Well, the Centre Wellington (Fergus & Elora) real estate “Spring Market” is officially over as we now head into July, and it actually ended on somewhat of a high note in June – with sales eclipsing June 2025 levels by a meaningful number.

Now, to be clear – a lot of homes still sat on the market unsold in June – but it was nice to see somewhat of a positive trend line forming in May and June.

The question is – was this simply a seasonal blip driven by short-term pent-up demand – or a more meaningful shift in market conditions?

It will take the next 90-120 days to make that call. However, while activity may be improving, there is still no evidence we have hit bottom pricing wise – yet.

Why did sales pick up in June? After all, nothing really changed in a positive way in our economy. The answer is simple: more sellers adjusted pricing to reflect current market conditions – thus more buyers and sellers were able to come to agreement on a deal.

Even more sellers will have to adjust their pricing to get sold as we go into summer. Some may elect to just take their property off the market. And a number of sellers have continued to delay listing with the hope the market strengthens further moving forward.

Even though new listings are slowing down, overall inventory remains at an elevated level – and until levels decrease – downward pressure on pricing will continue, especially in newer subdivisions where inventory levels are the highest.

It may surprise you in fact that we actually need more inventory in older mature areas of Fergus and Elora – as there are buyers looking but not enough options for sale.

So, while pricing is the major factor in this market, a mis-match between what buyers are looking for and the type of properties on the market is also a contributing factor to lower sales.

On the condo front, sales are still struggling – but we did see more sales in June, especially in the lower price points ($600,000 and below). Higher priced condos are slower, but we did see a sale over $1.5 million in June.

Country properties continue to outperform – and we also saw 3 farm sales in June.

Historically real estate sales slow down in July & August in our area – but it will be interesting to see if we witness an uptick this summer.

Stay tuned. And if you are thinking of selling this Fall (starting the first week of September), now is the time to reach out to your realtor to come up with a plan for marketing & selling your home in the Fall Market.

Until next month, take care.

George