Can you believe it is already the middle of May? The weather is finally warm and sunny, flowers are blooming, and Spring is finally here. We are (hopefully) at the back end of the provincial lockdown and with the majority of the population getting vaccinated, we may be closer to the end of this pandemic. I am hopeful and optimistic that there are better days ahead for us all.
In the real estate world, the market in the region is still pretty hot, and we continue to see a strong seller’s market in Wellington County with an increase in overall sales activity. House prices in the area have increased as demand for homes in the area remains high, and it is forecast that sales activity should remain strong going into the summer months in the region.
The demand remains high 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 April 2021 is up a 129.67% over 2020 numbers, where 2021 sales volume to date is already over $1.311M at end of April over 2020 YTD sales volume of $570M. The unit sales are at 1637 for the county which is up 77.55% compared to 2020 YTD numbers of 922 units sold.
With the region being in lockdown for the majority of the past month, supply of homes for sale was still at a low but I won’t be comparing this April to last April since our numbers last April were quite low as we were at the beginning of the Pandemic closures. Thus, when comparing month over month from this year to last year, the numbers are just not relative as they show huge percentage changes which we know the reason for, and extreme changes YOY.
Nonetheless, the continued spike in buyer activity brought the year-over-year median sales price to $721,500 at end of April 2021 up 29.01% from 2020 median of $559,250 just one year ago. And year-to-date average sales prices continued that trend increasing 26.73% over 2020 resulting in an average sales price of $789,742 for YTD at end of April 2021 vs. average price of $623,171 after the initial lockdown for the pandemic just one year ago.
Although 2020 continued to show shorter average days on market, 2021 is moving homes more quickly than ever! Average Days on Market was 16.5 days at end of April 2021 versus 28.5 days at end of April 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: $868,410 (Average sales price at end of APRIL 2021)
Condominium homes: $560,241 (Average sales price at end of APRL 2021)
Vacant land sales: $759,610 (Average sales price at end of APRIL 2021)
With our economy responding to the third wave of Co-Vid pandemic affects, things may change slightly in the region in the near future, if interest rates rise, or if our current lockdown continues past what is forecast in June. 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 enjoy the sunshine!