Reviewing the market in Wellington County at end of Q3 and September 2023
In recent months, Wellington County’s real estate market has undergone a significant transformation, shifting towards a more balanced state. This transformation can be attributed to a substantial surge in new property listings, coupled with a decline in the number of units sold. However, amidst these market fluctuations, average and median sale prices have managed to hold steady, underscoring the resilience of the local real estate sector.
Year-to-date figures may show a decrease compared to the previous year, but the gap is gradually narrowing. By the end of September and the conclusion of Q3, sales volume had experienced a 20% decline from 2022, mirroring trends from the preceding month. Year-to-date sales concluded Q3 at $1.87 billion this year, a reduction from 2022’s $2.338 billion in sales volume. Unit sales have followed a similar trajectory, with 2250 units sold at the end of Q3 this year, representing a modest 9% decrease compared to last year’s 2462 units.
Specifically, looking at September, we observed distinct declines when compared to the same month in the previous year. The sales volume for September amounted to $161 million by month’s end, marking a nearly 15% reduction from September 2022, which saw sales of $191 million. Unit sales followed the same trend, with 185 units sold, a 15% decrease from the 218 units sold in September the previous year. Notably, there were 583 new listings in September, a 32% increase from the 441 listings recorded in September of the previous year.
Despite these decreases in sales activity, property prices in the region have remained relatively stable over the past months. The year-to-date median sales price stood at $787,500 by the end of Q3, marking an 8% decrease from the previous year’s median of $855,000. Meanwhile, the year-to-date average sales prices have also exhibited a similar downward trend, concluding at $824,670, representing a 12% decrease from last year’s average of $935,288.
The Wellington County real estate market has seen some fluctuations over the past nine months. Although market activity has been somewhat erratic, prices have maintained a modest downward trend. Here are the average year-to-date sales prices for different property types in Wellington County as of the end of September 2023:
- Freehold Homes: $931,286 (Average sales price as of Q3 September 2023)
- Condominium Homes: $615,117 (Average sales price as of Q3 September 2023)
- Vacant Land Sales: $666,473 (Average sales price as of Q3 September 2023)
Wellington County’s real estate market is still undergoing corrections throughout this year. However, as we reach the end of Q3, overall activity has stabilized. The impact of any further announcements from the Bank of Canada remains to be seen, but at present, the regional market is experiencing a balanced state.
If you’re considering a move in the real estate market this year, we invite you to get in touch. You can reach me at 519-824-9050 ext. 235, and together, let’s turn your real estate dreams into an address!
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