Windsor housing prices highest in decades, say realtors
CBC News | Posted: March 11, 2017 10:00 AM | Last Updated: March 11, 2017
A lack of homes on the market is a significant factor driving up prices, say realtors
Windsor housing prices are continuing to rise at a sizzling hot pace as winter comes to a close.
The average home sold for nearly $247,000 in February, which was an 18 per cent increase compared the average sale price during the same month last year, according to the latest figures from the Windsor-Essex County Association of Realtors.
February's average home sale price was also higher than any other month of 2016. The average price of a home peaked last year in May at $235,000.
Sale prices are now hitting numbers not seen since even before the economic crisis back in 2008, say realtors.
"I've talked to realtors who've been in the business 30 to 40 years and this is the first time they've seen this," said Kim Gazo, president of the realtors association.
Lack of housing inventory
A lack of homes on the market plays into the latest price spike as well. The tail end of winter is not a time when most people want to sell their house, Gazo explained.
With so few options, there can be bidding wars for those looking to nab their dream home.
"When there's a low inventory, you have the same 15 to 20 people chasing after the same house," Gazo said. "They get very competitive in their bids for the property."
Expecting a lot more houses to hit the market in spring, she hopes the influx will help drive prices down slightly and make house shopping much more reasonable.
"I'm hoping for more inventory to help balance things out a little bit," she said.