Seller’s market to prevail in 2020, prices to rise 9%
The 2020 Windsor housing market outlook from RE/MAX is calling for a seller’s market to continue in the year ahead – conditions which also characterized market activity throughout 2019. The RE/MAX average residential sale price expectation for Windsor in 2020 is an increase of nine per cent. The trend is attributed to a rise in sales and fewer listings.
Housing affordability in the region is a concern to some homebuyers, as the average home price continues to rise thanks to multiple offer scenarios.
Move-over buyers from the Greater Toronto Area were a prevalent force impacting the Windsor housing market over the course of 2019. The region was and continues to be an attractive option for retirees and young professionals seeking affordability relative to the high prices in the GTA. Move-up buyers will continue to drive demand in the region in 2020.
The LaSalle neighbourhood will be one of the hottest communities to watch next year, attracting homebuyers thanks to its proximity to the U.S. border and the new border crossing at the Gordie Howe Bridge.
At the upper end of the price spectrum, Windsor’s luxury housing market has experienced immense growth over the last couple of years, however the number of luxury properties sold is expected to decrease through 2020.
Currently, Windsor has one month of inventory. This measure represents how long it will take to liquidate the properties that are currently listed for sale under existing market conditions. The busy 2020 spring season will likely see the number of days on market increase, as home sellers list their properties at higher prices.