Wellington County 3rd Quarter Real Estate Market Update – ending September 2019

Where did the summer go?? Here we are already into the fourth quarter of 2019, and the year has been a blur!

The Wellington County real estate market is a healthy balanced Market at this time, as we move into the fourth quarter of 2019. Real estate sales activity has solid foundation and great outlook from year to date numbers, with prices continuing to increase in the area, however, seeing a bit of a drop in September as sales to listing ratio dropped substantially.

Click here for Q3 video Market review for end of September.

The year-over-year sales volume year to date is up by 18.51% over 2018 year to date numbers, and unit sales are up 12.41% YTD. September sales volume is also up 23.46% rising to $175M over September 2018’s sales volume of $141M, however, September sales volume is down from August 2019’s $189M the prior month.

Correspondingly, September’s unit sales are up by 27.31% to 289 units, over September 2018’s unit sales of 227. However, with 518 new listings last month, the Sales to Listings ratio is down almost 18% at 55.79% vs. almost 74% Sales to listings ratio the same time in 2018. Expired listings are also up 24% year to date over 2018 numbers.

The year-over-year median sales price at end of 3rd quarter is up 3.66% over same period in 2018. It rose from $477,500 in 2018 to $495,000 at end of September 2019 in Wellington County. And the trend of year-to-date average sales price continued to increase by 7.15% resulting in an average sales price of $571,640 at end of September 2019 vs. $533,481 just a year ago.

During this period, homes continued to stay on the market slightly longer than 2018 sales, with YTD average days on market at 33 days at end of September 2019 versus 31 days at September 2018.

Overall, we continue to see the trend of real estate sales prices continuing their steady rise across Wellington County. The average year to date sales prices in Wellington county are listed below for each type freehold vs. condominium:

Freehold Homes: $613,083 (Average sales price at September 2019)

Condominium homes: $398,104 (Average sales price at September 2019)

Vacant land sales: $455,027 (Average sales price at September 2019)

This continues to show that Wellington County’s real estate market is still quite healthy and in a Balanced market as we move into the fourth quarter of 2019.

If you’re considering a move, or purchasing a home in the Guelph area, let’s chat! You can reach me at 519-824-9050 ext. 235 or email me.

Wishing you and your family a very Happy Thanksgiving and a grateful fall!