C21 LHT Q2 Market Update

June 2024 has come to end along with our Q2 & that means we have the new Windsor-Essex Real Estate Stats!
At the end of June there were 1838 active listings & 456 sales. This gives us a months of inventory ratio (MOI) of 4. At the beginning of the year, we were kind of in that 3 range & we have been creeping up towards 4.
The average sale price for the month is coming in at $571,952, so very similar to what we have seen from the rest of the year. So, what can you expect in quarters 3 and 4? Most likely we will see a lot of the same statistics. Unless suddenly CMHC and The Bank of Canada decide that monetary policies are going to change & the rates are going to come down significantly or if they extend amortizations out to 30 years, we expect a lot more of the same statistics. That being said we are going to keep creeping towards that balanced market, especially on the higher end properties & you are probably going to expect to see that average sale price stay right around the same as what is has been for the year which is the mid to high range of 5 at $570,364.
If you have any questions about this real estate market, please give any of our agents a call!