Not only did those in the market for a new home in Windsor-Essex have fewer properties to choose from last month, but those selling their home may also have had more difficulty finding a buyer.
The Windsor Essex County Association of Realtors reported another drop in sales and listings in October compared to a year ago.
Sales slipped for the seventh consecutive month, 48.23 per cent from October 2021. It was also the most significant decline this year. Only 366 properties across the region changed hands compared to 707 12 months ago.
October's performance comes after sizeable declines in the three previous months. Sales fell 41.93 per cent in September, 42.12 per cent in August, and 40.9 per cent in July.
So far this year, sales have slid 21.75 per cent compared to last year.
Realtors also found fewer homeowners willing to put their homes on the market last month. Market activity took an 11.76 per cent dive as 765 property owners put out the for sale sign, compared to 867 in October 2021. There were 1,323 properties for sale when the association published its October statistics.
As for the average price of a home in Windsor-Essex, that fell 4.26 per cent to $542,707. A buyer could expect to pay $566,857 one year ago.
Home prices peaked last March at $723,739 and have fallen by more than $180,000.
Year-to-date figures suggest the average price is still up from a year ago by 14.85 per cent.
