Reviewing March Q1 2022 in Wellington County
The Easter bunny has hopped on in to the area and brought with him some nice Spring weather. But as the weather has been complicated over the last couple months, so has the real estate market. In the real estate market, we have some changes that have been happening. Although, it remains a seller’s market in the area, as demand continues to drive sales, we are seeing slightly less new listings than this time last year, however, buyer demand is showing signs of lessening overall as we enter into the Spring months.
Quarterly Regional real estate market review
For Wellington County, the year to date sales volume at end of March was up 17.99% over 2021 numbers, where 2022 sales volume to date is over $1.086B at end of March over 2021 volume of $920M the same time last year. However, the YTD unit sales were at 1076 at end of March, down 8% compared to last year’s 1170 units sold at this same time. Thus, although sales volume is up due to higher prices, actual unit volume sales is down year over year.
During the month of March, actual unit sales were down over 16% with only 461 units sold compared to last March’s 552 units sold. However, there was about the same number of new listings in March with 683 new listings relative to the 697 new listings of March 2021. Thus, more listings on the market for buyers, but buyer demand dropping off somewhat by the unit number of sales decreasing over the past month.
The buyer activity that was present still continued the upward push on price and the year-over-year median sales price pressed slightly upward to $940,950 at end of March 2022 up 31% from 2021 median of $718,000 just one year ago. And year-to-date average sales prices continued that trend, although lower than last months’, average sale price increased over 35% relative to 2021 resulting in an average sales price of $1,044,728 at end of March 2022 vs. average price of $773,538 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 earlier in the year, but has dropped 3.85% again this month (over last year) to 17 days on average which is still a very quick turnaround on market.
Wellington County seller’s market continues with prices up in the region over last year, however, average prices are down over the prior month. The average year to date sales prices in Wellington county for each type are:
Freehold Homes: $1,145,546 (Average sales price at end of MARCH 2022)
Condominium homes: $738,979 (Average sales price at end of MARCH 2022)
Vacant land sales: $835,154 (Average sales price at end of MARCH 2022)
At this time real estate prices in Wellington county are up over last year, however prices seem to be showing a bit of stabilization in the region. Over the past couple months we have seen increases in interest rates, lessening buyer demand, and homes staying on the market a little bit longer. The upcoming months will showcase more trends as to where the market is going. Stay tuned next month to see where the trends are headed as we delve into the second quarter of 2022.
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.