Residential Sales: Residential sales in October 2012 fell 2.67% compared to October 2011. Year to date sales are up 3.27%. The Listing Sale Ratio Year to date was 54% which indicates we are in a balanced market moving towards a Sellers Market. Listings as a whole are down 3.33% year to date from the previous year. With low inventories and steady demand we are expecting prices to rise. The Average Sale Price Year to Date was $175,814 compared to $170,492 YTD in 2011.
Condominium Sales: The condo market has significantly improved and now has a listing sales ratio of 55% year to date. This is causing prices to rise. Average Sale Price year to date was $127,719 in 2012 compared to $120,748 YTD in October 2011. Condos were one of the hardest hit by the recession in 2009. The market has shifted from a strong Buyers market with falling prices, to Seller’s market with rising prices. The 2009 September Listing Sales Ratio was 29%, condominiums have seen the greatest recovery of all property types.
Demand in Windsor continues to be fairly steady. Windsor continues to benefit from a strong auto sector. As a result, unemployment, though still high, is improving. Infrastructure spending continues to be significant. The Bridge is clearly proceeding, as well the City of Windsor, St. Clair College and the University of Windsor continue to invest in the downtown core.
There has been some articles in the Windsor Star lately which indicate the City’s Core is in decline. WECAR statics show that average home prices in downtown Windsor are not declining. The City’s downtown core, while not growing at the same rate as some area, is holding its property values. As downtown properties are primarily 70 to 90 years old, the average home price is lower than newer homes areas in the city. Growth is also limited in the downtown core as for the most part, land is developed. As with all Cities, certain areas perform better than others. While some areas are struggling, other areas, such as Old Walkerville, are seeing reinvestment and resurgence in local business activity. The large amount of investment in the downtown core, should also prove beneficial, in the future. We continue to have a positive outlook for the City of Windsor.