The COVID-19 pandemic has placed a big roadblock in the seller’s market that is Windsor-Essex real estate, according to figures released Tuesday.
The Windsor-Essex County Association of Realtors (WECAR)’s April sales figures reflect a slowdown in activity compared to the previous April, with social-distancing guidelines from the pandemic playing a significant role.
According to the statistics, the average sale price of a home in Windsor-Essex was $352,463, apaltry 0.08 per cent increase as compared to April of last year.
A total of 286 properties were sold in April, a total cut in over half from April 2019, when 634 properties were sold. The total amount of monthly listings was also down by over half. This April there were 455 listings, as compared to 909 the April before.
Much of the standstill is due to the fact that real estate agents are being asked not to hold live open houses or showings due to concerns about the coronavirus, but rather do virtual showings online. Lorraine Clark, president of WECAR, told BlackburnNewsWindsor.com last month that open house promotion is not taking place for the time being.
“We can’t tell the agents to stop doing them, but we can recommend, and so we’re not promoting the open houses,” said Clark.
Clark also pointed out that the pandemic has not cooled the notion of bidding wars for local properties, and that Windsor-Essex is still in the midst of a seller’s market.
Complete statistics for the month of April can be found on WECAR’s official website.
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