End of July 2024 review of Wellington County Real Estate
Welcome to the Wellington County real estate market update for the end of July 2024. This month, we’ve observed several significant key trends that reflect the dynamic nature of our local housing market. The market remains balanced despite a decrease in median sale prices, average sale prices, and unit sales. Sales volume has slightly increased, indicating stable demand.
But let’s take a detailed look at what’s happening:
- Increase in New Listings: There is a significant rise in new listings, up by 22.9% year-to-date, offering buyers more options and intensifying competition among sellers.
- Decreased Sales/Listings Ratio: The sales-to-listings ratio dropped by 13.89% year-to-date, reflecting a more competitive environment with more properties available but relatively fewer sales.
- Slight Increase in Sales Volume: Year-over-year, July’s sales volume increased by 1.54%, reaching $220,166,160 compared to $216,826,496 in July 2023. However, YTD sales volume is down 5.16% in 2024.
- Median and Average Sale Prices Decline: The year-to-date average sale price decreased by 0.37% to $819,644, and the median sale price dropped by 1.56% to $775,250 compared to last year. The average year to date sales prices in Wellington county (at end of July) for each type are:
- Freehold Homes: $929,945
- Condominium homes: $613,978
- Vacant land sales: $890,000
- Lower Unit Sales: Year-to-date unit sales decreased by 5.26%, from 1,598 in 2023 to 1,514 in 2024, indicating a slowdown in the number of transactions.
- Fewer Expired Listings: Expired listings decreased by 10.64%, from 47 in July 2023 to 42 in July 2024, suggesting that properties are still moving, albeit at a slower rate.
- Longer Days on Market: Properties are staying on the market longer, with the average days on market increasing by 4 days to 31.9 days.
- Increased Competition Among Sellers: The rise in new listings combined with a lower sales/listing ratio indicates more competition among sellers to attract buyers.
- Decline in Vacant Land Sales: The sales volume of vacant land significantly dropped by 81.61%, indicating a sharp decline in interest or availability in this segment.
These trends highlight the mixed dynamics of the real estate market in Wellington County, with increased listings and competition among sellers, alongside relatively stable sales volumes but with slight price declines.
What This Means for Buyers and Sellers
For buyers, the current market offers a good opportunity to find properties with more choices and potentially better pricing. However, buyers should still act diligently, as the market remains balanced and competitive for desirable properties.
For sellers, the current trends highlight that while there is still demand, sellers need to be strategic in their approach. Proper pricing, good marketing, and patience will be key to successfully selling in this more competitive environment.
Stay tuned for next month’s update as we continue to monitor these trends and provide insights into the Wellington County real estate market as the summer season comes to an end. 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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