Real Estate Market review for 2020 and Snapshot for 2021

The real estate market in Wellington County remains extremely strong as we head into 2021.  Unprecedented demand and low inventory of listings continued throughout the fourth quarter, leading to increases in sales volume and sale prices.  In spit of the pandemic, the market should remain strong throughout 2021 with persistent demand.  

Wellington County Real Estate 2020 Year End Market Review

The year to date sales volume for end of October 2020 is up 21% over 2019 numbers, where 2020 sales volume to date is at $2.153B at end of October over Oct 2019 YTD sales volume of $1.780B.  The unit sales were at 3291 for the county which is up 7.09% over October 2019 YTD numbers of 3073 units sold.

With the presence of Co-Vid still apparent, and although there were some restrictions in other regions our community continued with ongoing preventative measures. However, homes sales continued during the month with unit sales up 26.69% to 413 units for the month of October, and sales volume followed upward by 38.58% to $287M sold compared to last October 2019 sales of 326 units and $207M.   Further, with 434 new listings up 5.85%, and a 95.16% sales/listing ratio up 15.65%, the real estate market continued to showing some major effects from anxious and excited buyers still looking to get into the market and further magnifying our current seller’s market.

This continued spike in buyer activity brings the year-over-year median sales price of $587,823 at end of October 2020 up 12.83% from 2019 median of $520,975 just one year ago. The Median sales price also rose to $615,000 for the month at close of October 2020 for Wellington County.  And year-to-date average sales prices continued that trend increasing 12.17% over 2019 resulting in an average sales price of $647,951 for YTD at end of October 2020 vs. $577,637 just one year ago.

Although 2019 saw a trend of homes staying on the market slightly longer than the previous year, 2020 is continuing to show shorter average days on market at 27.70 days at end of October 2020 versus 33.2 days at end of October 2019, so homes are continuing to move quickly on the market and in less than a month on average!

Even with our Co-vid pause during the second quarter of 2020, our community continues to show how resilient the real estate market is and continues to push up prices in Wellington County. The average year to date sales prices in Wellington county for each type are:

Freehold Homes: $704,388 (Average sales price at end of OCT 2020)

Condominium homes: $464,379 (Average sales price at end of OCT 2020)

Vacant land sales: $485,427 (Average sales price at end of OCT 2020)

With our economy reverberating from the Pandemic lockdown, and now with the onset of the second wave of Co-Vid affects and increased numbers, things may change slightly in the region, especially if a second lockdown is required. However, for now real estate prices in Wellington county are holding strong and continue on the rise, and as always they are a safe and secure investment.

Keep healthy, stay safe and chat soon!

Here’s a look at where the market stands right now, and what you’ll want to keep an eye on moving forward in 2021.

LOW HOUSING INVENTORY

At the end of last year, tight inventory created a great market for sellers. Even if the market begins to cool, 2021 may still bring favourable conditions for sellers and a competitive market for buyers.

BUYER DEMAND IS INCREASING


Many millennials and renters still have plans to buy a home in the next few years. With interest rates hovering at historic lows, homeownership could be more affordable for many during the first mortgage term, making this the perfect time for those with steady income to buy.


MOVING TO THE COUNTRY

At the end of last year, close to a third of Canadians wanted to leave the city and move to rural or suburban communities, especially as remote work becomes more common and available. But those who prefer city life may be able to scoop up a recently-vacated condo for a lower price as some owners leave for the countryside.

WE NEED MORE SPACE

Homes with extra rooms and outdoor amenities like a pool, balcony or patio are attractive to an increasing amount of buyers looking for more living space as family and work needs shift.

And, if you’re considering making a move in 2021, or purchasing a home in the area, let’s chat!

You can reach me at 519-824-9050 ext. 235, email me, or connect with me on social media.

CONNECT WITH FRANCES:                      

Frances Snider December 2020 Real Estate Market Review & 2021 Snapshot


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