by admin | Mar 27, 2013 | Uncategorized
RESIDENTIAL MARKET
The number of residential sales in Windsor and Essex County decreased 10.76% in February 2013, compared to February 2012. Despite the decrease in sales, the average price increased to $174,357 from in February 2012. The total new inventory of homes available for sale decreased 8.78% in February 2013, compared to February 2012. The February 2013 sales to listings ratio (listings sold expressed as a percent of listings received) was 56% which was the same as February 2012 2012. Over all Inventory levels are continuing to fall and sales are fairly steady, this is making it an excellent time to sell a home. We are anticipating prices to continue to rise this year.
CONDO MARKET
The number of condo sales in Windsor and Essex in February 2013 was 37. This compares to 35 condo sales in the same period of 2012. The average condo selling price was $138,022 in February 2013 an increase of 19.8% from 2012. As of February 28, 2013 there were 74 new condo listings received compared to 35 new condo listings in February 2012. The sales to list ratio (Listings sold expressed as a percent of Listings received) for February 28, 2013 period was 50% compared to 44% in February 2012.
The inventory of active condo listings as of February 28, 2013 was 218 units. This compares to 241 units in 2012 and is a decrease of 9.5%. The number of months of inventory represents the number of months it would take to sell current inventories at the current rate of sales activity, and is a further measure of the balance between housing supply and demand. It currently stands at 5.9 months. In 2012 it was 6.9 months.
Condos continue to recover strongly, having been one of the hardest in 2009. We continue to expect prices of Condos to rise this year.
Local News: Employment is likely the biggest issue Windsor currently faces. The current strong auto sector as well as massive infrastructure projects are helping employment stability, unemployment dropped to 9.2% in February 2013.
Over the past 12 months, StatsCan reports that Windsor’s population has increased by 1,300, employment is up by 2,300. With stonger employment and higher population, housing demand will increase, which will put further pressure on house prices.
by admin | Mar 11, 2013 | Buyers
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by admin | Feb 15, 2013 | Market Watch, Recent Works
RESIDENTIAL MARKET
The number of residential sales in Windsor and Essex County increased 16% in January 2013, compared to January 2012. Despite the increase in sales the average price decreased to $166,417 from $168,764 in January 2012. It should be noted that the average price was more a factor of certain county areas experiencing several less expensive sales than the prior year. When we Look at the Windsor area only, the average home price increased slightly. The January 2013 sales to listings ratio (listings sold expressed as a percent of listings received) was 45% which is up from 38% in 2012. As inventory shrinks and sales remain steady or grow, we are anticipating prices to rise.
CONDO MARKET
During the one month period ending January 31, 2013 there were 31 condominium sales in the market place. This compares to 28 condo sales in the same period of 2011 As of January 31, 2012 there were 67 condo listings received. This was the same amount of listings received in January 2012. The sales to list ratio (Listings sold expressed as a percent of Listings received) for January 31, 2013 period was 46%. In 2012 it was 42%. The inventory of active condo listings as of January 31, 2013 was 202 units. This compares to 224 units in 2012 and is a decrease of 9.8%. The number of months of inventory represents the number of months it would take to sell current inventories at the current rate of sales activity, and is a further measure of the balance between housing supply and demand. It currently stands at 6.5 months. In 2012 it was 6 months. The average condo selling price was $149,625 in January 2013 an increase of 24.5% from 2012. While we do feel there is upward price pressure on Condos, a 24% increase is more a factor of several more expensive units selling in January, than an indication of the market as a whole. The average listing during the period took 65 days to sell. Compared to 108 in 2012 and sold for 97% of the list price.
by admin | Jan 24, 2013 | Market Watch, Recent Works
RESIDENTIAL
During the twelve month period ending December 31, 2012 there were 4,933 residential sales in the market place this compares to 4,786 residential sales for the same period in 2011, an increase of 3%.
As of December 31, 2012 there were 9,061 residential listings received this compares to 9,364 in the same period for 2011, this is a decrease of 3% in residential listings received.
The sales to listings ratio (listings sold expressed as a percent of listings received) for the period was 54% in 2011 it was 51%.
The inventory of the active residential listings as of December 31, 2012 was 2,192, this compares to 2,450 in 2011. This is a decrease of 11% in active residential listings.
The number of months of inventory represents the number of months it would take to sell current inventories at the current rate of sales activity, and is a further measure of the balance between housing supply and demand. It currently stands at 5.3 months. In December 2011 it was 6.1 months.
The average residential selling price was $175,515 for the 12 month period ending December 31, 2012. This is an increase of 3% from 2011.
The average listing during the period took 74 days to sell (76 in 2011) and sold for 95% of the list price.
In the Market Watch for December 2012, we broke down changes in average residential sale price by area, while the overall average sale price increase is 3% in Windsor and Essex County, several areas performed better in 2012.
CONDO
During the twelve month period ending December 31, 2012 there were 442 condominium sales in the market place. This compares to 425 condo sales in the same period of 2011, an increase of 4%.
As of December 31, 2012 there were 809 condo listings received. This compares to 878 for the same period of 2011, a decrease of 8%.
The sales to list ratio (Listings sold expressed as a percent of Listings received) for the December 31, 2012 period was 55%. In 2011 it was 48%.
The inventory of active condo listings as of December 31, 2012 was 206 units. This compares to 227 units in 2011 and is a decrease of 9%.
The number of months of inventory represents the number of months it would take to sell current inventories at the current rate of sales activity, and is a further measure of the balance between housing supply and demand. It currently stands at 5.6 months. In 2011 it was 6.4 months.
The average condo selling price was $126,745 for the 12 month period an increase of 4% from 2011.
The average listing during the period took 83 days to sell. Compared to 101 in 2011 and sold for 96% of the list price.
by admin | Dec 19, 2012 | Mortgage
Mortgage Pre-Approval
One of the first steps when buying a home is getting pre-qualified for a mortgage. It is important to understand how much of a mortgage you can afford before you begin searching for a home.
I work with a selected group of mortgage professionals who are specially qualified to assist you in this area. If you would like to receive the latest rates, and meet with a mortgage professional, please contact me.
The following links are also helpful, if you would like to make some quick calculations.
House Hold Budget Calculator
Mortgage Affordability Calculator
Mortgage Payment Calculator
CMHC Calculator
Mortgage approval, has many factors, including but not limited to income and expenses, length of employment, and your credit rating. Do to the many factors which can effect a preapproval, the enclosed tools should be only used as a guide. Only a mortgage professional can give you an actual preapproval.
