Wellington Florida 1st Quarter Real Estate Stats for 2013
Wellington’s 1st quarter real estate stats for 2013 are in! So far 262 homes have sold in Wellington this year with a sales price ranging from $50,000 up to $12,500,000. Of the 262 home sales 144 of the home buyers paid CASH and unlike other parts of the country were cash buyers may only dominate certain price points that is not the case in Wellington. Both the lowest and highest sale prices increased significantly compared to the first quarter in 2012 along with Wellington’s average and median sale prices.
Days on Market was at 95 days, which is an 18% decrease compared to last year at this time, BUT I do not feel this number accurately shows what is currently happening in our market. When a property goes under contract in Wellington and is placed “contingent” in the MLS the Days on Market clock continues to tick, the only way the clock stops is if the property is placed “pending” or “sold.” So if a property goes under contract the second day of being on the market, but is placed “contingent” in the MLS until it closes 30 days later the Days on Market will be 32 days, NOT 2 days.
Cash Buyers have been dominating the Wellington real estate market for well over a year and continued to do so throughout the first quarter of 2013. Of the 262 Wellington home sales 55% of the home buyers paid cash, 33% obtained conventional financing, 9% obtained FHA financing and 3% obtained money from another source.
While these percentages are based on closed sales as a Wellington REALTOR who works with buyers and sellers I firmly believe there is a larger percentage of financed buyers currently in the Wellington market than these stats show. Over the last year I have witnessed first hand financed buyers losing to cash buyers in a multiple offer situation.
I’ve even seen financed buyers offer more than cash buyers, but every time the seller was drawn to the cash offer due to the low-risk factor. When paying cash there is usually only an inspection contingency and they can close quickly, but financed buyers usually have a finance contingency, which includes an appraisal contingency on top of the inspection contingency and take 30-45 days to close.
It is no surprise that traditional sales accounted for the largest percentage of closed sales in Wellington making up 67% of home sale while short sales accounted for 18% and Bank Owned REO Homes accounted for 15%. However of the 402 Wellington homes currently under contract Short Sales account for 47%, Traditional Sales are at 44% and Bank-Owned REO Homes are at 9%.
1st Quarter Stats at a Glance 2012 VS. 2013
| 2012 | 2013 | Increase/Decrease | |
| Home Sales | 209 | 262 | +25% |
| Lowest Sales Price | $34,000 | $50,000 | +48% |
| Highest Sales Price | $6,100,000 | $12,500,000 | +105% |
| Average Sales Price | $361,146 | $494,357 | +37% |
| Median Sales Price | $217,000 | $280,000 | +29% |
| Median List to Sales $ Ratio | 95% | 95% | 0 |
| Median Days on Market | 117 | 95 | -18% |
If you are looking to buy or sell your Wellington Florida home contact us today!
Wellington Florida 1st Quarter Real Estate Stats for 2013
Michelle Gibson of the Hansen Real Estate Group Inc is a full-time REALTOR who has been specializing in Wellington Florida real estate since 2001. This veteran of the real estate industry has expertise in technology, marketing, and social media.