We are in the midst of April, and spring season has begun. The known saying “April showers bring May flowers”, is holding true so far with all the rain days we have had this month. However, the real estate market in the region is still on fire, and no amount of rain is going to put that fire out in the next couple weeks. The strong seller’s market continues in Wellington County with significant increases in sales activity and continued demand for real estate across the region putting further pressure on the market, and on the typical buyer’s price point.
We continue to see this demand across the tri-city region, but let’s delve into Wellington County numbers for a snapshot.
The year to date sales volume for end of March 2021 is up a whopping 86.14% over 2020 numbers, where 2021 sales volume to date is already over $915M at end of March over March 2020 YTD sales volume of $492M. The unit sales were at 1165 for the county which is up 44.9% over March 2020 YTD numbers of 804 units sold.
With the region in and out of 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 March, homes sales volumes were up 125.91% to $442M over the $195M of last March 2020, and unit sales followed this upward movement being up 72.56% with 547 units sold compared to 292 units for last March. Further, with 695 new listings up 47.56% from a year ago, and a 78.71% sales/listing ratio up 11.4%, 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 brought the year-over-year median sales price to $718,000 at end of March 2021 up 25.09% from 2020 median of $574,000 just one year ago. And year-to-date average sales prices continued that trend increasing 27.14% over 2020 resulting in an average sales price of $773,167 for YTD at end of March 2021 vs. average price of $608,142 at the start of the pandemic 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 moving into the end of the first quarter. Average Days on Market was 17 days at end of March 2021 versus 28 days at end of March 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: $853,027 (Average sales price at end of MAR 2021)
Condominium homes: $562,271 (Average sales price at end of MAR 2021)
Vacant land sales: $748,320 (Average sales price at end of MAR 2021)
With our economy responding to the third wave of Co-Vid pandemic affects, things may change slightly in the region, if interest rates rise, or if our current lockdown continues past what is forecast. However, for now real estate prices in Wellington county are continuing their rise, and as always prove to be a safe and secure investment.
Keep healthy, stay safe and chat soon!