So how did the Wellington Real Estate Market do in 2017? In short home sales decreased, days on market increased along with the median sales price. Throughout 2017 Wellington was a stable market 92% of the time, which in previous years it was predominantly a seller’s market, so there was a noticeable shift. While multiple offers still occurred, there were a lot of homes priced right that didn’t receive multiple offers and sat on the market, sometimes for weeks and even months.
In 2016 there were a total of 1,371 home sales, but there was almost a 6% decrease in 2017 and only 1,296 homes sold. The median price did increase almost 2.5% from $360,000 in 2016 to $368,888 in 2017. Since Wellington was a stable market it’s no surprise the days on market increased from 42 days in 2016 to 63 days in 2017.
Conventionally financed accounted for 50% of the home sales in 2017 while cash buyers accounted for 33%, FHA buyers accounted for 11% and 7% accounted for “other,” such as VA buyers or seller financing. 2016 buyer profiles were as follows; 39% were conventionally financed, 9% FHA financed and 15% were other.
Short sales and bank owned home sales significantly DECREASED in 2017 and accounted for only 7% of the home sales! Considering distressed sales accounted for 12% in 2016, 19% in 2015 and 20% in 2014 this is a HUGE improvement and a great sign.
Wellington Florida 2017 Year in Review at a Glance
Check out the 2017 year in review real estate reports for the most popular communities in Wellington Florida by clicking on the link below.