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21
Apr

RE/MAX 2016 Spring Market Trends Report released today

The 2016 Spring Market Trends Report summarizes average prices, sales activity, and trends for 25 regions in Canada, including Windsor-Essex during the first quarter of this year compared to the same period in 2015.

In addition, the report includes polling data that focuses on financial priorities and consumer optimism and largely focuses on millennials.

A welcomed trend for the region is that younger workers are returning to the region from out west as the local economy is benefitting from a renewed consumer confidence and a falling unemployment rate that recently fell below the national average. While real estate sales activity is up year-over-year in Windsor’s
core, activity in the surrounding areas has been exceptionally brisk.

The region witnessed a 19 per cent increase in residential sales during the first quarter of 2016 compared to the same period last year.

On average, one in three properties are attracting multiple offers with single-family properties in the $150,000 to $250,000 range at times seeing $30,000 to $60,000 over asking. These properties are often well-priced homes in desirable neighbourhoods.

Windsor-Essex key findings include

  • The average residential sale price in Q1 2016 was $211,211, up 11.4% from the previous year
  • A welcomed trend for the region is that younger workers are returning to the region from out west as the local economy is benefitting from a renewed consumer confidence and a falling unemployment rate that recently fell below the national average
  • The region witnessed a 19 per cent increase in residential sales during the first quarter of 2016 compared to the same period last year
  • On average, one in three properties are attracting multiple offers with single-family properties in the $150,000 to $250,000 range at times seeing $30,000 to $60,000 over asking

 

First-time buyers
Unlike some regions in Southwestern Ontario that are closer to Toronto, first-time buyers in Windsor-Essex still have a robust supply of affordable inventory. Alongside renewed consumer confidence and healthy job prospects, low interest rates are making Windsor-Essex a very attractive place for young families to live.

Condo Market
The region’s condo market has not seen any new developments this year. Competing demand for townhouses has limited the demand for apartment-style strata properties. Typical townhouse buyers are retirees who are looking for one floor ranch style properties with low maintenance fees. Popular pockets for townhouses are located in Tecumseh and Kingsville.

LUXURY HOMES
March’s sales activity in the luxury market was up modestly compared to last year with sales above $420,000 making up over six per cent of the market. Typical buyers are often move-up buyers with a dual income taking advantage of continued low interest rates.

Average Residential Sale Price 

(Q1, Year-Over-Year)

2015- $189,433

2016 – $211,211

FUTURE TRENDS

  • Consumer confidence is expected to remain high as more medium-sized companies move into the region and construction continues for the new bridge
  • While the Canadian dollar is still low, the local economy is expected to benefit from a healthy manufacturing sector

The complete national report can be found here.

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Assistant Editor