Reviewing the market in Wellington County at end November 2023
Wellington County real estate remains a balanced market this month despite an increase in unit sales and sales volume. Average and median sale prices have dipped down from where they were this time last year, however, still quite strong.
The year-to-date figures might be down compared to the previous year, but we are still witnessing that the gap has been slowly narrowing. At the end of November, the YTD sales volume had experienced an 18.4% dip from 2022 sales volume. YTD sales finished November at $2.158 billion this year down from the 2022 sales volume of $2.645 billion. The unit sales were trending the same with 2597 units sold by end of November this year, once again 9% behind last year’s 2854 units.
Looking at the month of November specifically, we saw some changes over the same month last year. November Sales volume was $133 million in sales by the end of the month, showcasing a 1.25% increase over November 2022 sales of $132 million. Unit sales trended down with only 155 units, and 7.74% under last year’s 168 units in November. And there were 363 new listings in November, up 23% from last November’s 294 listings.
Prices in the region were slightly down over prior year. The YTD median sales price was $780,000 at end of November, down almost 3.7% from last year’s median of $810,000. The year-to-date average sales prices followed this downward trend ending at $826,235 which is down 9% from last year’s average of $907,960.
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:
The average year to date sales prices in Wellington county for each type are:
- Freehold Homes: $926,423 (Average sales price at end of NOVEMBER 2023)
- Condominium homes: $616,053 (Average sales price at end of NOVEMBER 2023)
- Vacant land sales: $646,810 (Average sales price at end of NOVEMBER 2023)
Wellington County’s real estate continues to show slight market corrections overall this year. The Bank of Canada has continued to keep the hold on rates at this time, but we are witnessing mortgage rates trending downward from some lenders. There is definite opportunity if you’re a buyer in the current market, and hopefully we will see buyers take advantage of this continued slow down in the market during the winter season.
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!
For detailed market reports for your area that you can view or download, head over to my website by clicking here!
CONNECT WITH FRANCES here:
Guelph Real Estate Gal Blog 