Here it is folks, the most widely anticipated release of local real estate market statistics in recent times. WECAR (Windsor Essex County Association of REALTORS) has released its April 2020 statistics. Our first full month into the Coronavirus crisis – let’s get into it!
In a nutshell the market has maintained an almost perfect balance. Listings and sales are down year over year at almost exactly the same rate (which is really to be expected when we’re all supposed to be staying home!) and average sale price actually went up year over year. As most local Realtors have been commenting, we’ve effectively pressed a “pause button” on our local market with mostly Buyers and Sellers who absolutely must buy or sell doing so. Sure, there are some people out looking for a deal, although in lower price points we’ve continued to see multiple offers with over asking sale prices and in the higher price points many Sellers sticking to their prices.
Listings are down 53.60% y/y at 445 listings and sales are down 54.89% y/y at 286 sales. Average price increased y/y by 0.08% to $352,463. The top 3 most popular styles were Ranch, Bungalow and Raised-ranch which indicates more activity in the lower price points seeing the 2 storey generally at a higher price point slip to 4th spot.
Where will the market be when the safety/virus aspect of this crisis is minimized and we’re left to deal with the economic fallout from all of this? Difficult to say right now but I expect that this depends largely on how long closures/restrictions are in effect and and the choices we all make regarding social distancing and our desire to get back to “life as normal”. It will be interesting to watch and see how the rush to open up and decisions made by our neighbours to the South translate into any increase in Covid19 cases.
In the meantime, as an essential service, we at REMAX are still here working for you. If you have any questions, please don’t hesitate to contact me anytime at 226-347-6945.
Take care and stay safe!
