Reviewing Q1 & March 2023 market in Wellington County
As we move into mid April, mother nature is treating us well with some beautiful sunny days amidst the spring season. Wellington County real estate is also seeing sunny days, and remains a balanced market this month as both unit sales and new listings are lower than they were this time last year. Average and median sale prices are still lower than they were this time last year, but are slowly catching up as the market gets a little more steam.
End of March 2023 real estate market overview video:
For Wellington County, the year to date sales volume at end of March was down again 51% from 2022 numbers, where sales volume was $525M at end of March compared to 2022 sales volume of $1.086 B at the same time last year. However, the YTD unit sales were at 787 at end of March 2023, down only 27% compared to March last year units of 1076 that were sold in the county.
For the month itself, although sales activity was up from previous month at $250M in sales by end of March, the year over year numbers show March sales volume down 45% over March 2022’s sales volume of $425M. The actual unit sales were also up over the previous month with 353 units sold, however, compared to last year at this time the unit sales were down 23%. There were also an additional 558 new listings in March, however, this is also down 18% compared to the 683 new listings from March 2022. Once again many more buyers and sales activity were witnessed in the lower price tier of homes, showing that many first time buyers or down-sizers were coming back to the market throughout the first quarter of 2023.
The buyer activity that occurred continued to maintain prices month over month, with a slight decrease over last month. Nonetheless, the year-over-year median sales price declined to $732,000 at end of March 2023, resulting in a 22% decrease over the 2022 median of $940,950 at the same time last year. And year-to-date average sales prices continued that trend, while slightly higher than last months’, the average sale price also decreased over 34% relative to 2022 resulting in an average sales price of $686,073 at end of March 2023 vs. average price of $1,044,728 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 through Q1 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: $875,016(Average sales price at end of MARCH 2023)
Condominium homes: $605,623 (Average sales price at end of MARCH 2023)
Vacant land sales: $799,266 (Average sales price at end of MARCH 2023)
Real estate activity has seen a downturn over the last few quarters, however, even though we are 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, we are also seeing a slight uptick in the market. So definitely a good time to get back in the market, if purchasing a home was on the list this year and ensure that you get into the market before the next upswing.
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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