Seller's market in Windsor with record-low housing stock for sale
Spring will be a better time for buyers
Even though a slow-down is typical for end of the year when it comes to real estate, a record-low housing stock has led to bidding wars in Windsor-Essex.
Joe Morden closed on a house on Parent Avenue recently. But getting there wasn't easy.
He looked at eight homes, bid on four and was outbid on three of those.
"There's not enough stock on the market right now, which is causing the prices to skyrocket," said Morden.
According to a report from Windsor-Essex County Association of Realtors, home sales in 2018 went down 9.8 per cent compared to 2017. The average sale price was $294,573 last year, which is 13.3 per cent higher compared to 2017's average.
Jim Broad, sales representative for Coldwell Banker Essential Realty, said last week a duplex was sold for $16,000 over the listed price.
"The amount of offers on one property, it is fluctuating back and forth," he said.
Broad gave a number of examples of properties, saying some received five offers and one home received 17 offers.
One thing that is more certain is that the lower-priced homes are much more difficult to find now.
Broad said he did a search for a buyer for homes in Windsor-Essex listed anywhere between $70,000 to $100,000, and there was only one.
"It needed a lot of work," he said. Listed for $79,000, the home went for $105,000 after receiving a minimum of six offers.
Broad said despite the slow down in December, it was still a good month for realtors.
For buyers, Broad said spring will be a better time.
With files from Stacey Janzer