October 2020 statistics have just arrived from the Windsor/Essex County Real Estate Board (WECAR). Inventory continues to be a struggle with listings down 2.60% from Oct 2019 at 830 units, however sales are up by 18.23% at 720 units. Demand continues to be strong while supply continues to be a challenge.
The average sale price is up 25.28% compared to last year and is now at $428,276. *For those who like to know the median numbers the median sale price is at $376,000 which is up 22.08% from Oct of last year. (*Median Sales Price is when you take all of the sales 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 home for October 2020 was the 2 Storey with an average sale price of $521,116. The Bungalow, Ranch, Raised Ranch and 1.5 Storey round out the top five respectively.
The most active residential price range was the $450,000-$499,900 range with 68 units sold.
In short if you’re thinking of selling, now is an excellent time to do so. Many people try to plan the sale of their home around the seasons but consider this: wouldn’t it be a wise choice to sell when demand is high and supply is low? regardless of what the weather outside looks like? In our line of work we often hear potential Sellers say “i’ll wait till Spring when it’s busier” and it may actually be busier but it’s also busier with other Sellers who also waited – so more listings on the market along with yours. Take advantage of the low inventory now!
If your’e a Buyer you’re likely still experiencing multiple offers with over asking sale prices (depending on your price point and type of home). Until we see an increase in inventory numbers, this will likely be the norm.
Averages paint a generalized picture of the health of a real estate market but looking at national and even regional “averages” isn’t good enough for your most important investment. Contact me today for an in-depth look at your particular situation considering your price point, location, home condition etc. and let’s put forth a strategy that works best for you.
Contact Steve Blais, Sales Rep. with RE/MAX Preferred Realty, Team Angie Goulet & Associates at 226-347-6945 today!
