More properties are going on the market, but housing sales in Windsor-Essex dropped for the fourth consecutive month, and the average price fell to its lowest level this year.
Last month, the average price of a home fell to $607,704, down 16 per cent from March's peak of $723,739. It's also a 6.1 per cent drop from May.
From January to June, the average price is still up more than 24.4 per cent over last year. However, the latest statistics from the Windsor Essex County Association of Realtors appear to back up a report by Desjardins predicting a drop in housing prices.
Last month's report clarified it anticipated a correction, not a collapse in housing prices, but called for a 30 per cent drop by the end of 2023. Windsor was one market it singled out for the steepest decline.
Sales in June fell 27.9 per cent compared to June 2021. A total of 545 properties switched owners, compared to 756. Year-to-date sales are down so far by 8.8 per cent. They decreased by 20.4 per cent in May, 18.9 per cent in April, and five per cent in March. The last time sales increased month over month was in February.
However, market activity, or the number of properties going on the market, increased 35.3 per cent over last June and is up 24.8 per cent so far in 2022.
There are currently 1,450 properties on the market across the region.