The statistics are in from WECAR (The Windsor Essex County Association of Realtors) and the market continues it’s strong start to 2020!
Many thought January’s strong start to the new year may have been a fluke that likely wouldn’t continue into February but here we are, still going strong.
The average price for February 2020 in Windsor/Essex has now reached $386,265 which is an increase of 19.09% compared to February of last year. There were 595 new listings which is an increase of 11.01% from this time last year and 427 sales which is an increase of 13.56% form February of 2019.
The Bungalow and Ranch style homes took 1st and 2nd in the most popular style category respectively with 2 storey, 1.5 storey and raised-ranch rounding out the top 5.
Low inventory continues to be the key factor in the jump in activity/prices combined with immigration and move up buyers.
The Bank of Canada just announced that it has slashed its key interest rate target by half a percentage point, dropping it to 1.25% lowering the borrowing costs for Canadians.
Is the Corona Virus going to affect the housing market in Windsor/Essex? are economic conditions changing locally that will affect the housing market? We’re watching conditions but so far are seeing no changes that are affecting the market negatively here in Windsor/Essex. If you’re selling, current low inventory conditions make this THE perfect time to sell. Buying? once again average price continues to rise, don’t wait for prices to continue rising – let’s find you your dream home now!
As always, the real estate market is a specific and localized animal. Averages from County-wide to Nation-wide are not enough to base your listing/buying strategy on. You need a REALTOR who can decipher the stats to understand what’s going on in YOUR price point/location.
Contact me anytime, I would be happy to discuss your real estate goals with you.
Steve Blais, Sales Representative with REMAX Preferred Realty Ltd. Direct: 226-347-6945 or steve@steveblais.com.
