We’re already through over half of 2021 and summer is amongst us as many have started their summer plans away from home. It’s been a long road to get here, but the region (and province) has finally opened up and were getting to some semblance of normal.
In the real estate world, the market in the region is still quite hot, and we continue to see a strong seller’s market in Wellington County with significant increases in overall sales activity. House prices in the area have continued to increase as demand for homes in the area remains high in the region.
The demand remains high across the tri-city region, but let’s delve into Wellington County numbers for a snapshot of where we are at the end of Q2.
The year to date sales volume for end of June 2021 is up a 109% over 2020 numbers, where 2021 sales volume to date is already over $2B at end of Q2 over 2020 YTD sales volume of $986M. The unit sales are at 2555 for the county which is up 62% compared to 2020 YTD numbers of 1580 units sold.
With the region starting to remove restrictions during the month of June, supply of homes for sale was still at a low. In June, homes sales volumes were up 40% to $370M over the $264M of last June 2020, and unit sales followed this upward movement being up 12% with 460 units sold compared to 412 units for last June. Further, with 581 new listings up 4% from a year ago, and a 79.17% sales/listing ratio up 5%, the real estate market continued to show some major effects on price with the continued demand in the area.
This continued buyer activity has continued the upward push on price and brought the year-over-year median sales price to $725,000 at end of June 2021 up 26% from 2020 median of $575,125 just one year ago. And year-to-date average sales prices continued that trend increasing 28% over 2020 resulting in an average sales price of $800,373 for YTD at end of June 2021 vs. average price of $625,158 at the end of Q2 in 2020.
Over the first half of 2021 we have seen homes selling more quickly than ever! Average Days on Market was 15.8 days at end of June 2021 versus 28.8 days at end of June 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: $883,388 (Average sales price at end of JUNE 2021)
Condominium homes: $563,911 (Average sales price at end of JUNE 2021)
Vacant land sales: $810,775 (Average sales price at end of JUNE 2021)
With our economy and consumer behaviour starting to see some changes as our region & province has now moved into Stage 3 re-opening we may see some changes in the real estate market. For now real estate prices in Wellington county are continuing their rise but we are starting to see some signs of shifts towards stabilization in the market, across the country but, as always, your real estate and HOME proves to be a safe and secure investment.
Keep healthy, stay safe and enjoy the summer sunshine!