Windsor and area housing market put on pause in April as historic public health crisis keeps people indoors
Residential sales activity recorded through the MLS® System of the Windsor-Essex County Association of REALTORS® numbered 322 units in April 2020. This was a decline of 53.2% from April 2019.
On a year-to-date basis, home sales totalled 1,639 units over the first four months of the year. This was down 20.7% from the same period in 2019.
“Both demand and supply have been hit hard by the quick action by levels of government to stop the spread of COVID-19. Our local market is experiencing what most other markets across the country are facing, with both buyers and sellers following procedures and staying in their homes,” said Lorraine Clark, President of the Windsor-Essex County Association of REALTORS®. “With that being said, REALTORS have been deemed as an essential service to help clients navigate these challenging times and have adopted new strategies to comply with health and safety measures.”
The average price of homes sold in April 2020 was $345,771, edging up 1.8% from April 2019.
The more comprehensive year-to-date average price was $362,750, rising 12.1% from the first four months of 2019.
There were 483 new residential listings in April 2020. This was a decline of 53.2% on a year-over-year basis.
Overall supply continues to run near record lows. Active residential listings numbered 913 units at the end of April. This was a decrease of 12.8% from the end of April 2019 and marked the lowest reading for the month on record.
Months of inventory numbered 2.8 at the end of April 2020, up from the 1.5 months recorded at the end of April 2019 but below the long-run average of 3.6 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
The dollar value of all home sales in April 2020 was $111.3 million, falling by 52.3% from the same month in 2019.
Sales of all property types numbered 345 units in April 2020; this was a decline of 53.3% from April 2019. The total value of all properties sold was $129.5 million, declining by 51.5% from April 2019.
BOARD & ASSOCIATION INFORMATION
The Windsor-Essex County Association of REALTORS® (WECAR) is recognized as the voice and source for real estate by providing education and essential services to maximize professionalism and business opportunities of our Members so they are able to make a valid contribution to our Communities. WECAR is the oldest Real Estate Association/Board in Ontario and the second oldest in Canada, celebrating our 100th Anniversary in 2018 and represents over 1000 members and 90 firms.
WINDSOR-ESSEX COUNTY ASSOCIATION OF REALTORS®
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