Being in the midst of the dog days of summer, and the region in Stage 3 of opening, many have been enjoying their summer time away from home. In the housing market, the market in the region is still hot, and the seller’s market has continued in Wellington County with significant increases in overall sales activity. House prices in the area have continued their increase with lack of listing inventory and as buyer 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 July 2021.
The year to date sales volume for end of July 2021 is up 82% over 2020 numbers, where 2021 sales volume to date is already over $2.3B at end of July over 2020 YTD sales volume of $1.2B. The unit sales are at 2896 for the county which is up 42% compared to 2020 YTD numbers of 2044 units sold.
With the region starting removing restrictions to Stage 3 in July, supply of homes for sale was still at a low. However, for the first time in months, homes sales volumes were down 5.85% to $284M compared to the $301M of last July 2020, and unit sales followed this downward movement being down 27% with 341 units sold compared to 464 units for last July. Further, with 423 new listings down 5.5% from a year ago, and a 80% sales/listing ratio down 23%, the real estate market was starting to see somewhat of a market shift during the month.
Nonetheless, even with sales volumes showing a reduction year over year. There was still substantial buyer activity which continued the upward push on price and maintained the year-over-year median sales price from last month at $725,000 at end of July 2021 up 29% from 2020 median of $576,250 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 $805,056 for YTD at end of July 2021 vs. average price of $628,754 at the end ofJuly 2020.
Over the first half of 2021 we had seen homes selling more quickly than ever! Average Days on Market was maintained at 15.8 days at end of July 2021 versus 28.8 days at end of July 2020, so homes are currently still moving very quickly on the market and in less than 3 weeks on average.
Even with the reopening of the province since the lockdown, Wellington County continues to show a very strong seller’s market at this time 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: $882,776 (Average sales price at end of JULY 2021)
Condominium homes: $562,572 (Average sales price at end of JULY 2021)
Vacant land sales: $769,239 (Average sales price at end of JULY 2021)
With our economy and consumer behaviour starting to see some changes as our region & province has now moved into Stage 3 we have started to see a bit of a shift in the real estate market. At this time real estate prices in Wellington county are maintaining their rise, but we are starting to see some signs of shifts towards stabilization in the market, across the country and here in the region.
Sit back, relax and be rest assured that your real estate and HOME proves to be a safe and secure investment.
Keep healthy, stay safe and enjoy the rest of the summer sunshine!