Windsor and area home sales rebound in February as more new listings become available
Residential sales activity recorded through the MLS® System of the Windsor-Essex County Association of REALTORS® numbered 459 units in February 2020. This was an increase of 12.5% from February 2019.
On a year-to-date basis, home sales totalled 796 units over the first two months of the year, down 4.8% from the same period in 2019.
“Following a slowdown in January, home sales rebounded in February alongside a pop in much-needed new listings,” said Lorraine Clark, President of the Windsor-Essex County Association of REALTORS®. “That said, with overall inventories still at record lows, prices continue to post big gains.”
The average price of homes sold in February 2020 was a record $376,432, up 20.2% from February 2019.
The more comprehensive year-to-date average price was $375,245, jumping 22.3% from the first two months of 2019.
There were 643 new residential listings in February 2020. This was an increase of 13.8% on a year-over-year basis.
Even so, overall supply continues to run at record lows. Active residential listings numbered 797 units at the end of February, down 7.1% from the end of February 2019 and marked the lowest reading for the month on record.
Months of inventory numbered 1.7 at the end of February 2020, down from the 2.1 months recorded at the end of February 2019 and a record low 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 February 2020 was $172.8 million, a large 35.2% increase from the same month in 2019. This was a new record for the month of February.
Sales of all property types numbered 499 units in February 2020, an increase of 11.4% from February 2019. The total value of all properties sold was $182.7 million, up 30.6% from February 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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