End of April 2024 review of Wellington County Real Estate
The Wellington County real estate market remains a balanced market in April despite unit sales being lower in comparison to this time last year. New listings surged and the unit sales/listings ratio dropped, indicating that buyers have more choices.
Year to date numbers show a slight decrease in sales volume at end of April with $747M million in sales, down 2% compared to the $762 million in sales for the region at the same time last year. Unit sales were also down with 916 units sold to date this year compared to the 947 units sold last year at this time. However, there were 1793 new listings YTD, up over 24% from last years 1444 listings by end of April.
Looking at the month of April itself, we again saw some impactful changes over the same month in 2023. April sales volume was $229 million in sales by the end of the month, down almost 10% compared to April 2023 sales of $254 million for the region. Unit sales also followed this trend, down over 8% with 275 units sold this year compared to the 300 units sold in the same month last year at this time. Additionally, there were 610 new listings in April, up 54% from last April’s 396 listings.
Prices in the region maintained their strength through the month of April. Although average sales price for the month was down 1.56% compared to last April, the year to date numbers are holding strong. 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 $768,500 at end of April, up 4% from April 2023’s median of $736,745. Likewise, the year-to-date average sales prices came to $812,596 which is 2% over last year’s average price of $795,933 in April for the region.
Although Wellington County’s real estate market saw a bit of slow down in home buyer activity and volume 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: $894,977 (Average sales price at end of APRIL 2024)
- Condominium homes: $610,502 (Average sales price at end of APRIL 2024)
- Vacant land sales: $923,461 (Average sales price at end of APRIL 2024)
Wellington County’s real estate is still experiencing some slight market corrections overall as we dive into the Spring market. Nonetheless, it is taking a bit longer for some homes to sell with average days on market once again increased, and now at 33 days for the county, up almost 13% over last years 29.25 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!
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