ReMax Annual Housing Report: Windsor Essex

WINDSOR - ESSEX
Windsor-Essex’s fall housing market recovered by the end of 2014 from a long winter and delayed spring. Increasing consumer confidence from buyers and sellers buoyed the housing market as it returned to its norm after a slow year. Year-over-year sales data indicated that the market remained stable, as sales in 2014 were very similar to 2013.The average residential sale price in Windsor- Essex County increased five per cent in 2014, rising to approximately $192,200 from $183,518 in 2013.

There was a slight inventory shortage
in 2014, and the housing market in the coming year is expected to experience a similar shortage. However, if demand for new homes continues to grow, pressure should be taken off of the resale market,  motivating more resale properties to come on the market.Windsor-Essex is slowly recovering from a larger inventory shortage in 2013 and it is expected to require another year to fully balance.

First-time buyer activity has increased due to favourable interest rates. Affordability in the region is good for this demographic and increased affordability because of low interest rates mean that first-time buyers can purchase homes with higher value than the lower range. As such, the greatest market activity is
in properties resting near the average price range in Windsor-Essex, between $100,000 and $200,000.

Consistency and balance should characterize Windsor-Essex’s housing market throughout 2015. Property values are expected to increase roughly five per cent in 2015. New homes continue to earn market share and often come with much higher price tags. In fact, compared to previous years, the market has seen

Average Residential Sale Price, Windsor/Essex

AVERAGE RESIDENTIAL SALE PRICE

more homes selling in higher price ranges. Upper-end properties are selling more quickly and easily in Windsor-Essex than they ever have before.Twenty-five homes listed at $400,000 and above have sold to date in 2014, much more than in previous years. Many attribute this to a broadly- accepted positive sentiment both buyers and sellers have towards the market. A strong economy, favourable interest rates and encouraging industry expansion in Windsor-Essex have put the market on the rebound and are motivating buyers and sellers to engage with the market. 


View Full report:  http://download.remax.ca/PR/HMO2015/Report/OutlookKitchLonWind.pdf