Reviewing October 2022 market in Wellington County
Wellington County real estate remains in a balanced market due to the consistent rise in inventory over the last few months, and a steady decline in unit sales. The year-to-date average and median sales prices still remain higher than they were this time last year, which shows that this market still has a solid foundation.
End of October 2022 real estate market overview video:
For Wellington County, the year to date sales volume at end of October was down 13.3% from 2021 numbers, where 2022 sales volume to date is just over $2.737B at end of October compared to 2021 volume of $3.157B the same time last year. Concurrently, the YTD unit sales were at 3,054 by the end of October 2022, down 21% compared to last year’s 3874 units sold by this time last year in the county.
During the month of October, actual unit sales were also down almost 23% with only 263 units sold compared to last October’s 340 units sold. There were also additional new listings in October with 439 new listings last month relative to the 359 new listings of October 2021. Thus, a plethora of new listings on the market for buyers, but continued buyer demand dropping off by the actual unit number of sales decreasing.
The buyer activity that was present still continued to maintain prices, and the year-over-year median sales price was at $830,000 at end of October 2022, which is still up 14% from the 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 10% relative to 2021 resulting in an average sales price of $901,097 at end of October 2022 vs. average price of $812,137 just one year ago in the region.
Wellington County strong market continues with prices still 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: $1,050,095 (Average sales price at end of OCTOBER 2022)
Condominium homes: $667,995 (Average sales price at end of OCTOBER 2022)
Vacant land sales: $1,508,585 (Average sales price at end of OCTOBER 2022)
At this time real estate prices in Wellington county still have a solid foundation as year-to-date average and median sales prices still remain higher than they were this time last year. 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 4th Quarter for 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.