The Windsor and Essex County real estate market experienced some growth throughout May. We’re going to break down the most important changes and explain what they mean for you!
Rising Home Sales and Prices
Compared to April, home sales increased 27% in May, which means that there is a strong demand for housing. The monthly average sales price has passed $600,000 for the first time this year. These numbers could mean that we are entering a seller’s market, and things will begin to be more competitive for buyers.
What Are People Buying?
While every type of home increased in price, two-storey homes jumped $83,000 in May, indicating a strong demand for this type of home. Additionally, condo sales spiked in May – 77 condos were sold in total. This may be because there are new condos regularly being built and introduced to the market.
Most Affordable Municipalities
Looking at the average listing prices between municipalities, Essex has the lowest at $472,042, and Leamington has the second lowest at $492,415. At over $300,00 more, Lakeshore’s average home price is the highest in the county at $840,456. If you’re a first-time buyer – Essex looks like the place to start!
It can be difficult to work out what these numbers mean for your personal real estate goals – there are a lot of variables to consider. If you’re thinking about buying or selling or simply want more information about our real estate market, get in touch with a Royal LePage Binder agent today!
Looking for an experienced REALTOR ® that specializes in real estate across Windsor and Essex County? At Royal LePage Binder Real Estate, we are focused on helping you unlock your future.
