Navigating Wellington County’s Real Estate Landscape:
Reviewing February 2024
Similar to the milder weather we experienced in February, Wellington County real estate market continued to warm up and remains a balanced market in February, as both unit sales and new listings see similar growth compared to last year.
Year to date numbers so far, show a slight increase in sales volume with end of February at $295 million in sales, up 8% compared to the $273 million in sales for the region at the same time last year. Unit sales were relatively at par with 366 units sold to date this year compared to the 354 units last year at this time. However, there were 681 new listings YTD, up over 10% from last years 619 listings by end of February last year.
Looking at the month of February, we again saw some impactful changes over the same month in 2023. February sales volume was $178 million in sales by the end of the month, up almost 9% compared to February 2023 sales of $164 million for the region. Unit sales were also up just over 6% with 217 units sold this year compared to the 204 units last year at this time. Additionally, there were 369 new listings in February, up 8% from last February’s 341 listings.
Prices in the region continued to rebound slightly through the month of February. The median sales price was $748,500 at end of February, up 1.84% from February 2023’s median of $734,998. However, the year-to-date average sales prices came to $803,635 which is almost 5% over last year’s average price of $766,973 in February for the region.
Wellington County’s real estate market saw some pick up in home buyer activity as the snow started to melt, and the temperatures warmed up, so did some of the prices in the region for Freehold homes. Condominium properties and vacant land continued a bit of a dip in prices as the February month came to a close, compared to last year.
The average year to date sales prices in Wellington county for each type are:
- Freehold Homes: $843,155 (Average sales price at end of FEBRUARY 2024)
- Condominium homes: $603,648 (Average sales price at end of FEBRUARY 2024)
- Vacant land sales: N/A – $505,000 (Average sales price at end of FEBRUARY 2024)
Wellington County’s real estate has been showing some slight market corrections overall as we began 2024, and came out of the slight market slump of late 2023. In addition, both median and average sale prices are higher than they were last year at this time, showing the possibly of further growth for this market. Nonetheless, it is still taking a bit longer for some homes to sell with average days on market once again increased and is now at 39.5 days for the county, up almost 18% over last years 33.5 days on market.
Many Canadians have accepted the reality that the era of ultra low interest rates is gone, but have renewed anticipation of reduced interest rates on the horizon. However, the Bank of Canada held the policy rate at 5% again on March 6th, and are quite close lipped about any anticipated rate reductions in the near future. Nonetheless, forecasts from industry experts are still indicating that early 2024 is the time to buy before prices go back on the rise in the latter part of year. Some homes in specific price ranges, have already started to increase as activity picked up at the beginning of the year in our region and it is expected that this will continue into the Spring and Summer 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!
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