Reviewing the market in Wellington County at end of July 2023
Step into the spotlight, Wellington County real estate enthusiasts! As we dive into this month’s market, the stage is set for a thrilling performance, with sellers still taking the lead despite a few twists and turns. So, grab your front-row seats and let’s unravel the story of Wellington County’s real estate scene.
Picture this: a bustling marketplace where homes are the stars of the show. This month, even though inventory and expired listings have climbed compared to last year, the spotlight is firmly on sellers. While both unit sales and sales volume might have taken a gentle dip from last month, they’re still outshining July of 2022. It’s like a summer breeze – a predictable seasonal slowdown that happens like clockwork.
End of JULY 2023 real estate market overview video:
But hang tight, because here’s where the intrigue deepens. The year-to-date figures might be trailing behind the previous year, but guess what? The gap is closing in faster than you’d expect. As we closed the curtains on July, the sales volume had dipped by 23% from 2022. The tally? This year’s sales hit $1.548 billion, a bit lower than the $2.002 billion in 2022. As for units sold, this year’s score is 1860, only 10% behind last year’s count of 2065.
Now, let’s hit pause and focus on the star of the show: July’s scene-stealer. Amidst the highs and lows, the sales action took centre stage, bringing in an impressive $216 million. Rewind a bit – July 2022’s sales volume was decent at $183 million, but this year’s performance is a showstopper, boasting an 18% surge. The real crowd-pleaser? Unit sales danced their way up by over 19%, hitting 262 units compared to last year’s 220. And hey, new listings wanted in on the action too, with 458 making their debut in July, a 1.3% increase from last July’s 425 units. Now, let’s talk numbers and rhythm. As buyers joined the dance floor, price tags took a graceful step upwards, just enough to catch some eyes. The median sales price serenaded its way to $787,500 by July’s end, a subtle shift from last year’s $962,045. And the year-to-date average sales prices followed suit, with a steady upward trend each month, reaching $822,675. They might not be a perfect match for last year’s groove, but they’re still keeping the tempo alive.
So, what’s the buzz? Wellington County’s real estate market is hitting all the right notes. Buyers are showcasing their moves, and with new listings in short supply, prices are doing a graceful tango upwards. Curious about the numbers?
Here’s the scoop on the average year-to-date sales prices for Wellington County:
Freehold Homes: $929,945 (Average sales price at end of JULY 2023)
Condominium homes: $613,978 (Average sales price at end of JULY 2023)
Vacant land sales: $676,030 (Average sales price at end of JULY 2023)
The rhythm is steady, and the beat is strong. Wellington County’s real estate market is moving to its unique melody. While the averages might not mirror last year’s hits, the volume and unit numbers in July are rocking the charts.
Feeling the rhythm? Ready to take the plunge in 2023? Whether you’re tapping your toes to the real estate beat or simply curious, don’t hesitate to reach out. Give me a call at 519-824-9050 ext. 235. Let’s turn your real estate dreams into an address!
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