Reviewing the market in Wellington County at end of August 2023
Imagine Wellington County as the stage for a thrilling real estate saga. The market remains an exciting seller’s realm this month, even though the inventory has surpassed last year’s levels. While both unit sales and sales volume have taken a dip compared to last month, they are still faring better than they were in August 2022. This tells us that the market is not in turmoil; rather, it’s simply taking its customary late-summer breather.
But what about the local nuances? Let’s dive into the regional details. Year-to-date figures may not sparkle as brightly as last year, but here’s the twist – the gap is shrinking. As we waved goodbye to August, the sales volume experienced a 20% reduction compared to the high-flying 2022. Year-to-date sales wrapped up at $1.71 billion this year, a dip from the 2022 figure of $2.146 billion, while unit sales followed a similar trajectory, totalling 2065 this year, trailing only 8% behind the 2244 units sold last year.
Zooming in on August itself, the story takes an intriguing turn. Sales volume in August touched $162 million by month’s end, marking a robust 13% surge over August 2022’s $144 million. Unit sales danced to the same rhythm, recording 205 units sold – a tantalizing 14.5% over last year’s 179 units. August also saw 395 new listings, an 11% jump from the 356 listings of the previous August.
But, alas! While sales were on the upswing, prices didn’t quite follow suit. The year-to-date median sales price concluded at $783,750 by the end of August, a 12% drop from the lofty $890,000 median of last year. The average year-to-date sales prices sang the same tune, landing at $818,946, down 13% from last year’s average of $942,367.
As we take a step back and examine the tapestry of Wellington County’s real estate market over the past 8 months, we see the drama of fluctuations. Activity continues, but the spotlight is on the falling prices.
Here’s the breakdown of average year-to-date sales prices for different property types in Wellington County:
- Freehold Homes: $927,030 (Average sales price as of August 2023)
- Condominium Homes: $614,428 (Average sales price as of August 2023)
- Vacant Land Sales: $676,030 (Average sales price as of August 2023)
But hold onto your seats, there’s a twist in the tale! Wellington County’s real estate market may be showing some corrections this year, but with interest rates on pause as of early September, it might just be the stabilizing factor we’ve been waiting for.
Are you pondering a move this year? Don’t hesitate to reach out; you can ring me at 519-824-9050 ext. 235, and together, let’s turn your real estate dreams into an address!
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