Reviewing August 2022 in Wellington County
It is official, the real estate market has cooled off across the country. Sales activity fell once again over the past month with buyer demand running well below typical levels for this time of year, likely as rising mortgage rates and market uncertainty continue its impact on home buyer confidence.
End of July 2022 real estate market overview video:
For Wellington County, the year to date sales volume at end of August was down 9.98% from 2021 numbers, where 2022 sales volume to date is over $2.34B at end of August compared to 2021 volume of $2.59B the same time last year. Concurrently, the YTD unit sales were at 2,543 at end of August, down 20.88% compared to last year’s 3214 units sold by this time last year. Thus, actual unit volume sales is once again down substantially year over year and volume has followed suit.
During the month of August, actual unit sales were also down over 31% with only 219 units sold compared to last August’s 318 units sold. There were also additional new listings in August with 456 new listings last month relative to the 343 new listings of August 2021. Thus, many more listings on the market for buyers, but continued buyer demand dropping off by the unit number of sales decreasing.
The buyer activity that was present still continued to maintain price and the year-over-year median sales price was at $888,000 at end of August 2022, which is up 22.4% from 2021 median of $725,000 just one year ago. And year-to-date average sales prices continued that trend, although again lower than last months’, the average sale price increased over 15% relative to 2021 resulting in an average sales price of $925,694 at end of August 2022 vs. average price of $804,052 just one year ago in the region.
Wellington County strong market continues with prices up in the region over last year, however, average & median sales prices are once again down over prior months. The average year to date sales prices in Wellington county for each type are:
Freehold Homes: $1,072,245 (Average sales price at end of AUGUST 2022)
Condominium homes: $681,212 (Average sales price at end of AUGUST 2022)
Vacant land sales: $1,341,345 (Average sales price at end of AUGUST 2022)
At this time real estate prices in Wellington county are still slightly up over last year, however prices are reducing in some segments in the region. With the continued uncertainty in the economy, increases in interest rates, and lessening home buyer demand, we have begun to see home sellers adjusting their expectations as we continue into the latter part of the 3rd 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.