March 2020 has been the beginning of uncharted territory. The global pandemic of COVID-19 (aka the Corona Virus) has hit our region with the first positive tests starting to come back. In late March, the government forced the closure of all nonessential businesses, resulting in many people being out of work an laid off from their jobs. There is no doubt this will have an effect on the real estate market, but its my opinion that it will only be temporary. Once we are in the clear, buyers will jump back into the market, and we will pick up right where we left off.
March 2020 stats have just been released by the Windsor Essex County Association of Realtors. Compared to March 2019, we saw a 10.7% increase in the number of New Listings (Market Activity), and a 9.44% decrease in the number of Sales. Even with the restrictions, we are still seeing multiple offers on the majority of listings, and sales prices well over asking. We still saw an increase in the Average Residential Sales Price compared to March 2019 coming in at $357,874. The most popular style of home sold in March 2020 was the Bungalow with an average price of $281,020.
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