Reviewing February 2023 market in Wellington County
As we move into March and our spring season, Wellington County real estate continues the year as a balanced market despite the drop in unit sales we have continued to see for the past few months. We are also seeing less inventory than this time last year, which also contributes to the market staying in a balanced state.
End of February 2023 real estate market overview video:
For Wellington County, the year to date sales volume at end of February was once again down 56% from 2022 numbers, where sales volume was $275M at end of February compared to 2022 sales volume of $633M at the same time last year. The YTD unit sales were at 434 at end of February 2023, down 29% compared to February last year at 615 units sold in the county.
For the month of February, although sales activity was up from January at $162M in sales by end of February, the year over year numbers show February sales volume down 56% over February 2022’s sales volume of $374M. The actual unit sales were also up over the previous month with 239 units sold, however, compared to last year at this time the unit sales were down 38%. There were also an additional 426 new listings in February, however, this is also down 15% compared to the 502 new listings from February 2022. Many more buyers were witnessed in the lower price tier of homes, showing that many first time buyers or down-sizers were coming back to the market last month.
The buyer activity that occurred continued to maintain prices month over month and with a slight increase over last month, however, the year-over-year median sales price declined to $737,000 at end of February 2023, showing over a 21% decrease over the 2022 median of $933,670 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 37% relative to 2022 resulting in an average sales price of $665,422 at end of February 2023 vs. average price of $1,066,626 just one year ago in the region. The higher activity at the lower price points has definitely affected this average price comparison as we moved into the earlier part of 2023.
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 continue to not see as much activity as the lower price ranges in the county. Thus, the average sales prices are continuing to show this correction in the market. The average year to date sales prices in Wellington county for each type are:
Freehold Homes: $843,115 (Average sales price at end of FEBRUARY 2023)
Condominium homes: $603,648 (Average sales price at end of FEBRUARY 2023)
Vacant land sales: $542,375 (Average sales price at end of FEBRUARY 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 TODAY.
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.
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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