How did the Wellington Real Estate Market do in 2017?

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.

Wellington Community 2017 Year in Review

WellingtonHomeTeam.com