Last month, the average sale price for homes in Centre Wellington experienced a bit of a dip.
The figure—$793,558—represents a 5.3% decrease from December 2022, just a month before, and a 10.6% decrease from a year ago in January 2022.
The good news is that there was a jump in the number of homes sold, just as we would hope to see once the holiday season has officially come to a close. As the market roared back to life in January, there were 45 new listings in Elora Fergus and 24 homes were sold. These are massive increases, with that new listings figure up 125% from December and the number of homes sold up a whopping 86.4% in that same time period!
As mentioned last month, the market is indeed showing signs of becoming more balanced, as evidenced by the 3 months’ worth of inventory that is available currently. It also took an average of 42 days for a home to sell, a number that is up 4 days from the month prior—another sign that cooler heads are prevailing.
Average sale price by housing type
Taking a closer look at the individual property types, the residential real estate figures for January 2023 were as follows:
- Single-family homes had an average sale price of $839,729, an 8.3% decrease from December 2022
- Townhouse and row units saw an average sale price of $724,998, which represents a healthy increase of 15.1%
- Apartments sold on average for $420,000, a drop of 11.6%
January 2023, then, was off to a strong start, with more homeowners listing their homes for sale and more buyers successfully purchasing those properties. Of course, the expectation is that the momentum will only continue to build throughout the spring, which is traditionally the industry’s busiest time of year. Another good sign? We’ve hopefully seen the last of the Bank of Canada’s interest rate hikes now and a decrease in the overnight rate is expected by the latter half of the year or early 2024.
For more insight and information, visit the Coldwell Banker Neumann Real Estate Brokerage online at cbn.on.ca or reach them by phone at 519-821-3600.