Market Monday – Your Regional real estate Review at end of May 2021

Spring is in the air, and summer is just around the corner. Provincial lockdown is almost over, and things are starting to open up (with some restrictions in place). Currently, Wellington-Dufferin health region now has over 75% of population that have had at least 1 dose of vaccination (or scheduled) and brighter days are ahead for us all as we move to put this pandemic behind us.

In the real estate world, the housing market in the region still continues to show a strong seller’s market in Wellington County with continued increases in overall sales activity. House prices in the area have increased again as demand for homes in the area remains high, and there is sign of sales activity slowing down right now.

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 May 2021 is up a 151.84% over 2020 numbers, where 2021 sales volume to date is already over $1.691B at end of May over 2020 YTD sales volume of $722M.  The unit sales are at 2095 for the county which is up 79.37% compared to 2020 YTD numbers of 1168 units sold by the end of May.

With the region still in provincial lockdown during the month of May supply of homes for sale was still at a low, but that didn’t stop buyers from their home searches. In May, homes sales volumes were up 151.84% to $380M over the $151M of last May 2020, and unit sales followed this upward movement being up 84.55% with 454 units sold compared to 246 units for last May.   Further, with 597 new listings up 62.67% from a year ago, the real estate market continued to show effects from although frustrated, still anxious and excited buyers looking to get into a home in this region.

Nonetheless, the continued spike in buyer activity brought the year-over-year median sales price to $725,000 at end of May 2021 up 26.31% from 2020 median of $574,000 just one year ago. And year-to-date average sales prices continued that trend increasing 28.67% over 2020 resulting in an average sales price of $799,542 for YTD at end of May 2021 vs. average price of $621,411 just one year ago.

Although 2020 showed shorter average days on market, 2021 is continuing to move homes more quickly than ever! Average Days on Market was 16.2 days at end of May 2021 versus 29.2 days at end of May 2020, so homes are continuing to move very quickly on the market and in just over 2 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: $882,440 (Average sales price at end of MAY 2021)

Condominium homes: $562,847 (Average sales price at end of MAY 2021)

Vacant land sales: $744,670 (Average sales price at end of MAY 2021)

With our economy starting to open up after the lockdown and third wave of Co-Vid pandemic, things may change slightly in the region in the future, and based on other affects from the changed stress test this month, etc. 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!

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