This November, the Windsor real estate market maintained the trend that has now been ongoing for four years by registering sales figures that are above the ten-year average for the region. However, 2018 did mark the second consecutive year that sales in Windsor have declined for the month of November. Year-to-date sales in the city were also down when compared to last year.
Overall, there were 480 homes that sold in the Windsor region this November. While this was the lowest of the last four years, it still exceeds the long term average set over the past ten years. While strong compared to historic norms, the year-to-date figures also showed a decline of activity in the Windsor region. There was a 10.6% decrease between 2017 and 2018 when comparing home sales over the first eleven months of the year. This year, there were 6,302 homes sold over that time-frame.
Supply in Windsor at Rock Bottom Levels
The supply of homes available to purchase in Windsor has been dropping steadily for the last ten years, and 2018 was no exception to that pattern. There were only 933 homes left for sale in the city at the end of November. This was 5.8% fewer than were available during November of 2017, which at the time was also a historical low.
The number of months of inventory remaining in the region matched the record low set last year, with only 1.9 months of inventory remaining. New listings were relatively unchanged compared to last year, with 623 homes being put up for sale during November. This was only 11 more than were listed during the same month last year.
Stranglehold on Supply Pushing Prices Upward
Prices in the Windsor area have certainly continued to climb, most likely strongly influenced by the very low supply of housing currently available in the region. The average price of a home sold during November was $288,311. This was a 10.6% year-over-year increase compared to 2017. Year-to-date prices were also on the rise. From January 1st through November 30th, the average price of a home in the region was $294,365, a 13.8% year-over-year increase.
Despite the slight decline in sales compared to last year, the Windsor real estate market remains both extremely active and competitive. Until something in the region shifts the pattern of extreme limits on supply, buyers can likely expect to see prices in the region continue to climb in the months ahead.
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