Windsor home sales, prices plummet to cap off 2022

The average sale price of a home in Windsor-Essex might have hit a new high this year, but it didn't last for long.  (Sheryl Nadler/CBC - image credit)
The average sale price of a home in Windsor-Essex might have hit a new high this year, but it didn't last for long. (Sheryl Nadler/CBC - image credit)

While Windsor-Essex's housing market was on fire at the start of 2022, it cooled significantly by the year's end, based on the latest real estate numbers.

In March, the average price of a home in Windsor-Essex hit a record high of $723,739. Within that month, sales for the year also peaked at 698.

But in December, the average price for a home in Windsor plummeted to $473,642 — about $250,000 less than what houses were selling for at their peak in the springtime.

Overall, the average sale price of a house in Windsor-Essex for 2022 was $616,642 — an increase of about 12 per cent over the previous year, and about $280,000 more than the average sale price in 2019.

Not only was December's average sale price the lowest for 2022, it was the month that also had the fewest number of sales, with 230 homes being sold.

Compared to December 2021, sales were 50 per cent lower.

Multiple interest rate hikes throughout 2022 have weakened demand, causing sales and prices to drop.

The Bank of Canada raised its standard-setting benchmark rate seven times in 2022 in an attempt to tackle inflation.

In their predictions for Windsor-Essex's real estate market in 2023, experts told CBC News that they anticipate interest rates will fall later in the year.

For buyers, experts advised them to buy now, because when interest rates drop, prices will likely go up once again.

Meanwhile, for sellers, experts advised that if they have to put their house on the market at the beginning of 2023, that they market the property as best as they can.