The May 2020 stats have just been released by the Windsor Essex County Association of Realtors and we are already starting to see a rebound in the market. While the numbers are down compared to this time last year, they are rising compared to the previous month. Compared to May 2019, we saw a 36.71% decrease in the number of New Listings (Market Activity), and a 38.96% decrease in the number of Sales. Even with the restrictions and drop in volume, we are still seeing multiple offers on the majority of listings with sales prices over asking. We still saw an increase of 14.37% in the Average Residential Sales Price compared to May 2019 coming in at $384,311. The most popular style of home sold in May 2020 was the Bungalow with an average price of $318,049.
If you check the graphs below, you will see compared to last month, the numbers are trending upwards already. Over the next few weeks, if we see the government allow more businesses to open, i believe we will continue to see the Listings and Sales increase closer to what we have been seeing pre covid-19.
if you have any questions, please fee free to reach out!