Not only are those selling their homes getting less on the market than they did a year ago, but there are also fewer homes to choose from for prospective buyers.
The Windsor Essex County Association of Realtors said market activity cooled in February as real estate agents listed 621 properties for sale compared to the 692 put on the market 12 months ago.
The dip so far this year is far less pronounced, down just 0.9 per cent, but it's another indicator that the local housing market has cooled significantly in the past year.
Housing sales continued to decline last month, a drop of 52.6 per cent, as realtors managed to sign the deal on 281 homes compared to 593 last February.
Already this year, total sales have been cut in half. A year ago, 593 properties switched hands. Last month, the number was just 281.
The good news for those who want to buy is prices are still dropping. A year ago, homes were selling for $716,453 on average. Now, it's $524,288. That's a drop of 25.6 per cent from a year ago and 26.3 per cent from last March's peak of $723,739.
Most homes up for sale last month in Windsor-Essex sold for between $360,000 and $550,000.
