Have we moved to a Balanced Real Estate Market?

guelphrealestategal

May 9

Reviewing April 2022 in Wellington County

Spring has sprung, the grass is riz, where are all the homes sales at? The Wellington County real estate market remains a seller's market despite a growing amount of new listings and a lower amount of unit sales, causing many of its' submarkets to dip into a balanced market. Demand appears to remain high as we continue to see median and average sale prices rise.

Spring 2022 real estate market review video:

For Wellington County, the year to date sales volume at end of April was up 10.19% over 2021 numbers, where 2022 sales volume to date is over $1.444B at end of April over 2021 volume of $1.311B the same time last year. However, the YTD unit sales were at 1,449 at end of April, down 11.7% compared to last year's 1641 units sold at this same time. Thus, although sales volume is up due to higher prices, actual unit volume sales is down substantially year over year.

During the month of April, actual unit sales were also down over 20% with only 373 units sold compared to last April's 471 units sold. However, there were quite a bit of new listings in April with 721 new listings last month relative to the 603 new listings of April 2021. Thus, more listings on the market for buyers, but buyer demand dropping off somewhat by the unit number of sales decreasing over the past month.

The buyer activity that was present still continued the upward push on price and the year-over-year median sales price pressed upward to $933,670 at end of April 2022, which is down from last month but up 29% from 2021 median of $721,500 just one year ago. And year-to-date average sales prices continued that trend, although lower than last months', average sale price increased over 30% relative to 2021 resulting in an average sales price of $1,031,488 at end of April 2022 vs. average price of $789,742 just one year ago in the region.

Over the course of 2021 we had seen homes selling more quickly than ever! Average Days on Market had stabilized over the Spring, and is unchanged this month at 16.5 days on average which is still a very quick turnaround on market.

Wellington County seller's market continues with prices up in the region over last year, however, average prices are once again down over the prior month. The average year to date sales prices in Wellington county for each type are:

Freehold Homes: $1,147,933 (Average sales price at end of APRIL 2022)

Condominium homes: $727,489 (Average sales price at end of APRIL 2022)

Vacant land sales: $833,666 (Average sales price at end of APRIL 2022)

At this time real estate prices in Wellington county are still up over last year, however prices seem to be showing a bit of stabilization and reducing in some segments in the region. Over the past couple months we have seen increases in interest rates, lessening buyer demand, and home sellers not seeing as many multiple bid situations in the market. The upcoming months will showcase more trends as to where the market is going but many of our markets are moving towards more of a balanced market at this time. Stay tuned next month to see where the trends are headed as we delve further into the second quarter of 2022.

If you're considering making a move this year, or would just like to know more about real estate in the region in today's market, contact me at 519-824-9050 ext. 235.