2024 came to an end and as we enter what some are saying will be a busy 2025, the effects of the Bank of Canada decisions, including the largest to date decrease were apparent to close out the calendar year.
The Windsor-Essex County Association of REALTORS® have released their December 2024 market update and the market showed a continuation of the trends we saw in previous months.
The average sales price of a home in Windsor-Essex sat at $585,542 for this past December, representing a 14.42% increase over December 2023 when the average price was only $511,759. To wrap up the year, the region finished with an average sale price of $578,108. This is a 3.91% increase over the end of year average of 556,380 in 2023.
Reported sales for December are similar to last year, a modest 0.41% increase year over year. 242 homes were sold this year and 241 homes were sold in 2023. The 242 homes brings the final tally for homes sold in Windsor-Essex to 5075. This is a 3.34% increase over 2023 when our area saw 4911 homes sold.
Market activity once again remained strong for our area. 399 homes were listed for sale at time of reporting, a 29.97% increase over the 307 homes listed for sale December 2023. For the year end wrap up, 11,548 homes were listed this year, a strong increase of 11.94% versus 10,316 through 2023.
The $420,000-$549,999 and $550,000-$699,999 price bands once again dominated the market with 171 and 152 sales respectively last month. For all of 2024, these two price bands were far and away the dominant areas of the market with 1,289 and 1,199 units sold this year with the next closest being the 360,000 - 419,999 price band with 678 sales.
The Bank of Canada's announcement schedule for 2025 is as follows:
Source: Windsor Essex County Association of REALTORS®
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Stats courtesy Windsor Essex County Association of REALTORS®; https://wecartech.com/wecfiles/stats_new/2024/dec/
