Reviewing November 2022 market in Wellington County
Wellington County real estate remains in a balanced market despite the rising number of new listings and lower number of unit sales compared to this time last year. The YTD average and median sale prices are still higher than they were this time last year, which means a strong foundation for this market going into the holiday season and into 2023.
End of November 2022 real estate market overview video:
For Wellington County, the year to date sales volume at end of November was down 16.3% from 2021 numbers, where 2022 sales volume to date is just over $2.882B at end of November compared to 2021 volume of $3.445B the same time last year. Concurrently, the YTD unit sales were at 3,262 by the end of November 2022, down 22% compared to last year’s 4193 units sold by this time last year in the county.
During the month of November, actual unit sales were also down almost 35% with only 208 units sold compared to last November’s 319 units sold. There were also additional 33% new listings in November with 403 new listings last month relative to only 303 new listings of November 2021. Thus, a continued plethora of new listings on the market for buyers, combined with 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 $810,000 at end of November 2022, which is still up almost 12% 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 8% relative to 2021 resulting in an average sales price of $886,376 at end of November 2022 vs. average price of $820,280 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: $1,039,882 (Average sales price at end of NOVEMBER 2022)
Condominium homes: $663,073 (Average sales price at end of NOVEMBER 2022)
Vacant land sales: $1,415,577 (Average sales price at end of NOVEMBER 2022)
Real estate activity has seen a downturn over the last 8 months, however, 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 seen home sellers adjusting their expectations as we move into the end of 2022.
If you’re considering making a move in the new 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.
For detailed market reports for your area that you can view or download, head over to my website by clicking here!
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