August historically has been a slower month for Real Estate listings and sales. With summer vacations in full swing, families enjoy spending time together before another fall School season begins and we all settle back into the daily grind.
This year, the summer season has been anything but traditional and August has been no exception. The average sale price in Windsor/Essex County has jumped again to $430,810 which is a 28.04% increase from August 2019! Listings are down by 1.27% at 936 units and Sales are up 17.61% at 728 units. So we’re certainly selling much more than we’re listing – so the low inventory situation we’ve been experiencing continues.
The top 3 most popular home styles sold in August were the Bungalow, Ranch and 2 Storey.
With so much uncertainty around the corner in September with regards to schools re-opening, Covid case spikes and possible second wave, it’s anyone’s guess as to what September will look like but since Real Estate is simply supply and demand and the demand continues to far exceed inventory levels, I expect that we will continue to see the sale price continue to increase with multiple offers continuing to create bidding frenzy in some price points.
Like I always say, averages are general tools but Real Estate is entirely price point and location specific so these numbers may not apply to your unique situation whether buying or selling. If you would like a better understanding of what the market looks like for your specific situation, give me a call at 226-347-6945, I would be happy to discuss what you can expect to see in this current marketplace.
