The number of homes sold in May in Centre Wellington was an exact match for the month that preceded it. While there was no change from April, this number (50) was down 15.3% from this time last year.
There were 77 new listings on the market, however, which is an increase of 15% from the previous month. There was also two months of inventory, in terms of supply and demand.
The average sale price in Centre Wellington for the month of May—across all housing categories—was $841,217. For single-family homes, this figure was $907,887, down 1.3% from April. For townhouses and row units, the average sale price was $708,286, a month-over-month decrease of 6.7%. For apartment units, it was $673,200, down 15.5% from the month before.
Sellers will be interested to know that homes are taking a bit longer to sell right now too. In May, the average days on market was 30, which is 7 days longer than it took to sell in April.
Of course, inflation continues to be an important factor and, for many, affects affordability. The Bank of Canada did raise rates again on June 7th, with the overnight lending rate now sitting at 4.75%. The move is intended to combat inflation, which remains stubbornly high, and it isn’t what many had hoped to see.
Raising the policy rate 25 basis points is a continuation of the bank’s strategy of “quantitative tightening”. Major central banks have been forecasting recently that interest rates will need to rise in order to restore price stability. The BOC’s goal is to bring supply and demand back into balance and return inflation to the target of 2%—it was 4.4% in April. The next rate announcement is expected on July 12, 2023.
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.
You can reach them by phone at 519-821-3600 or follow them on Instagram and Facebook.