With the 2020 market for real estate in Windsor and Essex County underway, let’s look back at the first quarter of the year and see how it compares with the activity for the same time in 2019. For the period of January through March 2020, we can see that, while the number of sales has seen a small decrease, the number of listings and average sale price are both up.
The total number of sales is down 5% compared with the same quarter last year, while the number of listings taken is up 5%, showing that these numbers are consistent with what we saw the previous year. The average sales price is where we can really see what a strong seller’s market this remains, as this price has gone up 14% compared to Q1 2019. On average, a home sold for $374,651 in Q1 2020, up from $320,573 a year ago. This shows that there is high interest from buyers still, and sellers are benefiting from the increased prices. Homes under the average price continued to account for the majority of sales, with 60% of homes being sold for under that average price, the exact same level as the year before.
We do see a small decrease in the percentage of listings that sold during this quarter. Out of all listings, 63% sold compared to 71% in the same period last year.
Bungalows were once again the most popular style of home this quarter, followed by ranches, 2 storey homes, 1 ½ storey homes, and finally, raised ranches. Apartments and condominiums also saw an increase in their average sales price compared to the year before.
While the challenging circumstances in the world right now are affecting real estate like they are almost all other industries, there are still buyers and sellers who are ready to move forward now. Windsor-Essex also still remains an affordable market compared to many other cities in the province, helping it continue to be an attractive option for out-of-town buyers. We are committed to your safety while buying or selling a home, and can help you with virtual tours, online marketing, digital paperwork and more to ensure that you can still move forward with your real estate needs during these difficult times. To find out more about the current market conditions and how we can assist you in navigating them, contact Royal LePage Binder Real Estate today.
