REVIEWING January 2022
Old man winter is blasting through the region with a cold front, but even that is not enough to cool the housing market in the area. The strong seller’s market continued its trend across the region as we entered the new year and limited supply of listings was upheld by the last lockdown in the area, and not able to keep up with buyer demand.
Unit sales picked up in January, and the continued high buyer demand pushed the average & median sale price of homes upwards.
Looking specifically at Wellington County, the year to date sales volume at end of January was up 65% over 2021 numbers, where 2022 sales volume to date is already over $259M at end of January over 2021 volume of $157M the same time last year. The unit sales were at 228 for the month, up only 3.6% compared to last January’s 220 units sold.
During the month of January, actual unit sales were up quite a bit over December with 228 units sold compared to only 170 units sold the prior month. However, there was a definite increase in listings in January with 317 new listings relative to the 155 new listings of December 2021. Thus, even with more listings on the market, the continued increased demand pushed higher prices through with an increase in average and median sales prices as we moved through the month.
The buyer activity that was present continued the upward push on price and the year-over-year median sales price pressed upward to $926,389 at end of January 2022 up 35% from 2021 median of $686,000 just one year ago. And year-to-date average sales prices continued that trend increasing almost 19% over 2021 resulting in an average sales price of $963,485 at end of January 2022 vs. average price of $811,280 just one year ago in the region.
Over the course of 2021 we had seen homes selling more quickly than ever! Average Days on Market has stabilized at this time and is now at 20 days on average, which is still very quick turnaround on market but good to see some stabilization.
Wellington County continues a very strong seller’s market which continues to push up prices in the region. The average year to date sales prices in Wellington county for each type are:
Freehold Homes: $1,191,356 (Average sales price at end of JANUARY 2022)
Condominium homes: $726,864 (Average sales price at end of JANUARY 2022)
Vacant land sales: $724,500 (Average sales price at end of JANUARY 2022)
At this time real estate prices in Wellington county are continuing their rise. Will the market start to stabilize? Time will tell but personally I have been seeing some buyer fatigue and exhaustion in the market place and also additional listings hitting the market as we entered into February, so changes may be underway…
If you’re considering making a move this year, or would just like to know more about real estate in the region in today’s market, contact me at 519-824-9050 ext. 235.
Keep healthy, stay safe and warm!