Numbers show local housing sales market remains strong
Wednesday, October 7, 2015
The Windsor Star/Dave Battagello
The strong housing market in Windsor and Essex County continued in September, with sales up 17 per cent, compared to the same time last year, said the president of the Windsor Essex County Association of Realtors.
“We are continuing to see an increase in demand, which is positive,” Cameron Paine said after WECAR released sales numbers for September. “It means the economy in this area is good and there continues to be an upward pressure on price.”
Housing prices have increased nearly five per cent since the start of the year, he said.
“The inventory is down so there is a shortage of supply, which also is creating an upward pressure on prices,” Paine said.
The sales listing ratio — which divides the number of listings by the number of sales — reached 67 per cent in September. That’s the highest it has been in more than a decade, he said.
Anything that exceeds 60 per cent is a seller’s market, Paine said. The global economic crash around 2008-09 saw the ratio drop down to 38 per cent, but it has slowly continued to climb for the Windsor area.
“We’ve gone from a buyer’s market to balanced to now moving into a strong seller’s market,” he said.
Forest Glade, South Windsor and Tecumseh were the area’s hot spots in September, although all areas are showing some type of increase in sales, Paine said.
There were 508 residential properties sold last month with the most popular choice being bungalow/ranch homes with 158 sold.
The average sales price for homes in the Windsor area in September was $196,082 — an increase of just over $3,000 from a year ago when the average price was $192,993.
There were 1,997 available listings at the end of the month, according to WECAR.