Reviewing May 2023 market in Wellington County
So with this month’s activity, as a buyer, if you were waiting for the bottom of the market, you have missed it!
Wellington County real estate remains a seller’s market this month as a lack of inventory gives the market a push. The lower number of new listings is also holding back both unit sales and sales volume. Despite this, we continue to see both average and median sale prices rise consistently for the past 3 months.
End of MAY 2023 real estate market overview video:
For Wellington County, the year to date numbers are still down compared to last year, however, this gap continues to shrink this month. The year to date sales volume in the county at end of May was down 34% from 2022 numbers, where sales volume was $1.044B at end of May compared to 2022 sales volume of $1.595B at the same time last year. However, the YTD unit sales were at 1265 at end of May 2023, down only 21% compared to last May’s 1592 units that were sold in the county.
For the month itself, the sales activity was up from previous month at $281M in sales by end of May, the year over year numbers show May sales volume comparable as it was only down 0.46% over May 2022’s sales volume of $283M. The actual unit sales continued this upward trend with 318 units sold, and compared to last year at this time the unit sales were actually up almost 3% from the 309 units sold in May 2022. Another significant change was that there were only an additional 498 new listings in May of this year, which is down almost 25% compared to the 662 new listings in May 2022. Thus, fewer homes for sale but volume has been ramping up, so the market has validated our sellers market which turned from a balanced market last month.
The buyer activity continued to maintain prices steady month over month, with a slight increase again over last month. Thus, the year-over-year median sales price increased slightly to $742,500 at end of May 2023, but still resulting in a 20% decrease over the 2022 median of $927,777 at the same time last year. And year-to-date average sales prices continued that trend, while slightly higher than last months’. The average sales price of $814,060 at end of May 2023 only decreased 19% relative to 2022 where the average price was $1,003,299 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: $921,509 (Average sales price at end of MAY 2023)
Condominium homes: $613,163 (Average sales price at end of MAY 2023)
Vacant land sales: $734,760 (Average sales price at end of MAY 2023)
The numbers are showing that the real estate market has continued the seasonal Spring 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 that May volume and unit activity is comparable to last year at this time. This is good news for sellers in the area, as the market has changed 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.
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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