Windsor-Essex County Association of REALTORS®

The number of homes sold through the MLS® System of the Windsor-Essex County Association of REALTORS® totaled 507 units in April 2023. This was down by 20% from April 2022.

Home sales were 13.4% below the five-year average and 17.5% below the 10-year average for the month of April.

On a year-to-date basis, home sales totaled 1,606 units over the first four months of the year. This was a substantial decline of 36.3% from the same period in 2022.

"Although MLS® home sales in April were slightly below long-run averages, they reached their highest monthly total since June 2022, up nearly five percent from March totals,” said Marc Lalovich, President of the Windsor-Essex County Association of REALTORS® “Listings are beginning to return to the market and are in line with the usual numbers for this time of year. Sales are consistent, new listings are increasing, inventory is stable, and the market conditions are generally balanced. These conditions align with what we expect to see during the traditional spring market.”

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 $551,200 in April 2023, down sharply by 15.2% compared to April 2022.

The benchmark price for single-family homes was $595,400, a substantial decrease of 16.9% on a year-over-year basis in April. By comparison, the benchmark price for townhouse/row units was $373,800, a moderate decrease of 4.3% compared to a year earlier, while the benchmark apartment price was $383,500, up 1.7% from year-ago levels.

The average price of homes sold in April 2023 was $572,019, a decline of 16% from April 2022.

The more comprehensive year-to-date average price was $539,574, falling 20.6% from the first four months of 2022.

The dollar value of all home sales in April 2023 was $290 million, fell 32.8% from the same month in 2022.

The number of new listings was down by 20.3% from April 2022. There were 914 new residential listings in April 2023.

New listings were 1% below the five-year average and 1.5% below the 10-year average for the month of April.

Active residential listings numbered 1,098 units on the market at the end of April, an increase of 43.2% from the end of April 2022. Active listings haven’t been this high in the month of April in more than five years.

Active listings were 25.4% above the five-year average and 13% below the 10-year average for the month of April.

Months of inventory numbered 2.2 at the end of April 2023, up from the 1.2 months recorded at the end of April 2022 and on par with the long-run average of 2.2 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.