With 2019 over and the market for real estate in Windsor and Essex County starting to take shape for 2020, now is the perfect time to look at the numbers and see where the market stands as of the end of last year. The real estate stats for Windsor and Essex in Q4 2019 show that this continues to be a strong seller’s market, with houses selling for higher prices than the year before and listings selling quickly and often with multiple offers.
The total number of homes sold in Q4 2019 was down just 2% over the previous year, while the number of listings taken was up 1%. This shows that interest in both buying and selling is consistent in the final quarter of the year between 2018 and 2019.
The average price that homes have sold for has continued to increase. In the fourth quarter of 2019, the average sales price of a home was $338,824, an 11% increase over the same period in 2018. This means that buyers continued to pay more, while sellers were able to reap the benefits of increased demand and higher prices. Properties under this average price still accounted for the majority of sales in the region, with 60% of homes sold going for under this average price.
With 82% of listings selling compared with 84% during the same time last year, we can see continued interest from buyers when it comes to Windsor-Essex real estate, despite the higher prices.
Bungalows remained the most popular style of home for buyers this quarter, followed by 2 storey homes, ranches, raised ranches and 1 ½ storey homes. Apartments and condominiums also saw an increase in their average price compared to the year before.
Although prices are continuing to increase and interest remains extremely high, Windsor-Essex remains affordable compared to other markets in the province. Whether you’re interested in buying a new home and want help in navigating the current market conditions to find the right house, are looking for a great investment property, or are looking to sell your existing home, contact Royal LePage Binder Real Estate today. With over a hundred agents and with offices across Essex County, we’re here to help you with all of your real estate needs.