Reviewing February 2022 in Wellington County
Monthly Regional real estate market review
Spring is just a few weeks away (or so we hope), and with that the Spring real estate market….Or have we already experienced our Spring peak for 2022? The strong seller’s market continued its trend across the region driven by high demand. The supply of property listings has increased but average sales prices have continued to increase as the market is unable to keep up with buyer demand.
Looking specifically at Wellington County, the year to date sales volume at end of February was up 33.87% over 2021 numbers, where 2022 sales volume to date is already over $634M at end of February over 2021 volume of $473M the same time last year. The YTD unit sales were at 615 at end of February, down only 0.5% compared to last year’s 618 units sold at this same time. So unit sales are right on par with last year.
During the month of February, actual unit sales were at 387 units sold compared to 398 units sold last February. However, there was a definite increase in listings in February with 502 new listings relative to the 480 new listings of February 2021. Thus, even with more listings on the market, the continued increased buyer demand pushed higher prices through with an increase in average and median sales prices as we moved through the early part of this year.
The buyer activity that was present continued the upward push on price and the year-over-year median sales price pressed upward to $933,670 at end of February 2022 up 33% from 2021 median of $702,000 just one year ago. And year-to-date average sales prices continued that trend, although lower than last months’, average sale price increased over 41% relative to 2021 resulting in an average sales price of $1,066,626 at end of February 2022 vs. average price of $755,300 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 had stabilized in January at 20 DOM, but has dropped 10% again this month (over last year) to 18 days on average, which is proving to be a very quick turnaround on market.
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: $1,152,463 (Average sales price at end of FEBRUARY 2022)
Condominium homes: $750,948 (Average sales price at end of FEBRUARY 2022)
Vacant land sales: $992,714 (Average sales price at end of FEBRUARY 2022)
At this time real estate prices in Wellington county are continuing their rise. Will the market start to stabilize? The past couple weeks have seen increase in interest rates, and communication that this is just the beginning and market activity in the way of showings on properties is also starting to dwindle on some listings. The next few weeks will be very telling as this is traditionally the start of the Spring market, which may have already happened in the region! Stay tuned next month to see where the trends are headed as we move into second quarter.
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 pray for sunshine! It’s already been a long winter and we need Spring!