End of June 2024 & Q2 review of Wellington County Real Estate
Welcome to the Wellington County mid-year real estate market update for the end of June 2024 and the conclusion of the second quarter. This month, we’ve observed several significant trends that reflect the dynamic nature of our local housing market. Here’s a detailed look at what’s happening:
1. Sales Volume Takes a Hit
June 2024 saw a noticeable decrease in sales volume, dropping by 16.4% to $239,639,097 compared to June 2023. This decline highlights a cooling market where fewer transactions are taking place compared to last year.
2. Fewer Homes Sold
Unit sales also saw a downturn, with 287 homes sold in June 2024, a 13.81% decrease from the 333 units sold in June 2023. This reduction in sales volume and unit sales suggests that buyers are becoming more cautious.
3. More Homes on the Market
On a brighter note, new listings increased by 8.6%, from 535 in June 2023 to 581 in June 2024. This increase in supply provides more options for buyers, potentially easing the competition for homes.
4. Significant Rise in Expired Listings
Expired listings skyrocketed by 158.33%, from 24 in June 2023 to 62 in June 2024. This surge indicates that more homes are not selling within their listing period, which could be due to pricing issues or shifting market conditions.
5. Decline in Median Sale Price
The median sale price has decreased by 3.15%, settling at $775,250 in June 2024. This dip reflects the overall softening of the market, potentially offering more affordability to buyers.
6. Average Sale Price Drops
Similarly, the average sale price has fallen by 3% to $834,979 in June 2024 from the previous year. This trend points to a general decline in home values across the county. The average year to date sales prices in Wellington county (at end of June) for each type are:
- Freehold Homes: $927,708
- Condominium homes: $616,495
- Vacant land sales: $945,304
7. Year-to-Date Sales Volume Decrease
Looking at the year-to-date figures, there’s a 6.25% decrease in sales volume, from $1,331,332,219 in 2023 to $1,248,121,814 in 2024. This continued decline highlights ongoing challenges in the market.
8. Year-to-Date New Listings Surge
New listings have surged by 24.02%, from 2,477 in 2023 to 3,072 in 2024. The increase in available properties could be a sign of sellers trying to capitalize on the market before further declines.
9. Expired Listings Up Year-to-Date
Expired listings are also up significantly year-to-date, increasing by 93.06%, from 144 in 2023 to 278 in 2024. This trend underscores the difficulties sellers are facing in closing deals.
10. A Balanced Market with Increased Competition
The unit sales/listings ratio for June 2024 was 49.40%, down 12.85% from the previous year. This ratio suggests a balanced market but with more competition among sellers, making strategic pricing and marketing more crucial than ever.
What This Means for Buyers and Sellers
For buyers, the increase in new listings and decrease in prices may present more opportunities and better deals. However, with the market cooling, it’s essential to remain diligent and act swiftly when you find the right property.
For sellers, the current trends highlight the importance of competitive pricing and effective marketing. With more homes on the market and a higher number of expired listings, ensuring your property stands out is key to securing a sale.
Stay tuned for next month’s update as we continue to monitor these trends and provide insights into the Wellington County real estate market. For more detailed insights and personalized advice, contact Frances Snider, Sales Representative at Royal LePage Royal City Realty.
Whether you’re buying or selling, I am here to help you navigate the changing real estate landscape. If you have any questions about navigating this market, whether you’re buying or selling, please reach out. I’m here to help you make the most informed decisions. So 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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