With the second quarter of 2020 (April 1st through June 30th) now finished, we can see the effect that COVID-19 pandemic has had on the real estate market in Windsor and Essex County. Overall, we can see that the number of listings and sales have decreased significantly compared to the same period in 2019, but prices remain strong and there continues to be a great deal of interest in the properties that are available.
The number of houses sold in Windsor-Essex for Q2 was down 32% compared to last year, as 1,334 houses sold compared to 1,976 the year before. The number of listings was also down 33% (1,984 this year compared to 2,949 during the same time in 2019). With the uncertainty that many people are experiencing due to COVID-19, we can see that fewer sellers are listing, and fewer buyers are entering the real estate market.
Even though total sales and listings are down, the 10% increase in the average sales price suggests that there is still a great deal of demand for the homes that are available. Overall, 68% of listings sold, up 1% from the year before. Many buyers either have to or choose to still move forward with purchasing real estate despite the pandemic.
Bungalows and ranches continued to be the most popular home styles for buyers this quarter, followed by 2 storey homes, raised ranches, and 1 1/2 storey homes. Apartments and condos continued to attract attention on the market as well, and they showed an average price increase of almost $30,000 compared to the same period last year.
Even with more businesses opening back up in the area, these can still be exceptional and challenging times to try to buy or sell a home in. Let me help make this easier for you with expert guidance and the benefits of my years of experience working in real estate. I'm also here to make the process safer for you with virtual tours, digital paperwork and more. To get started, contact me or call me today at (519) 818-8989.
