Well everyone, Windsor/Essex County has now broken the half Million Dollar threshold for average sale price … and then some. January 2021 statistics are just in from WECAR (The Windsor Essex County Association of Realtors) and what a month it’s been.
Let’s jump in! The new average sale price in Windsor/Essex is now $510,716 which is a 35.37% increase from January 2020. What an unbelievable increase especially during a pandemic!
New listings were at 475 which is down 12.84% from this time in 2020 and sales were at 401 which is up 26.50% from this time in 2020. Super low inventory levels (possibly due to January province-wide lockdown?) combined with continued high demand are perfect recipe for the extremely competitive market we’re currently finding ourselves in.
New construction is also incredibly hot with many builders selling out of lots in certain developments seemingly overnight and are working hard to secure more land with which to develop as demand continues to climb. Thinking of building? Secure your lot now!
The market, also driven by continued low interest rates and a steady flow of out of town buyers, currently shows no signs of softening. What will happen when the lockdown ends and we can ease restrictions? Will that combined with a typical seasonal Spring market introduce a flood of new listings into the market providing a bit of a break for battle weary Buyers? Only time will tell!
Whether you call this a good or bad market depends on what side of the Selling Table you sit on but ultimately, the multiple offer scenarios continue. Especially in the extremely active $300k-$450k range. The $450k-$600 range follows closely behind with the $160k-$300k and $600-$749,999 segments also very active.
The most popular home styles for January 2021 were:
- Bungalow (average sale price of $400,259)
- 2 Storey (average sale price of $654,814)
- Ranch (average sale price of $503,598)
- Raised Ranch (average sale price of $534,705)
- 1.5 Storey (average sale price of $380,310)
It’s also quite interesting to take a 10-year look at the market from 2011 to 2021. Especially from 2015 to 2021 when the market really began to climb quickly. Remember in 2015 when we said, should we wait it out? How long can this last? In many cases those who waited and waited for the market to decline found themselves with a market climbing faster than they could save.
Question: does this mean my home went up 35.37% since Jan 2020? That would be fantastic! But that’s just not the case. The averages are wonderful for assisting us with understanding the general health of our market but it will be different for everyone based on price segment, property type, location etc.
Our Team would be happy to assist you with understanding what these statistics mean to you whether you’re buying or selling. Contact us anytime for a free, no obligation consultation and we’ll walk you through what you can expect from first time buying to downsizing, we’re happy to help!
Contact us at teamangiegouletandassociates@gmail.com or call us at 519-997-4460.
