Reviewing the market in Wellington County at end October 2023
Wellington County real estate remains a balanced market this month due to a continued increase in new listings, and a drop in unit sales and sales volume.
The year-to-date figures might be down compared to the previous year, but we are still witnessing that the gap is narrowing. At the end of October, the YTD sales volume had experienced a 19.4% dip from 2022, comparable to the previous month. YTD sales finished October at $2.025 billion this year down from the 2022 sales volume of $2.513 billion. The unit sales were trending the same with 2442 units sold by end of October this year, once again 9% behind last year’s 2686 units.
Looking at the month of October specifically, we saw some definite decreases over the same month last year. October Sales volume was $153 million in sales by the end of the month, showcasing an almost 13% reduction from October 2022 sales of $175 million. Unit sales also trended in the same manner with 192 units, and 14% under last year’s 224 units in October. And there were 447 new listings in October, up 28% from last October’s 348 listings.
Although sales were down, prices in the region still remained relatively stable over previous month’s numbers, however, they are still down considerably over 2022.
The YTD median sales price was $783,750 by end of October, down almost 6% from last year’s median of $832,500. The year-to-date average sales prices followed this downward trend ending up at $822,518 which is down 10.6% from last year’s average of $920,078.
Wellington County’s real estate market has had some fluctuations over the past year, and with activity down, prices are following on a slightly downward trend. The average year-to-date sales prices:
- Freehold Homes: $925,408 (Average sales price at end of OCTOBER 2023)
- Condominium homes: $615,830 (Average sales price at end of OCTOBER 2023)
- Vacant land sales: $661,692 (Average sales price at end of OCTOBER 2023)
Wellington County’s real estate continues to show market corrections overall this year. Even with the Bank of Canada hold on rates for the last two periods, there has not been any uptick in the market activity. We will see if buyers take advantage of this slow down in the market over the next couple months to see how the rest of the year fares out.
Let’s chat if you’re thinking of making a move this year, give me a call at 519-824-9050 ext. 235 and let’s turn your real estate dreams into an address!
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