It’s the middle of November, and yes, I will say it….we are only 35 days until Christmas!! Can you believe it? In the housing market, the market in the region is still fairly hot, and the seller’s market has continued its trend across the region as we moved into the fourth quarter of 2021. The high buyer demand and quick turnover of homes in the area has continued to push the price of homes upwards despite slower overall sales activity this past month.
Looking specifically at Wellington County, the year to date sales volume at end of October 2021 is up 46.6% over 2020 numbers, where 2021 sales volume to date is over $3.15B at end of October over 2020 YTD sales volume of $2.15B. The unit sales are at 3,874 for the county which is up 17% compared to 2020 YTD numbers of 3,291 units sold.
During the month of October, supply of homes for sale was still at a low but sales volume remained relative to this time last year. Sales volumes were up 4.51% with $300M in sales compared to $287M last October 2020, but actual unit sales were down 17% with only 340 units sold compared to 413 units sold last October. Further, there was a 17% decrease in listings last month with only 359 new listings in October down from the 434 new listings of October 2020. Thus, with unit sales down, the higher prices of 2021 is keeping sales volume in line but actual unit sales is affected and those numbers continuing to show a shift in the market.
The buyer activity that was present continued the upward push on price and maintained the year-over-year median sales price from last month at $725,000 at end of October 2021 up 23% from 2020 median of $587,823 just one year ago. And year-to-date average sales prices continued that trend increasing 25% over 2020 resulting in an average sales price of $812,137 for YTD at end of October 2021 vs. average price of $647,951 at the end of October 2020.
Over the course of 2021 we had seen homes selling more quickly than ever! Average Days on Market has continued this trend and is still quite low at 16.70 days at end of October 2021 versus 27.7 days at end of October 2020, so homes are currently still moving very quickly on the market.
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: $894,510 (Average sales price at end of OCTOBER 2021)
Condominium homes: $566,481 (Average sales price at end of OCTOBER 2021)
Vacant land sales: $733,104 (Average sales price at end of OCTOBER 2021)
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 still proves to be a safe and secure investment.
Keep healthy, stay safe and enjoy the start of the winter season!