Holy climbing prices Batman! The September 2020 MLS® Statistics have just been released from WECAR (The Windsor Essex County Association of REALTORS®) for Windsor/Essex County and once again, prices are climbing!
The average residential sale price has climbed to $433,043 which is a 30.77% increase over this time last year! I can remember not all that long ago it was an incredible feat to have broken the $200k mark! What an amazing change in such a short period of time!
September saw 951 residential listings which is a 8.44% increase from Sept 2019 and 738 sales which is a whopping 32.26% increase from a year ago! It’s pretty clear that demand is far exceeding supply!
The top three most popular home styles for September 2020 were the Bungalow, Ranch and 2 Storey respectively.
Based on September 2020 being a bit of an unpredictable month, with schools opening back up and Ontario beginning to see spikes in cases of Covid 19 and entering a “second wave” of the virus – it’s pretty incredible that September 2020 managed to finish off so strong.
What does all this mean? Well if you’re a Buyer in the $200-$500k range, you’ve probably been dealing with continued multiple offers with many more properties than usual selling in the $100k-$150k over asking range. As a Buyer it can be extremely difficult to look at a list price online and have any idea of what this property will potentially sell for – especially for out of town Buyers who aren’t as familiar with the area. This is where we can help. Our Team at REMAX Preferred Realty, Team Angie Goulet & Associates monitors new listings/sales carefully and tracks as much data as possible with regards to number of offers etc. that we are a part of to be able to provide you with a better understanding of what the market looks like in the area and price point you’re in. Are you in a higher price range? This can be also be a challenge for Buyers as in the higher price ranges the listing strategy is more inconsistent and may be designed to attract multiple offers, listed at around fair market value or even overpriced in some cases.
We’re also there for our Seller clients who we can help with deciding on the best listing strategy and list price to best realize the most money and best terms possible for their home. Selecting the correct list price is very important and we can help.
What will October 2020 have in store for us? I guess we’ll have to see what this second wave of Covid 19 brings us. If we all do the things that worked well for us back in the spring, i’m optimistic that we will be successful in minimizing the number of cases and deaths in our Province and across Canada.
If you’re thinking of Buying or Selling – you need an experienced REALTOR® to help make sense of the current market conditions. These averages are wonderful for a basic health check and comparison from year to year but real estate is highly localized and is very different depending on your location and price range. I can help! Contact me anytime to discuss your specific situation.
Steve Blais, Sales Rep with REMAX Preferred Realty, Team Angie Goulet & Associates. Direct: 226-347-6945 or steve@steveblais.com.
Take care and stay safe!
