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Windsor Real Estate Market February 2020

Windsor Real Estate Market February 2020

Windsor Real Estate Market February 2020

 

The February 2020 for the Windsor real estate market was historical and was great for the Sellers. It was a sellers market !!  Usually, as prices go up, more people decide to sell. But this was not the case for the Windsor real estate market because, inventory was low.  Even though there were 761 listings in February 2020 which was a 14.09% increase compared to February 2019, these were still not enough for the Windsor real estate market. The number of sales in February 2020 was up by 8.7% compared to February 2019.  This means that this is a seller’s market with more and more prospective buyers competing for fewer listings. As a seller in this current marketplace, you are in a great position of demand outpacing supply.

2020 YTD compared to 2019

Average sales price 2020 $381,999  up 21.56%

Listings 1141 up 2.7%

This market is great for Buyers too!! Why? Because of the Coronavirus, the Bank of Canada has reduced the overnight lending rate by 0.5% to try to combat the anticipated economic slowdown because of Covid-19.  This likely is going to cause the mortgage rates to go back down to below 3% and given that the inflation is at about 2%, this makes it really cheap to borrow money for the Buyers.

Overall, we are in a unique period for both Sellers and Buyers to take advantage of on residential real estate due to the coming together of all these factors. This is what the February stats are telling us. Over the next months, you may hear “doom and gloom” reports from the media. Toronto is close in proximity to Windsor and Toronto was significantly affected by SARS but in the end prices rose through it Remember the old saying:

                        “Buy when no one is Buying and Sell when no one is selling”.

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Nejla Horasan

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