Windsor Ontario and Essex County Real Estate Market Update July 1-21/2023

🏡 Are you considering buying or selling a home or condo in Windsor Essex County? 🏡

Stay tuned! In this week's episode, I will be delving into the real estate statistics for the month of July in Windsor Essex County. Stick around till the end to discover the latest trends in the Windsor Essex County real estate market.

Greetings! I am Kris Ramotar, your local realtor, proudly serving Windsor Essex County. Over the years, my team and I have assisted numerous families in our community, including those relocating from other areas. Our mission is to provide you with the most up-to-date real estate market updates each week.

Let's dive into the numbers:

📈 For homes, we had a total of 761 listings on the MLS. During the same period, 282 homes found their happy owners, while 36 listings expired, and 243 were canceled. The average sale price reached a commendable $558,000, and the median sale price stood at almost $514,000. On average, it took just 20 days to sell a home in this vibrant market.

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🏢 As for condos, there were 73 listings on the MLS, with 31 condos successfully sold. Additionally, three listings expired, and 19 were canceled. The average sale price for condos settled at $380,000, while the median sale price slightly surpassed that, reaching $390,000. The average time it took to sell a condo was 23 days.

Now, let's delve into my personal observations and conversations with clients and colleagues to gain deeper insights into our current market.

🔍 Homebuyers, take note: Homes priced between $275,000 to $399,000 are still experiencing high demand, often leading to multiple offers, some exceeding 10 offers! We've even witnessed bully offers, where buyers make preemptive offers without financing or home inspection conditions. These properties are occasionally selling for over $50,000 above the asking price. While it's exciting for sellers, it can be a bit challenging for buyers, as my two clients, both first-time homebuyers, discovered this week. Despite our optimism, we lost out to stronger competing offers.

🏠 For homeowners looking to sell, the current market still favors you! The demand for homes is outpacing the supply, presenting a supply and demand issue. Homes are selling quickly, and if you're contemplating selling your property, now might be the perfect time to seize this opportunity.

Please don't hesitate to share your thoughts in the comments below. We value your feedback!

If you require any assistance or have questions, feel free to reach out to us. We'd love to have a conversation with you about your goals and how we can be of help.

Take care, stay safe, and have a fantastic day/week! See you soon! 👋

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