Reviewing January 2023 market in Wellington County
Early this month in Wiarton, Ont., the community’s celebrity groundhog, Wiarton Willie, did appear but “did not see his shadow” which would indicate an early spring. Now I’m not sure if that is quite accurate but we have had some amazing sunny days lately, so fingers crossed. Now, you would ask, would this also translate into an early thaw in the real estate market after the downturn in the market over the last 2 quarters??
Wellington County real estate starts 2023 as a balanced market despite the drop in unit sales we have continued to see for the past several months. The YTD average and median sale prices have declined over where they were this time last year, however, first quarter of 2022 showed very high price increases overall prior to the initial interest rate increases. Thus, we are continuing to see a slight price correction in the market when looking year over year.
End of January 2023 real estate market overview video:
For Wellington County, the year to date sales volume at end of January was down 56.3% from 2022 numbers, where sales volume was $113M at end of January compared to same time 2022 sales volume of $259M last year. The YTD unit sales were at 195 at end of January 2023, down 14.5% compared to January last year at 228 units sold in the county.
However, with this $113M in sales by end of January, sales activity was still up over December sales volume of $106M, and actual unit sales were also up over the previous month with 195 units sold compared to December’s 150 units sold. There were also additional 24.9% new listings in January with 396 new listings last month relative to only 317 new listings in January 2022. Thus, a plethora of new listings on the market for buyers, combined with the continued buyer demand allowed for some opportunities for buyers who entered the market last month.
The buyer activity that occurred continued to maintain prices month over month, however, the year-over-year median sales price declined to $731,500 at end of January 2023, showing over 21% decrease over the 2022 median of $926,389 at the same time last year. And year-to-date average sales prices continued that trend, while lower than last months’, the average sale price also decreased over 14.5% relative to 2022 resulting in an average sales price of $823,672 at end of January 2023 vs. average price of $963,485 just one year ago in the region.
Wellington County’s real estate market continues to have a strong foundation with active buyers, however, the make up of sales is changing and the higher price points are not seeing as much as activity as the lower price ranges in the county. Thus, the average sales prices are showing this correction in the market. The average year to date sales prices in Wellington county for each type are:
Freehold Homes: $810,866 (Average sales price at end of JANUARY 2023)
Condominium homes: $567,852 (Average sales price at end of JANUARY 2023)
Vacant land sales: $447,500 (Average sales price at end of JANUARY 2023)
Real estate activity has seen a downturn over the last 9 months, and we are now seeing slight price corrections happening in Wellington county when looking at year-to-date average and median sales prices compared to where they were this time last year. Taking all of this into account real estate is always one of the best investments you can make. Is it a good time to buy? Yes, most definitely – the best time to buy a home is today! Get started on building equity to build your portfolio.
If you’re considering making a move in 2023, or would just like to know more about real estate in today’s market, contact me at 519-824-9050 ext. 235.