. Additionally, new 30-year amortization options for first-time buyers can reduce monthly costs even further, though you’ll pay more in interest over time.

Pro Tip: Take advantage of these changes to secure a favorable mortgage and get into the market before competition heats up in 2025.

2. Expect Increased Competition in 2025

With rate cuts and new mortgage rules, more buyers are expected to enter the market next year. This could lead to:

• More bidding wars on well-priced homes.
• Unconditional offers becoming more common, especially for move-in-ready properties in desirable locations.

Advice for Buyers: Get pre-approved for a mortgage now to position yourself as a strong contender in competitive situations.

3. Focus on Long-Term Value

Not every home will see a bidding war. Properties needing TLC or located in less desirable areas may offer opportunities to negotiate a deal. If you’re willing to invest in renovations, you could build equity quickly.

Insights for Home Sellers

1. Presentation Matters

Homes that show well and are move-in ready are selling faster and often above list price. To attract buyers, focus on:

• Decluttering and staging.
• Highlighting key features like updated kitchens or bathrooms.
• Pricing competitively based on current market trends.

2. Timing is Everything

The December market tends to attract serious buyers who are ready to act. If you’re selling, now is the time to list your home while inventory remains low.

Key Tip: As more buyers enter the market in 2025, sellers can expect higher demand for well-presented homes.

3. Be Realistic and Flexible

The market rewards homes priced correctly. Overpricing can lead to longer days on market and fewer offers. Work with an experienced Realtor to analyze market data and set the right price.

What’s Ahead for 2025?

My Predictions

• Increased Demand: Rate cuts and longer amortization periods will attract more buyers.
• Rising Prices: Homes in good locations that are turnkey will continue to see higher offers and faster sales.
• Renewal Challenges: Some homeowners who bought at peak prices may face difficulties renewing their mortgages, potentially leading to more power-of-sale listings.

Potential Risks

• Layoffs and economic uncertainties could impact buyer confidence.
• Inflation and global trade factors may influence future interest rate changes.

The Windsor Ontario and Essex County real estate market is entering an exciting phase. Whether you’re a buyer or a seller, understanding the latest trends and preparing strategically can help you succeed in this evolving market.

If you’re thinking of buying, selling, or relocating, now is the perfect time to start planning your next move. As your local real estate expert, I’m here to guide you every step of the way.

Contact Me Today!
📞 519.259.9310
📧 krisramotar@gmail.com
🌐 krisramotar.com

Let’s discuss your goals and create a plan to help you succeed in the Windsor Essex County real estate market.

Ready to take the next step? Reach out now, and let’s make your real estate dreams a reality!