Local realtors tout second busiest August in local market
“Sales rebounded sharply this spring after a slow start to the year,” said the president of the Windsor-Essex County Association of Realtors.
“We’re now back in near-record territory,” continued Daniel Hofgartner. “Overall inventories [are] still trending at record-lows, year-over-year price gains are back in the double digits.”
Sales climbed 1.2 per cent last month over last August as 669 home changed hands. The association says sales have not been this good since August 2016.
There were 918 new listings, down 2.9 per cent on a year-over-year basis. That means active listings now number 1,096.
Meanwhile, the price to buy a home in Windsor-Essex continues to climb. The average cost last month was $301,981, an increase of 19% from August 2017. Year-to-date the average price is $293,761. That is a 13.1 per cent increase from the first eight months of 2017.
The low number of homes indicates demand remains hot and that will push prices higher.