End of May 2024 review of Wellington County Real Estate
The Wellington County real estate market remains a balanced market in May despite the median sale price, average sale price, and unit sales being lower in comparison to this time last year. With a significant increase in new listings, there was also a higher number of expired listings.
Year to date numbers show a slight decrease in sales volume with end May at $1.008B in sales, down 3.5% compared to the $1.044 billion in sales for the region at the same time last year. Unit sales were also down 3% with 1227 units sold to date this year compared to the 1265 units sold last year at this time. However, there were 2,491 new listings YTD, up over 28% from last years 1942 listings by end of May.
Looking at the month of May itself, we again saw some impactful changes over the same month in 2023. May sales volume was $261 million in sales by the end of the month, down over 7% compared to May 2023 sales of $281 million for the region. Unit sales also followed this trend, down 2% with 311 units sold this year compared to the 318 units sold last year at this time. Additionally, there were 698 new listings in May, up 40% from last May’s 498 listings.
However, even with reduced sales volume, the prices in the region continued to maintain through the month of May. At this time, both median and average sale prices are slightly higher than they were last year at this time, showing the possibility of further growth for this market. The median sales price was $777,000 at end of May, up over 4% from May 2023’s median of $742,500. The year-to-date average sales prices were somewhat on par for with last year with $817,994 as the average sales price by end of May, which is 0.48% over last year’s average price of $814,060 at this time last year for the region.
Wellington County’s real estate market saw increased listings this past month and many of which were re-listed homes after expired listings and cancelled listings. There is some hesitancy by buyers in the region, however average prices in the region seem to be maintaining at this time regardless of the lower activity levels.
The average year to date sales prices in Wellington county for each type are:
- Freehold Homes: $921,509 (Average sales price at end of MAY 2024)
- Condominium homes: $613,163 (Average sales price at end of MAY 2024)
- Vacant land sales: $1,070,000.00 (Average sales price at end of MAY 2024)
Wellington County’s real estate is still experiencing some slight market corrections overall at the end of May 2024, and it is still taking a bit longer for some homes to sell with average days on market once again increased and is now almost 32 days for the county, up over 13% over last years 28 days on market.
Earlier this month, the Bank of Canada announced a 0.25% decrease in interest rates. This move has generated numerous inquiries and speculations about its impact on housing values, and how it might influence buyers’ and sellers’ plans. The rate cut, though anticipated, is a key event that could affect various aspects of your financial decisions. For those with variable-rate mortgages, this decrease might lower your payments or allow more of your payment to go towards the principal, potentially reducing your mortgage term. Fixed-rate mortgage holders facing renewals might find themselves in a challenging spot with higher rates than the post pandemic lows we experienced. This is a prime opportunity to seek expert advice and explore better options, possibly saving thousands over the life of your mortgage. I highly recommend consulting with a mortgage specialist to review and compare your options.
The rate cut’s influence on the real estate market was expected to boost buyer sentiment and confidence, possibly leading to more market activity. Buyers who have been waiting on the sidelines may re-enter the market, taking advantage of the current surplus of inventory. For home sellers, this is a crucial time to strategize your pricing and presentation to attract these buyers.
If you have any questions about navigating this market, whether you’re buying or selling, please reach out. I’m here to help you make the most informed decisions, so let’s chat if you’re thinking of making a move this year, give me a call at 519-824-9050 ext. 235 and let’s turn your real estate dreams into an address!
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