July 12, 2024 | Market Reports
Centre Wellington Real Estate Market Report: June 2024
Centre Wellington continues to experience a balanced market this month. Compared to last June, both the median and average sale prices have seen a slight decrease. The lower number of new listings and unit sales has contributed to the reduced sales volume. Despite these changes, the market remains relatively stable.
Key Insights:
- Year-over-year, June’s sales volume has seen a decrease of 43.47%, dropping to $34,704,295 from last June’s $61,392,500. This change reflects a notable decline in unit sales, which fell by 39.39% to 40 units from last year’s 66. Additionally, new listings have slightly decreased by 3.41%, bringing the total to 85. The sales-to-listing ratio also saw a decline, now at 47.06%, down 27.94% from the previous year.
- However, the year-to-date figures paint a more nuanced picture. The sales volume for the year stands at $233,064,295, showing a modest increase of 3.47% from last year’s $225,243,993. This rise comes despite a slight drop in unit sales, which are down 0.38% to 262 from last year’s 263. The market has seen a significant increase in new listings, up 32.58% to 529, although the sales-to-listing ratio has decreased by 16.39%, now at 49.53%.
- The year-to-date average sale price has risen to $882,395, up from $844,051 a year ago, with the median sale price also increasing to $806,000 from last year’s $782,500. Despite these price increases, the average days-on-market have extended by 5.9 days, now averaging 34.6 days.
Conclusion:
These figures underscore the importance of strategic pricing and effective marketing in the current market environment. Sellers can capitalize on the steady appreciation in sale prices, while buyers benefit from the balanced market conditions offering a range of opportunities.
As always, our team is here to provide expert guidance and support for all your real estate needs in Centre Wellington. Whether you’re buying or selling, we ensure you make informed decisions in this evolving market.
Download the full report here:
More About Capstone
Our real estate professionals are industry experts and proud long-time locals. Learn more about how each of our team members helps elevate your real estate experience.
