The latest residential real estate numbers in Centre Wellington are in. During the month of July, buyers certainly had more to choose from.
There were 70 new listings last month, an increase of 29.6% since the previous month. There are currently 4 months of inventory available, an indication that the market is becoming more balanced. Generally speaking, when there are 5 to 6 months’ worth of inventory available, it is said to be a normal or a balanced market. Once that number reaches 6 or higher, many consider it a buyer’s market.
That said, the number of homes sold in July was 29, which is down quite considerably from June, a decrease of 56%. Homes are taking longer to sell too, with the average days on market sitting at 26—that’s 4 days more than it took just one month ago.
The average sale price across all housing types in Centre Wellington was $875,895, a dip of 5.4% since the previous month. For a single-family home, that figure was $960,526 (a month-over-month decrease of 7.7%) and for townhouses and row units, it was $660,000 (a month-over-month decrease of 9.7%). Apartment units were the only category to see an increase in the average sale price, at $657,980; this represents a month-over-month increase of 3.9% and a year-over-year climb of 25.9%. The sale price to list price ratio last month was 100%.
With average home prices trending down and more supply available on the market, this is a good time for buyers (who may previously have been somewhat reluctant) to consider their options. First-time buyers may find it a little easier to get onto the property ladder for the first time; at the very least they will appreciate the dip in prices, which have been high for so long.
The next interest rate announcement from the Bank of Canada isn’t expected until Wednesday, September 6, 2023.
Explore listings and find more information on sold data by visiting listings.cbn.on.ca.
If you have plans to buy or sell, or simply wish to talk to an expert, visit the Coldwell Banker Neumann Real Estate Brokerage online at cbn.on.ca or call 519-821-3600. You can also follow them on Instagram and Facebook.