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February Market Report: More homes sold in Elora Fergus last month

The latest update in real estate in Centre Wellington

There was more activity in the market in February, with an increase in listings and more home sales—signs, perhaps, that the spring thaw isn’t too far away.

In fact, the number of homes sold last month in Centre Wellington increased by 4.2%, compared to just a month earlier. They sold faster too, with an average 27 days on the market; that’s 15 less than it took in January of this year.

The average sale price has come down a bit and was $826,272, a decrease of 4.1% since January. The average sale price for single-family homes was $906,933, a positive month-over-month change of 8%. For townhouses and row units it was $647,500 and for apartments it was $580,667, a positive month-over-month change of 38.3%.

Clearly more homeowners are showing signs that they’re ready to sell, with 49 new listings becoming available last month. That represents an increase of 8.2%, compared to January.

The market is also moving towards being more balanced, with three months of inventory available.

On March 8th, the Bank of Canada announced it was holding its key interest rate steady at 4.50%, for the first time in a year. This is seen as a continuation of its wait-and-see approach and the stabilization is a relief for buyers.

Getting closer to spring at long last, we’re likely to see at least some increase in activity in the housing market over the next couple of months. Just how much will change? Stay tuned.

For more insight and information, visit the Coldwell Banker Neumann Real Estate Brokerage online or reach them by phone at 519-821-3600.