As reported on AM800 CKLW this week, our own Dan Gemus, host of The Dan Gemus Real Estate Show explained the latest results in the local real estate market.
After a very volatile month for listings and sales, the good news was with regards to the average price. As reported at the beginning of the Covid-19 pandemic, pricing is still extremely affordable in Windsor and Essex County. We expect prices to keep steady. The average price for homes in Windsor and the surrounding areas was $352,463. That’s an increase of 0.08% over April of last year. Year to date the average price is sitting at $368,242. That’s a far cry from the average sale price from just 5 years ago at $200,857.
Although prices held strong, the same couldn’t be said for active listings, they took a 53.60% dip in April 2020. Year to date listings are down 14.02%.
Homes sold were also down drastically in April with only 286 sales compared to 634 sales in April 2019. That equates to a 54.89% decrease. Sales are down 19.60% so far year to date.
We’ve seen quite an increase in calls and emails over the first week of May. We now see more buyers and sellers wanting to proceed with a move. It seems we’re starting to get accustomed to the new normal.
With Covid-19 very top of mind for buyers, sellers and the general public, Realtors in Windsor and around the country have had to adapt to new technologies in order to accommodate social distancing. Lucky for all of us on The Dan Gemus Real Estate Team, technology has always been a huge part of our offers for any of our sellers looking to make a move.
We’ll see whether or not the sellers market will switch over to a buyers market. As of right now, the signs point to a continued strong seller focused market.
Many are asking why real estate prices aren’t dropping across the area. The explanation lies in the fact that both buyers and sellers had slowed down. With most hitting the pause button in April, it helped keep the inventory stable and therefore the pricing remained on par. We expect this trend to continue across Windsor and Essex County for the foreseeable future.
As buyers and sellers start to gain a little more confidence in the social distancing measures, you’ll start to see the transactions back on the climb. In the meantime, The Dan Gemus Real Estate Team continues to offer all of our services and we have everything in place to offer market evaluations remotely if a home seller prefers that method.
For those home buyers that recently purchased a home, you can feel confident that the “bubble” is not going to pop. Our prices are still very competitive compared to the rest of the country. We’re still playing catch up!
To find all the latest Windsor & Essex County market update stats visit https://windsorrealestate.com
