End of March and Q1 2024 review of Wellington County Real Estate
The Wellington County real estate market remains a balanced market in March of this year despite unit sales dropping compared to this same time last year.
Year to date numbers show a slight increase in sales volume with end of Q1 and March at $517M million in sales, up 1.8% compared to the $508 million in sales for the region at the same time last year. Unit sales were relatively at par with 641 units sold to date this year compared to the 647 units sold last year at this time. However, there were 1183 new listings YTD, up almost 13% from last years 1048 listings by end of March.
Looking at the month of March itself, we again saw some impactful changes over the same month in 2023. March sales volume was $222 million in sales by the end of the month, down over 5% compared to March 2023 sales of $235 million for the region. Unit sales also followed this trend, down 6% with 275 units sold this year compared to the 293 units sold last year at this time. Additionally, there were 502 new listings in March, up 17% from last March’s 429 listings.
Prices in the region continued to rebound slightly through the month of March. At this time, both median and average sale prices are slightly higher than they were last year at this time, showing the possibility of further growth for this market. The median sales price was $760,000 at end of March, up almost 4% from March 2023’s median of $730,990. Likewise, the year-to-date average sales prices came to $805,382 which is almost 3.5% over last year’s average price of $778,763 in March for the region.
Wellington County’s real estate market saw some pick up in home buyer activity as warmer temperatures embraced the region. Some prices in the region had a bit of a rebound especially for Freehold homes at certain price points.
The average year to date sales prices in Wellington county for each type are:
- Freehold Homes: $875,016 (Average sales price at end of MARCH 2024)
- Condominium homes: $605,623 (Average sales price at end of MARCH 2024)
- Vacant land sales: $1,096,075 (Average sales price at end of MARCH 2024)
Wellington County’s real estate is still experiencing some slight market corrections overall at the end of first quarter in 2024. 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 35 days for the county, up almost 13% over last years 30.67 days on market.
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 