The numbers from the September 2023 market overview are in and they reveal a couple of interesting details.
Several new listings (115) came onto the market last month, which represents a big increase. This figure is 43.8% percent higher than it was in August and 62% higher than September of 2022.
Centre Wellington saw 39 homes sold last month, which is up 30% from this same time last year, though it marks zero change from the previous month. Homes seemed to spend a bit more time on the market too, an average of 35 days, which is 6 days more than it took to sell in August.
Supply and demand sits at 4 months of inventory, which is a steady move towards a much more balanced real estate market. This months of inventory statistic tells you the number of months it would take to sell current inventories at the current rate of sales activity.
Of course, everyone is always interested in prices. The average sale price of a residential property in Centre Wellington in September was $994,059. That’s up 26.2% from last month and up 16% from September of 2022.
Breaking prices down according to housing type, the average sale price of a single-family home was $1,135,410. That’s a month-over-month increase of 20.8% and a very similar year-over-year change of 21.8%. For townhouses and row units that number was $733,250 (up 1.9% month-over-month and up 10.3% since September of last year). Apartment units sold for an average sale price of $533,000; that represents a month-over-month decrease of 14.3% and a year-over-year increase of 1.5%.
Finally, the sale-price-to-list-price ratio was 98.3% last month.
Inflation continues to play an important role for many. In September, the Consumer Price Index rose 3.8% on a year-over-year basis—that’s down from a 4.0% increase the month prior in August. This deceleration was somewhat of a surprise to many economists, who had expected the figure to be higher.
On September 6th, the Bank of Canada announced that it was holding its overnight rate at 5% and would be continuing its policy of quantitative tightening. The date of the next scheduled announcement is October 25, 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.