May 2024 Market Update

‼️ Market Update Alert ‼️
May 2024 has come to an end and the Windsor Essex Real Estate stats are in!
The month of May was very similar to what we have seen throughout the year of 2024 so far with an average sale price of $575,014.
The listings did go up quite significantly with 1,240 new listings during the month contributing to 1,719 total active listings at the end of the month.
With 464 sales over the month this brough our Months of Inventory (MOI) ratio up to 3.7.
Each month we seem to be inching towards a balanced market as the MOI approaches 4. A balanced market is typically between 5-7 MOI.
The Bank of Canada will be meeting on Wednesday to deliberate on a decision about the interest rates and we will have a further update on the state of the market then.
Questions about our local market? Send us a DM!