The final round of stats for 2018 have just been released by the Windsor Essex County Association of Realtors. Comparing December 2018 to December 2017, we saw an increase of 9.32% in the number of new listings (Market Activity) and a 8.01% drop in Sales. While you might think 8-9% changes are significant, really they aren’t. Decembers number of new listings and sales are typically 2 to 3 times lower than what we see in other months. December is always slow and a slight fluctuation does not change the status of the market. The December average residential sales price was $297,915.
One chart to take notice of below is the breakdown of the sales in each price range. In December 2018 we only saw 4 sales under $100,000. In the past, it was quite easy to find properties under $100,000 in our area. Im afraid those days are gone, and the only properties you will find in that price range are ones in need of extreme renovations.
In 2018 we saw an average residential sales price for $299,320 which is an increase of 12.92% (2017 average residential sales price was $265,068).
We are still experiencing an inventory shortage. Listings are still low, and the amount of buyers still remains high. Multiple offers are still for norm on the vast majority of properties, and this has driven up the Average Sales Price. In 2019, the RE/MAX Housing Outlook Report is predicting our average residential resale price will increase another 10%.