With Ontario heading into Phase 1 of reopening, it’s a welcome sign for many that the end of the COVID-19 pandemic is nearing. Summerlike weather has local restaurants busy with patio prep, local shop owners are dusting shelves and stocking new inventory, getting ready to welcome guests and shoppers back into their establishments. We are looking forward to seeing our friends, who run these business, in person soon!
In our business we have safely been showing and selling homes during the busiest of times. In Centre Wellington we have seen the average sale price of those single family detached homes sold, go from $635,356 in May of 2019 to $908,326 in May of 2021. Selling in 2021 has brought some amazing results for our Sellers. Buying in this market has been a challenge and not without risk. Most buyers (who also owned a home) have ended up buying before selling. This can be a stressful situation especially in a changing market. The buyers we have helped secure a purchase this year have been well informed and done their homework. Maintaining close relationships with your home buying team has been critical in this success.
It may be inevitable that we see a shift in our local market. The consistency we were seeing: number of showings, to number of offers, to how much over ask the home sold for has shifted. Overall, we are currently seeing fewer showings per listing as well as fewer offers, yet values are holding strong for now. Staying on top of these trends is something we used to be able to look at on a quarterly basis. Today it seems things can shift week over week. Another reason to maintain your professional relationships!
One thing that has remained constant for buyers in our market is the desire for space, space inside and natural space outside. We have found that homes with large yards, pools or acreage have been attracting the most amount of showings and offers on offer day. We are fortunate that in Centre Wellington we have many outdoor public spaces, trails and parks to be enjoyed as well.
In a changing time in Real Estate, some old sayings hold true more than ever.
“Now is always the right time to Buy the Perfect Home”.
“Location, Location, Location”.
“The best investment on Earth is earth.”
“Don’t wait to buy real estate. Buy real estate and wait.”.
If you or anyone you know is looking for guidance on navigating this market we would love to offer our advice and service. Stay safe out there but enjoy!
Cheers to a safe and healthy summer! Paul, Malcolm, Melissa, Alex, Ivan, Dianne and Shannon!