Reviewing April 2023 market in Wellington County
As a buyer, if you were waiting for the bottom of the market, you very well may have missed it!
Wellington County real estate shifts into a seller’s market this month as a lack of inventory gives the market a bit of a push. The lower number of new listings is also holding back both unit sales and sales volume. Despite this, monthly average and median sale prices remain on a steady rise month to month.
End of APRIL 2023 real estate market overview video:
For Wellington County, the year to date numbers are still down compared to last year, however, the reduction is shrinking. The year to date sales volume in the county at end of April was down 42% from 2022 numbers, where sales volume was $763M at end of April compared to 2022 sales volume of $1.312B at the same time last year. However, the YTD unit sales were at 947 at end of April 2023, down only 26% compared to last April’s 1283 units that were sold in the county.
For the month itself, although sales activity was up from previous month at $254M in sales by end of April, the year over year numbers show April sales volume down only 24% over April 2022’s sales volume of $334M. The actual unit sales continued this trend with 300 units sold, however, compared to last year at this time the unit sales were only down 7% from the 326 units sold in April 2022. A significant change was that there were only an additional 396 new listings in April of this year, which is down 37% compared to the 632 new listings in April 2022. Thus, very little new homes for sale but volume has been ramping up, so the market has started to turn from the balanced market we have seen over the last 2 quarters.
The buyer activity continued to maintain prices steady month over month, with a slight increase over last month. Thus, the year-over-year median sales price increased slightly to $736,745 at end of April 2023, but still resulting in a 21% decrease over the 2022 median of $934,364 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 only decreased 22% relative to 2022 resulting in an average sales price of $795,933 at end of April 2023 vs. average price of $1,025,072 just one year ago in the region.
Wellington County’s real estate market continues to have a strong foundation with active buyers, and with lower inventory via new listings, we have seen a slight uptick in the prices over the past month. The average year to date sales prices in Wellington county for each type are:
Freehold Homes: $894,977(Average sales price at end of APRIL 2023)
Condominium homes: $610,502 (Average sales price at end of APRIL 2023)
Vacant land sales: $723,700 (Average sales price at end of APRIL 2023)
The numbers are showing that the real estate market has been blooming this Spring and getting back to our seasonal upticks that we normally see at this time each year. Although, numbers are still down 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 seeing activity picking up and inventory still tight at this time. This is good news for sellers in the area, as the market changes back to a sellers market at this time.
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.