Here we are, 3 months after the imposed state of Emergency. We have had some re-opening happening in the province but, for most people, daily life has changed substantially in 2020. For many, the question of what is happening in Guelph and Wellington county real estate is still present. Some hesitant, some curious, and some excited of the current situation.
While sales and listing activity is down compared to last year as an effect of Covid-19, both are picking up. As a result, sale prices continued to increase while listings remained on the market for under a month.
The year to date sales volume is down by 11.65% over 2019 numbers, where 2020 sales volume to date are at $720M at end of May versus 2019 YTD sales volume of $815M. The unit sales were at 1166 for the county which is 19.53% lower than May 2019 YTD numbers of 1449 units sold.
With the stay at home legislation continuing through most of the month of May, unit sales were down 41.69% to 242 units for the month, and sales volume was down 37.62% to $149M sold compared to last May 2019 sales of 415 units and $238M. Further, with 365 new listings down 42.79% from last May, and demand starting to increase the sales/listing ratio was 66.3% which is slightly up 1.2% over last May, showing that the local real estate market is rebounding with more demand as the restrictions were beginning to be released through late Spring.
The year-over-year median sales price of $571,000 at end of May 2020 is up 13.07% just one year ago from 2019 median of $505,000. It also rose to $575,000 for the month at close of May 2020 for Wellington County. And year-to-date average sales prices continued that trend increasing 10.79% over 2019 resulting in an average sales price of $621,530 for YTD at end of May 2020 vs. $560,981 just one year ago.
During 2019, we saw a trend of homes staying on the market slightly longer than the previous year, however, with more demand for homes than supply available this year average days on market is trending downward. The average days on market was 29 days at end of May 2020 versus 32.4 days at end of May 2019.
Although there was a bit of a pause on the real estate market in Wellington County, the Spring market still showed healthy price increases on average and the average year to date sales prices in Wellington county for each type are:
Freehold Homes: $663,462 (Average sales price at end of May 2020)
Condominium homes: $434,479 (Average sales price at end of May 2020)
Vacant land sales: $525,648 (Average sales price at end of May 2020)
With our state of emergency continuing on into late Spring, our numbers in the upcoming months may change, but, for now real estate prices in Wellington county are still holding ground, and as always they are a safe and secure investment.
Keep healthy and stay safe!
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