It is not a surprise to most people that real estate conditions in Windsor have been less than ideal for sellers for some time now, as prices were among the lowest in the country. However, there are now signs that the trend is bucking, providing some relief for sellers. As the average price of a home in Windsor jets up to $193,209, buyers may not be able to find the steals of deals that were available in Windsor not that long ago.
Year-over-Year Home Prices Leap Up 12%
The price of a home in Windsor was previously one of the best deals in Canada. However, improving economic conditions in the region seem to have started a price correction that is bringing home prices more in line with what we see in the rest of the country.
Last March, the average price of all types of homes in Windsor was $176,067. This year, the average is $193,209, a 12% increase. People in the market for a home should realize that the momentum seems (at present, at least) to be shifting towards the sellers’ side of the market.
Besides the economic boost, one other major factor that is driving up prices in the Windsor area is the overall low availability of homes for sale. According to the Windsor-Essex County Association of REALTORS, the number of homes available for purchase is among the lowest it has been over the past ten years.
When the March statistics were published, there were 2,014 homes for sale. At the same time last year, there were 6.7% more homes available to choose from. This means that home shoppers have to face fewer options on the market as well as contending with the equivalent rise in prices.Browse Homes for Sale in Windsor >>
Most Popular Homes Cost Between $100,00 and $179,999
Homes over $100,000 and under $180,000 are by far the most popular in Windsor at the moment. If this is the range you’re looking to buy in, you should have a lot of options when you’re shopping. You will also have to contend with greater competition from other buyers. In March, 175 homes sold in this price range, out of a total of 452 sales.
It is worth noting that this also demonstrates the increased activity on the home buyer front overall. In March of 2014, only 342 homes were sold. That’s a 32% increase.
Competition Highest in East Windsor
If you’re interested in buying a home in East Windsor, you should be prepared to move fast, and to have to be competitive with your bidding. There are two factors that we can see from March that indicate that this is the most competitive neighborhood currently.
The first is that East Windsor had fewer homes come up for sale than other parts of the city. While Downtown had more than 90 homes become available to people in the market for a new home, East Windsor had only 68. When taken in conjunction with the sales data, this represents a tight market. East Windsor had 58 sales in the same period, whereas central Windsor had only 40. This shows us that the homes coming up for sale in East Windsor are getting snapped up, which is something you need to be aware of if looking in that neighborhood.Browse Homes for Sale in Windsor >>