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Year to date MLS residential sales totaled 2,083 at the end of May for all of Windsor Essex, this sales number was up 10.97% from one year ago.
The average sale price for the first 5 month of the year totaled $171,896 compared to $162,563 for the same period last year. This marks an increase of 5.7%.
May’s Average Residential Sale Price was up 1.08% compared to one year ago. The May average sale price for residential came in at $177,789. This is highest average price for the month of May on record.
While other areas in Canada have seen significant inflation, Windsor continues to have average home prices of less than half the national average. With the current strong auto-sector, and the enormous amount of infrastructure spending in the area, consumer confidence in the area is returning. With prices on the rise, now more than ever is a good time to invest in the Windsor Essex area.
Listing Inventory continues to remain low with only 904 new listings in May. May’s total listing residential inventory of 3,071 Units the lowest level for the month of May since 2003.
10 of the last 12 months had lower new listing inventory compared to the year before, and May of this year was no exception. With continued low levels of inventory, the market is seeing more multiple offer situations for properties that are priced close to market value. We predict prices will continue to rise as they have for the past 2 years.
The increase in sales combined with low levels of inventory continues to push prices up. With rising prices, it is essential to use the services of a realtor, to ensure you have the latest up-to-date data, and receive professional advise when buying or selling a home.