Market Update: February 2022 Update and Statistics

February 2022 saw yet another month with an increase in house prices in the Windsor real estate market. Buyers working their Windsor real estate agents to find Windsor homes for sale do not seem discouraged however, even with a brisk market. The number of sales continues to remain steady and there are no shortage of showings and open houses for houses for sale in Windsor-Essex county.

In the month of February the average sales price of a Windsor-area home hit $704,112. That is a $67,690 increase from January 2022 and a 44.7% increase from the same month last year. In the first two months of 2022, prices have risen $129,043.

Jump Realty REALTOR® and President of the Windsor-Essex County Association of REALTORS® Elica Berry described the market this way, “these numbers are mind boggling, these are such drastic increases. There’s nothing in the market that has changed in the past two months to account for these increases.” She went on to say that even with the Bank of Canada increasing interest rates, there doesn’t appear to be an end. “There’s no end to this even though the interest rates are increasing, the volume of offers we’re seeing — this market just isn’t slowing down whatsoever.”

The whole has shifted up as illustrated by the median sales price. In February it was $656,000, an increase of $126,000 from December 2021. As mentioned there doesn’t appear to be a shortage of buyers, with 549 sales in February, which is an increase of 8.9 per cent over January. In that batch of sales, there were 65 homes valued at $1 million or more. In addition, listings also increased by 17 per cent to a total of 581.

Here at Jump Realty our agents will give you honest advice on what course of action is best for you in their professional opinion and will always put taking care of your best interests first! With offices in Windsor, Tecumseh, Kingsville, LaSalle, and Chatham, no matter where you are, a Jump agent is ready to help. Please contact us for any housing needs and let us give you a better real estate experience!