Market Monday – Regional real estate update

March is coming in like a lion but will it go out like a lamb? The real estate market in the region is currently on fire! Wellington County continues to show a very strong seller’s market with increased sales prices resulting in a significant jump in sales volume. The demand for real estate across the region is continuing to put pressure on the market, and on the typical buyer’s price point.

We continue to see this demand across the region, but let’s delve into Wellington County numbers for a snapshot.

The year to date sales volume for end of February 2021 is up 59.84% over 2020 numbers, where 2021 sales volume to date is over $473M at end of February over February 2020 YTD sales volume of $296M.  This amount also exceeded almost all individual months of 2020 sales volume. The unit sales were at 618 for the county which is up 9.62% over February 2020 YTD numbers of 487 units sold.

With the region in lockdown for early part of the year, supply of homes for sale was at a low, while buyers still scoured the region for potential purchases. In February, homes sales volumes were up 70.65% to $316M over the $185M of February 2020, and unit sales followed this upward movement being up 36.3% with 398 units sold compared to 298 units for last February.   Further, with 479 new listings up 27.73%, and a 83.09% sales/listing ratio up 5.22%, the real estate market continued to show some major effects from anxious and excited buyers still looking to get into the market in this region.

This continued spike in buyer activity brings the year-over-year median sales price of $702,000 at end of February 2021 up 28.66% from 2020 median of $545,645 just one year ago. The Median sales price also rose to $718,000 for the month at close of February 2021 for Wellington County.  And year-to-date average sales prices continued that trend increasing 25.19% over 2020 resulting in an average sales price of $755,231 for YTD at end of February 2021 vs. average price of $603,289 just one year ago.

Although 2020 continued to show shorter average days on market, 2021 is proving to show an even shorter turn around time going into the end of the first quarter. Average Days on Market was 20 days at end of February 2021 versus 29 days at end of February 2020, so homes are continuing to move very quickly on the market and in less than 3 weeks on average!

Regardless of lockdown due to the pandemic, Wellington County continues to show a very strong seller’s market which is continuing to push up prices in Wellington County. The average year to date sales prices in Wellington county for each type are:

Freehold Homes: $845,327 (Average sales price at end of FEB 2021)

Condominium homes: $547,197 (Average sales price at end of FEB 2021)

Vacant land sales: $746,668 (Average sales price at end of FEB 2021)

With our economy reverberating from the second wave of Co-Vid affects and the forecast of a third wave, things may change slightly in the region, especially if a further lockdown is required, or if interest rates increase. However, for now real estate prices in Wellington county are continuing on the rise, and as always they are a safe and secure investment.

Keep healthy, stay safe and chat soon!

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