Welcome to the Wellington County Real estate market update for the end October 2024
As we entered the fourth quarter of 2024, the real estate landscape in Wellington County has presented some interesting trends for both buyers and sellers. Although September showed a buyers market, the local area shifted back to a balanced market in October, showing steady growth across several indicators.
Let’s dive into the top takeaways from this period and what they mean for you as you plan your next steps in the local real estate market.
- Increase in Sales Volume: Although relatively similar to September 2024, October 2024 recorded a sales volume of $204,236,082, which was a 33.14% increase compared to October 2023 ($153,402,025).
- Rise in Unit Sales: The number of units sold increased by 23.96%, from 192 in October 2023 to 238 in October 2024.
- Higher Average Sale Price: The average sale price in October 2024 was $858,135, reflecting a 6.85% increase from October 2023.
- Slight Increase in Median Sale Price: The median sale price for October 2024 was $768,750, marking a 0.82% increase from the previous year.
- Increase in New Listings: New listings grew by 6.94%, with 478 properties listed in October 2024 compared to 447 in October 2023.
- More Expired Listings: The number of expired listings increased by 31.43%, reaching 92 in October 2024, up from 70 in October 2023.
- Sales-to-Listings Ratio Improvement: The unit sales-to-listings ratio rose to 49.79%, an increase of 6.84% compared to October 2023.
- Year-to-Date (YTD) Growth in Sales Volume: The year-to-date sales volume reached $2,053,063,574, a 1.38% increase from $2,025,128,848 in 2023.
- Higher Days on Market: Properties in 2024 had an average of 33.2 days on the market, up by 5 days compared to 28.2 days in 2023.
- Shift in Sales Price Brackets: Sales of homes priced between $550K and $749K increased by 11.45%, while sales in the $350K-$549K and $750K-$999K ranges saw declines of 3.09% and 3.36%, respectively.
These trends highlight a generally robust market with increasing demand and higher sale prices, despite a rise in expired listings and longer time on the market.
What This Means for Buyers and Sellers
What Does This Mean for You?
For Home Buyers:
- Market Rebalancing: After a buyer’s market in September, the shift to a balanced market means competition for homes has intensified. Buyers should act decisively to secure desired properties.
- Higher Sale Prices: The average sale price increased by 6.85% year-over-year, and the median sale price rose slightly, signalling that home prices are climbing. Buyers may face higher costs and should budget accordingly.
- Increased Inventory: The 6.94% rise in new listings provides more options, giving buyers a slightly larger selection to choose from compared to last year.
- Longer Days on Market: Homes are staying on the market longer (33.2 days on average), which could give buyers a bit more time to evaluate options, though desirable properties may still sell quickly.
- Shifts in Price Brackets: With more sales in the $550K–$749K range (+11.45%) and fewer in lower brackets, buyers targeting mid-priced homes might face more competition. Meanwhile, opportunities might exist in the $750K–$999K range due to decreased activity (-3.36%).
For Home Sellers:
- Stronger Sales Volume: The 33.14% year-over-year increase in sales volume reflects strong buyer demand, making it a good time to sell and potentially achieve favourable prices.
- Improved Sales-to-Listings Ratio: With a ratio of 49.79%, sellers are seeing nearly half of all listings convert to sales, indicating a solid chance of selling when pricing and marketing align with market conditions.
- Rising Expired Listings: A 31.43% increase in expired listings suggests that sellers need to price competitively and ensure their properties are marketed effectively to avoid going unsold.
- Higher Listing Prices Realized: The increased average sale price (6.85%) and median sale price (0.82%) suggest that sellers are achieving higher returns on their properties.
- Balanced Market Conditions: In a balanced market, sellers may need to be more flexible in negotiations, as buyers also have some leverage. Competitive pricing and well-presented properties will stand out.
Overall Implications:
- For buyers, timing and preparation are critical in navigating rising prices and increasing competition. Securing financing early and working with knowledgeable professionals will be key.
- For sellers, market conditions are favourable, but the rise in expired listings emphasizes the importance of strategic pricing, marketing, and presentation to attract motivated buyers and close deals.
Both buyers and sellers should stay informed and work closely with local real estate professionals to make the most of this dynamic market.
Whether you’re looking to buy or sell, navigating the market with the help of an experienced realtor is more important than ever. I am here to help you navigate the changing real estate landscape. If you have any questions about navigating this market, 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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