Selling a home in Windsor-Essex is relatively easy right now; it's buying a home that can be a challenge.
The Windsor-Essex County Association of Realtors says sales jumped another 25.44% last month as 567 homes changed owners. That compares to 452 homes last March. So far this year, housing sales have climbed 18.68% continuing a trend of sales increases over the past year.
Association President Norm Langlois says if you're in the market for a new home, the competition is fierce, and buyers are often paying more than the asking price.
"In a lot of cases, the realtors are being called and told they're in a multi-offer situation which means they have to go back to their clients," says Langlois. "If they really want the house they had better be really close to, or over asking."
In some instances, the selling price isn't even close to the listing price.
"[The realtor] submitted a home for sale on Victoria Ave. -- and it went into multiple offers, and it gleaned over $100,000 past asking."
However, nobody is getting rich. Langlois says ultimately, the payoff is short-lived. The seller ends up paying more than asking for their next home.
The average price of a home in March was $211,111 compared to $189,000 a year ago. That's a 9.77% increase. The highest sales are in the $140,000 to $179,999 range with 95 homes changing hands. Homes ranging in price between $100,000 and $139,999 are right behind with 93 sales.
The hottest market within the city is east Windsor and in the county, Amherstburg where agents listed 56 homes.
The Canada Mortgage and Housing Corporation is expected to release housing start figures for March on Friday.
