February 2018 stats have just been released by the Windsor Essex County Association of Realtors, and much like January, we have seen a big drop in the number of new Listings and Sales.
Compared to February of 2017, we saw a drop of 17.42% 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 26.02%.
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 Listings and Sales are down, the Average Price is still UP 8.47% compared this Feb 2017. In 2017, we had an average sales price of $264,750, and Year-To-Date for 2018 we are at $272,887. 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.
Only 18 homes (5.2%) sold, were under $100,000. Currently finding homes for under $100k in Windsor can be very difficult.
At the time of publishing this post, there were only 557 Active Residential RESALE Listings in our MLS system for Windsor/Essex County. (Search Criteria: Residential, Active, Windsor/Essex region, Res+Condo not including vacant land, house age 1+ not including new or to-be-built, no farm/agr or commercial).