Windsor-Essex County Association of REALTORS®

The number of homes sold through the MLS® System of the Windsor-Essex County Association of REALTORS® totaled 506 units in October 2024. This was up by 16.9% from October 2023.

Home sales were 11.9% below the five-year average and 14.3% below the 10-year average for the month of October.

On a year-to-date basis, home sales totaled 4,770 units over the first 10 months of the year. This was a minor increase of 2% from the same period in 2023.

“October saw a strong bounce back in sales compared to September, posting more than 500 sales for the sixth time in the past seven months. However, despite a solid influx of new listings, sales totals are still tracking below the long-term averages for this time of year,” said Maggie Chen, President of the Windsor-Essex County Association of REALTORS®. “The number of newly listed properties in October outpaced sales by more than 2 to 1, leaving overall inventory levels well above historic norms. On the pricing front the MLS® HPI Benchmark Price held steady, rising marginally for the third consecutive month. With ample supply and borrowing costs coming down, now could be the perfect opportunity for savvy buyers and sellers to find great deals. Reach out to a local REALTOR® for guidance and to make the most of the current market conditions.”

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 $582,800 in October 2024, increasing by 1.2% compared to October 2023.

The benchmark price for single-family homes was $628,600, a modest gain of 1.1% on a year-over-year basis in October. By comparison, the benchmark price for townhouse/row units was $430,900, down modestly by 1.4% compared to a year earlier, while the benchmark apartment price was $404,500, a minor increase of 1.4% from year-ago levels.

The average price of homes sold in October 2024 was $569,517, a moderate gain of 7.9% from October 2023.

The more comprehensive year-to-date average price was $565,883, increasing by 2.7% from the first 10 months of 2023.

The dollar value of all home sales in October 2024 was $288.2 million, a gain of 26.1% from the same month in 2023.

The number of new listings was up by 13.3% from October 2023. There were 1,149 new residential listings in October 2024. This was also the largest number of new listings added in the month of October in history.

New listings were 18.6% above the five-year average and 30% above the 10-year average for the month of October.

Active residential listings numbered 1,712 units on the market at the end of October, an increase of 11.6% from the end of October 2023. Active listings haven’t been this high in the month of October in more than five years.

Active listings were 40.7% above the five-year average and 30.2% above the 10-year average for the month of October.

Months of inventory numbered 3.4 at the end of October 2024, down from the 3.5 months recorded at the end of October 2023 and above the long-run average of 2.4 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.