Real estate sales have tumbled in Windsor and Essex

Real estate sales have tumbled in Windsor and Essex County in first three months of the year because of a scarcity of available listings, according to one real estate company.

Re/Max issued its spring market outlook report Tuesday, which predicts roughly a 10 per cent increase in the price of a home. Notably, there has been a large drop in residential listings.

“High demand, low inventory is really the story,” said Chris Alexander, executive vice president for Re/Max, who oversees Ontario and Atlantic Canada.

The average January-February sales price for the Windsor area jumped to $272,080 from $234,110 from the same two months in 2017 — a 16.2 per cent increase, the Re/Max report said.

Denny Laurin, a local manager for Re/Max, spoke to one of our Mediaplex reporters. Check out the interview: