March 2018 stats have just been released by the Windsor Essex County Association of Realtors, and much like February, we have seen a drop in the number of New Residential Listings and Sales compared to the same time last year.
Compared to March of 2017, we saw a drop of 14.45% in New Residential Listings (Market Activity). Since we are seeing less homes come on the market, the number of Sales will follow that trend, with a drop of 26.21%. Less homes to consider will mean less sales.
While we are seeing a drop on paper, the market is still a strong SELLERS MARKET due to the lack of inventory! Even though the New Residential Listings and Sales are down, the Average Monthly Price is still UP 7.31% compared to March 2017.
In 2017, at the end of March the Year-To-Date average price was $246,775, and Year-To-Date for 2018 we are at $275,954, which is UP 11.82%.
We are still experiencing multiple offers on most properties with sale prices over asking. There are plenty of buyers out there, and not a lot of homes to consider.