January 5, 2023 9:00am
Housing sales in the region ended 2022 on a sour note.
The Windsor Essex County Association of Realtor’s statistics for December show another drop in sales, a 51.8 per cent decline. December’s drop was the eighth month in a row sales fell following a phenomenal boom the past couple of years.
Overall, sales for 2022 plummeted by 25.6 per cent. Real estate agents closed the deal on 7,786 homes in 2021. Last year, 5,787 properties switched hands.
Market activity also dropped in December. The association said 383 listings went on the market compared to 407 in the same month of 2021. When the report was published, there were 975 properties up for sale.
However, for the entire year, listings were up 11.6 per cent. The association said 11,588 properties went on the market, compared to 10,379 in 2021.
There is good news for those on the hunt for a new home. Houses became a little more affordable in December. It was $473,642 last month, a drop of 17.67 per cent from $575,304 last December.
Housing prices peaked in March 2022 at $723,739 and have fallen 34.5 per cent.