July home sales in Windsor-Essex climb to highest level so far in 2025

CBC

5 days ago

A more balanced housing market and a growing acceptance of economic uncertainty have helped drive home sales in Windsor-Essex to their highest levels yet in 2025, according to two real estate experts.
Home sales hit 504 in July, up from 471 in June and 491 in May, according to numbers from the Windsor Essex County Association of Realtors (WECAR).
The average home price was just over $592,000, up $10,000 from June.
Spring market activity was delayed by about three months due to federal and provincial elections and uncertainty caused by U.S. trade policy, according to Julianna Biondo, the president of WECAR.
But it's now returning to normal.
"Even though we still have a lot of uncertainty in regards to tariffs and things of that nature, I think everybody is still realizing, 'Well, I guess this is the new norm,'" Biondo said.
'Why not take the opportunity now?'
"And so they've been sitting on the fence long enough, and they're like, 'Well, you know, interest rates are still pretty good right now. And I still have a job. Things are stable enough. Why not take the opportunity now?' because you're seeing a lot of good opportunity in prices."
People looking to buy houses worth less than $600,000 are still having to compete with multiple offers and pay more than the asking price, she said.
But the market is more balanced when it comes to homes worth between $600,000 and $1 million, and it's a buyer's market for homes worth more than $1 million.
That creates a great opportunity for owners of entry-level homes to upgrade, Biondo said.
"You're going to be able to reap the most benefit from selling your entry-level homes, selling below $600,000 and being able to negotiate and get a great property at a great price in that $600 [thousand] to $1 million [range]."
Listings stayed stable and prices increased in July, suggesting that buyers are coming back to the market, said real estate agent Kareem Adeptu.
"They feel a little bit more confident, and sellers are also now realizing that they're not going to get the crazy prices that you would have gotten a few years ago," he said.
"So their expectations are dropping down a little bit, and buyers coming back to the market has now added a little bit more fuel to the markets."
The number of listings has climbed above 1,300 for the past three months, and more inventory has given buyers more negotiating power and the option to put more conditions on their offers, Adeptu said.
Adeptu echoed Biondo's assertion that buyers have acclimatized to the uncertainty wrought by the Trump administration, but he said asking prices have also come down from their pandemic-era highs — creating more consistency between buyers' and sellers' expectations.
Asked what people can expect from the market over the coming months, Adeptu said he expects to see an overall increase in activity with more listings and more buyers, while prices remain relatively flat.
He also expects to see more sales in what he described as the "luxury segment."
Biondo said the market typically experiences a lull in the summer before picking back up in the fall.
It's difficult to predict what will happen this winter, she said.