Well, we did expect the residential numbers for March 2021 to be high but WOW! The average sale price in Windsor/Essex County is now $531,805 which is a 49.41% increase over March 2020! (although keep in mind, that’s when we entered the first lockdown and there was a bit of a lull in listings and sales while we came to terms with the new Coronavirus – remember it was only going to take 2 weeks to flatten the curve!).
There were 893 new listings last month which is an 11.49% increase over last year at this time but look at the sales …. 700 sales in March 2021 which is a 38.89% increase over last year in March!
For those interested in the median price, March 2021 is at $495,051 which is a 45.60% increase over last year. (*Median sale price is when you take all of the sale prices listed in numerical order and pick the price in the exact middle of the list, if there is an even number of sales, it is the average of the two middle prices).
The most popular style of homes sold in March 2021 were:
#1 – Bungalow (174 sales, avg price $450,315)
#2 – 2 Storey (127 sales, avg price $622,248)
#3 – Ranch (85 sales, avg price $600,965)
#4 – 1.5 Storey (81 sales, avg price $432,158)
#5 – Raised Ranch (54 sales, avg price $595,909)
Compared to last month, February 2021, we can see the sales per price range shift much higher! Check it out:
Price Range Feb 2021 March 2021
$0 – $159,900 5 5
$160,000 – $299,999 72 72
$300,000 – $449,999 194 255
$450,000 – $599,999 150 221
$600,000 – $749,999 65 123
$750,000 – $899,999 26 48
$900,000 – $1,199,999 13 18
1,20,0000 – 1,399,999 1 13
1,400,000 + 0 6
The under $300k range is unchanged however the $300-$600k range especially has exploded, and I want to really look at the $1.2 million + range. What an increase! Especially the over $1.4M mark we went from zero sales to six! New construction has certainly taken off, especially the luxury end of the market. With sewage capacity considerations for some of the municipalities, buildable land will become even more scarce and existing developments with capacity will sell out fast. With building material prices skyrocketing and labour costs also increasing dramatically, I expect we’ll be seeing a lot more of this in the months to come. If you’re thinking of building a new home. Don’t wait.
As far as sales by area, of course the Windsor/LaSalle/Tecumseh area carries the bulk, however activity in Amherstburg and Leamington is very strong.
What are we seeing on the ground? Based on our Team’s experience we’re seeing the number of offers on a property actually decreasing very slightly however the average price per offer has been increasing. What does this mean? Generally speaking, we are seeing more and more sales that have fewer offers but rather than that negatively affecting the sale price, it’s actually climbing. We don’t necessarily need to see 40 offers on a property for it to sell way over the asking price.
Where do we go from here? Well as Premiere Ford has announced we’re heading into another month-long “lockdown” whatever that actually means these days and in the past year generally the tighter the restrictions, the less listings we have and more interest from Buyers. What will this one be like? Who knows but it does feel as though, Buyers and Sellers are becoming more comfortable with trading in tighter restrictions, and it is our Spring Market so perhaps the decrease in number of listings this time will not be so profound? Time will tell.
What we do know is that we desperately need re-sale inventory and Essex County is also running out of new construction availability. If you are thinking of Selling, reach out to us – our Team of experienced agents will be happy to help make sense of this crazy market and help you understand what it all means to you.
Averages are great tools to discuss the general health of a local real estate market and even Nationally, but real estate ultimately is very specific and varies by street, neighbourhood and community not to mention home style and condition of the home. Let our Team help you understand what your home is worth so you can maximize your return in this Seller’s Market.
Ready to jump into the Buying end? We do this every day. Is it crazy out there? Yep. Impossible? nope. Let’s discuss your goals and use our experience to help make your home ownership dreams a reality. Are you renting and waiting for the market to cool before buying? Yeah, we’ve been waiting for that since 2015. The best time to buy real estate was 10 years ago, the second-best time is now.
Stay safe everyone!
Contact us at Angie Goulet & Associates 519-997-4460 or email TeamAngieGouletAndAssociates@gmail.com
RE/MAX Preferred Realty Ltd. – Brokerage.
