Windsor-Essex County Association of REALTORS®

The number of homes sold through the MLS® System of the Windsor-Essex County Association of REALTORS® totaled 465 units in March 2024. This was a decrease of 4.5% from March 2023.

Home sales were 24.8% below the five-year average and 23.1% below the 10-year average for the month of March.

On a year-to-date basis, home sales totaled 1,154 units over the first three months of the year. This was a moderate gain of 4.2% from the same period in 2023.

"Similar to many other regions of Ontario, our local market experienced a decline in sales year-over-year. However, a closer look at the stats reveals emerging positive signs. Sales of MLS® listed homes increased for the third month in a row, reaching the highest single month total since summer of 2023. The surge in new listings in March also brought the monthly total almost inline with the usual patterns for this time of year,” said Maggie Chen, President of the Windsor-Essex County Association of REALTORS®. “With the number of newly listed properties outpacing sales by almost 2 to 1, the number of available homes now exceeds the average long-term figures. On the pricing front, the MLS® HPI Benchmark Composite Price rose for the third consecutive month, with townhouses showing notable year-over-year growth. It remains to be seen whether buyers will return in the short term or opt to wait for clear signals from the Bank of Canada regarding potential rate cuts in the coming months. Either way, we recommend reaching out to a local REALTOR® as they can provide valuable insights into what neighbourhoods and properties may suit your individual needs.”

The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. The overall MLS® HPI composite benchmark price was $576,600 in March 2024, increasing by 4.9% compared to March 2023.

The benchmark price for single-family homes was $625,800, a gain of 5% on a year-over-year basis in March. By comparison, the benchmark price for townhouse/row units was $433,900, up by 8.8% compared to a year earlier, while the benchmark apartment price was $387,500, a minor increase of 3.2% from year-ago levels.

The average price of homes sold in March 2024 was $564,760, increasing by 2.5% from March 2023.

The more comprehensive year-to-date average price was $554,370, a gain of 5.6% from the first three months of 2023.

The dollar value of all home sales in March 2024 was $262.6 million, down modestly by 2.1% from the same month in 2023.

The number of new listings saw a minor decrease of 1.1% (10 listings) from March 2023. There were 924 new residential listings in March 2024.

New listings were 5.4% below the five-year average and 3.9% above the 10-year average for the month of March.

Active residential listings numbered 1,210 units on the market at the end of March, a gain of 10.8% from the end of March 2023. Active listings haven’t been this high in the month of March in more than five years.

Active listings were 39.8% above the five-year average and 11.5% above the 10-year average for the month of March.

Months of inventory numbered 2.6 at the end of March 2024, up from the 2.2 months recorded at the end of March 2023 and above the long-run average of 1.9 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.