Wellington County Real Estate Market Update – November 2024: Key Trends and Insights for Buyers and Sellers
As we approach the end of 2024, the real estate market in Wellington County continues to evolve, offering intriguing trends for both buyers and sellers. After transitioning to a balanced market in October, the region moved back into a seller’s market in November, highlighting steady growth across key indicators.
Whether you’re planning your next move or just staying informed, here are the standout insights from November’s market activity:
1. Sales Volume and Unit Sales Soar
- Sales Volume: Up an impressive 44.02% to $192,737,705 compared to November 2023
- Unit Sales: Increased by 47.74%, jumping from 155 units to 229
2. Prices See Mixed Changes
- Median Sale Price: Rose by 4.58% to $776,500
- Average Sale Price: Eased slightly, dipping 2.52% to $841,657
3. Market Dynamics Highlight Opportunity
- New Listings: Down 8.54% to 332, signaling reduced inventory
- Expired Listings: Plummeted 35.8% to just 52, reflecting faster sales
- Sales-to-Listings Ratio: Climbed 26.28% to 68.98%, reinforcing the seller’s market position
4. Year-to-Date (YTD) Metrics
- Average Sale Price: Edged up to $827,849 (+0.2%)
- Unit Sales: Increased by 4.27%, with 2,708 units sold
- Expired Listings: Rose by 46.3%, hinting at market challenges earlier in the year
5. Freehold and Condominium Insights
- Freehold Sales Volume: Jumped 46.91% to $160,459,006.
- Condominium Sales Volume: Grew 27.16% to $29,936,299
What This Means for Buyers and Sellers
For Buyers
Competition is Back: With fewer new listings and a high sales-to-listings ratio, be ready to act quickly and make strong offers.
Stable Pricing: While average prices dipped slightly, the overall market remains strong. Assess interest rates and trends to make informed decisions.
For Sellers
Seller’s Market Advantage: The increased demand and reduced expired listings mean faster sales and strong buyer interest.
Strategic Pricing: Rising median prices allow you to price your home confidently, especially with proper preparation and marketing.
The Wellington County market reflects robust activity, favouring sellers, yet offering opportunities for buyers who are ready to navigate a competitive landscape.
Let’s Make Your Next Move Together
Whether you’re buying or selling, navigating this competitive market requires expert guidance. With my experience in Wellington County real estate, I’m here to ensure you’re equipped to make confident decisions.
Thinking about a move? Let’s chat!
Call me at 519-824-9050 ext. 235, and let’s turn your real estate dreams into an address!
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