Reviewing the market in Wellington County at end of June 2023
Wellington County real estate remains a seller’s market this month as a lack of inventory continues to push the market forward in this mid year review. The lower number of new listings is also holding back both unit sales and sales volume. However, for the first time in 2023, we are seeing both of these numbers rise above where they were this time compared to last year.
End of JUNE 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 June was down 26% from 2022 numbers, where sales volume was $1.331B at end of June compared to 2022 sales volume of $1.819B at the same time last year. However, the YTD unit sales were at 1598 at end of June 2023, down only 13% compared to last June’s 1845 units that were sold in the county.
For the month itself, the sales activity was actually up slightly from previous month at $286M in sales by end of June. However, year over year numbers show June sales volume up 28% over June 2022’s sales volume of $223M. The actual unit sales continued this upward trend with 333 units sold, and compared to last year at this time the unit sales were up over 31% from the 253 units sold in June 2022. Another significant change was that there were only an additional 535 new listings in June of this year, which is down 12% compared to the 608 new listings in June 2022. Thus, fewer homes for sale but volume ramping up again for the month of June.
The buyer activity continued to maintain prices relatively steady month over month, with a slight increase over last month. Thus, the year-over-year median sales price increased slightly to $765,000 at end of June 2023, but still resulting in a 17% 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 slightly higher than last months’. The average sales price of $821,857 at end of June 2023 only decreased 16% relative to 2022 where the average price was $983,592 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 once again 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: $927,708 (Average sales price at end of JUNE 2023)
Condominium homes: $616,495 (Average sales price at end of JUNE 2023)
Vacant land sales: $698,107 (Average sales price at end of JUNE 2023)
The numbers are showing that the real estate market has continued to thrive in the latter part of the second quarter and buyer demand has remained steady in the region. 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 June volume and unit activity is well above the volume experienced last year at this time.
As many Canadians continue to grapple with the increased cost of living, the Bank of Canada’s latest 0.25% hike to interest rates this week will add more pressure to those with variable rate mortgages, as well as those looking to qualify for lending. However, there are buyers who have secured a rate already and are anxious to make a purchase before it expires, so will add continue demand in the short term. It is forecast, that these additional demand pressures will ensure that home prices will remain stable through the expected decline in sales activity in the coming months.
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.
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