Navigating Wellington County’s Real Estate Landscape:
A warm start for your 2024 Real estate journey
Wellington County real estate starts 2024 just as it ended 2023 – in a balanced market. The year-to-date figures for average sales prices are up compared to the previous year, and activity picked up as the year got under way in January.
Looking at the month of January, we saw some impactful changes over the same month in 2023. January Sales volume was $116 million in sales by the end of the month, up almost 7% compared to January 2023 sales of $109 million for the region. Unit sales were relatively at par to last years with 149 units sold this year compared to the 150 units last year at this time. Additionally, there were 312 new listings in January, up 12% from last January’s 278 listings.
Prices in the region rebounded slightly over the course of the month. The median sales price was $720,000 at end of January, down just 1% from January 2023’s median of $727,495. However, the year-to-date average sales prices was $784,411 which is up 7.5% from last year’s average price of $729,389 in January in the region.
Wellington County’s real estate market saw some pick up in home buyer activity as the January snow started to melt, and as the temperatures warmed up, so did some of the prices in the region.
The average year to date sales prices in Wellington county for each type are:
- Freehold Homes: $810,866 (Average sales price at end of JANUARY 2024)
- Condominium homes: $567,852 (Average sales price at end of JANUARY 2024)
- Vacant land sales: N/A – no land sales (Average sales price at end of JANUARY 2024)
Wellington County’s real estate showed slight market corrections overall this past year. However, median sale prices are more or less equal to what they were in the previous year, and monthly average prices have increased year over year, showing that this market continues to have a strong foundation in real estate. Buyers made some new years resolutions going into 2024. Although, late fall in 2023 saw some very slow activity, these renewed buyers definitely saw a fresh start in 2024. Many Canadians accept the reality that the era of ultra low interest rates is gone, and the new reality is where we are now. Activity in the latter part of January really spurred some changes as these buyers dreams of home ownership were coming to fruition.
Thus, if you’re looking to make a move, the data was showing that early 2024 is the time to buy before prices go back on the rise in the latter part of 2024. However, some homes in specific price ranges have already started to increase as activity picked up. Don’t wait for a Groundhog to tell you that the “spring” market is early this year in Wellington County – it looks like it might be here!
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!
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