Are you wondering how real estate is going in Guelph Wellington county this Spring? Well…Although the last month has been unprecedented in light of the co-vid crisis and home quarantine situation created by the State of Emergency declared in March, the first quarter fared well. With a blistering start to the year, real estate sales momentum continued into early March with increased demand, prices and sales activity. The strong start to the month, has masked much of the effects of Covid-19, which influenced the market towards the latter part of the month in Wellington County.
The year-over-year sales volume is up by 29.45% over 2019 numbers, where 2020 sales volume rose to $492M at end of last month over March 2019 YTD sales volume of $380M. The unit sales were up to 804 for the county which is 18.76% over March 2019 YTD numbers of 677 units sold.
Even with a bit of a pause at the end of March, unit sales were still up 10.56% to 314 units, and sales were up 20% to $193M sold compared to last March 2019 sales of 284 units and $161M. Further, with 468 new listings up 1.52%, and a 67.09% sales/listing ratio up 3.19%, the real estate market was holding its own last month.
The year-over-year median sales price of $569,000 at end of March 2020 is up 13.69% over 2019 numbers. It also rose from $545,423 at close of February 2020 for Wellington County. And year-to-date average sales price continued that trend increasing 8.97% over 2019 resulting in an average sales price of $608,890 at end of Q1.
During 2019, we saw a trend of homes staying on the market slightly longer than the previous year, however, with average days on market at 27 days at end of March 2020 versus 36 days at end of Q1 2019, looks like homes are still moving a bit quicker on the market.
The first couple months of 2020 had been an incredible start for the real estate market and the average year to date sales prices in Wellington county for each type are:
Freehold Homes: $664,090 (Average sales price at end of Q1 March 2020)
Condominium homes: $441,265 (Average sales price at end of Q1 March 2020)
Vacant land sales: $518,156 (Average sales price at end of Q1 March 2020)
With our state of emergency continuing on into May, our numbers in the upcoming months may change, but, for now real estate prices in Wellington county are still holding ground, and as always as a safe and secure investment.
Keep healthy and stay safe!
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.
Click here to view detailed market reports for each of the areas in Wellington County.