The stats have just arrived for July 2020 from the Windsor Essex County Association of Realtors (WECAR) and the average sale price continues to climb here in Windsor/Essex!
The average sale price in Windsor/Essex County has now reached $427,107 (an amazing 24.73% increase over July 2019!!). Once again this month the lack of inventory in the region plays a large factor in the increasing value of homes in the area.
Listings for July 2020 were down 11.26% compared to July 2019 at 906 units but sales were up slightly by 5.06% y/y at 686 units. Supply and demand.
Multiple offers continue to occur and are becoming more regular in higher price points than we’ve seen in the past (which isn’t surprising due to our rapidly increasing average sale price). It wasn’t long ago that a home selling for $100k over asking price was rare and newsworthy, but these days it’s more of a daily occurrence than a rarity. We’re now even seeing homes selling for $150k+ over asking price! It’s a challenging time for Buyers and all the more reason you need an experienced REALTOR to help you navigate this market, understand real value and implement the best strategies possible to be successful in the Offer process.
The most popular style of home for July 2020 was the Bungalow with an average sale price of $338,332 followed by the 2 Storey and Ranch styles with an average price of $541,247 and $480,281 respectively.
It’s hard to believe that the Real Estate Market is performing so strongly in this region in the midst of a Global Pandemic. At this point based on the number of competing Offers I’m seeing and overall Buyer activity in the marketplace combined with crazy low inventory, I don’t see this trend levelling off or reversing any time soon. If you’ve been waiting for things to “cool down” before getting into the market, prices have been increasing significantly while you’ve been waiting.
As always, Real Estate is a local and specific animal and the averages discussed here may not apply to the specific location, price point or type of home that you are interested in Buying or Selling. If you would like to discuss your specific segment, give me a call – I would be happy to discuss what to expect for your situation.
Steve Blais, Sales Representative with REMAX Preferred Realty – Direct: 226-347-6945 or email: steve@steveblais.com
