First, before I get into the state of the real estate market, I would like to (re)introduce Amanda Lirusso. It’s funny how things go full circle sometimes. When I first started out in real estate, Amanda and I worked together for a period of time. Fast forward a few years – Amanda & I got to chatting recently and we agreed it was time to start working together again.
Welcome back Amanda! Fun fact: While I may be known as having sold the most residential units in Centre Wellington over the past 6 years, Amanda still holds the record for highest selling price of a residential property in town – $5.2 million. Let’s just say we are a competitive duo 🙂
April sales activity in the local market continued to lag behind 2024 numbers, with unsold inventory starting to pile up. Having said that, there were early indicators near the end of April that suggest May will not be quite as slow. We shall see.
I even had multiple offers on two properties that I sold in April – haven’t said that for a while. And some buyers are now jumping to offer more quickly when properties come to market. So, buyers are definitely out there. Homes just need to be priced properly to account for current market conditions.
We finally started to see more sales activity in the local condo segment – and bungalows and country properties outperformed. Two-storey homes in newer subdivisions continue to be more challenging given inventory levels – especially over $1 million.
We saw more new builds get listed on MLS in April – suggesting builder sales aren’t exactly robust. Homes sales activity in town over $1.3 million in general is slower.
As I am active in the upper end of the market, I am monitoring things very closely looking for early indicators as to when this part of the market is going to come more to life for my prospective sellers.
May sales are going to be a helpful barometer as to what we may expect for the remainder of this year. However, although the federal election is now behind us, there are still many economic and geopolitical unknowns that make it difficult to predict exactly how the rest of 2025 will unfold.
It certainly remains a buyer’s market for now – with lots of inventory to choose from. As a seller, your home needs to stand out – and staging and price are important factors in this regard. Take the extra time to undertake maintenance that is overdue before you list.
In the overall scheme of things, a fresh coat of paint is not a lot of money – and could make the difference between selling and not selling. Many buyers today are not into home projects. They just want to move in.
Is now the right time to sell for you? For honest, straightforward advice, call me anytime at 519-766-3716.
Until next month, take care.
George
