Below you will find our real estate market Guelph market update for August which will provide you with information on the local real estate market and recent sales activity in your specific area. Don’t hesitate to contact us if you have any questions or if you are ready to move forward with the next step!

Guelph Market Update For August

We saw 180 sales in August which is up slightly from 172 in July but still down 5.7% from August 2016. The number of active listings has dropped 19% from 299 to 243. This is likely due to some unmotivated sellers who were looking to sell for an inflated price pulling their house off the market. Also, August is a slow month for new listings since many people go away on holidays. Many sellers will hold off until September to list so we should see inventory increase again. We are currently sitting at 2 months of inventory which is still a seller’s market.

The average sale price in Guelph dropped 5.6% to $464,421, however, this is mainly because we are seeing more lower priced homes sell than high-end homes. The average sale price for a detached home in Guelph remained flat at $566,500 which is a good indication that prices are starting to level out.

Currently, houses are selling for 98.8% of list price and within 26 days which is a good healthy market. Bidding wars are few and far between and buyers are starting to negotiate which you will need to factor into your list price. Most offers will have inspection and financing conditions in them as well.

So what do we think is going to happen in September??
The market seems to be leveling off and we are seeing more buyers come out of the wood work after the summer holidays. We think that there will be both an increase in the number of new listings and the number of sales. Days on market might drop slightly and market activity will likely pick back up. We may even see list to sale price ratios go up. Likely prices will remain flat over September.

One other notable thing that just happened is the Bank of Canada just did their second rate hike of 25 basis points bringing prime up to 1%. An increase this small shouldn’t have a large impact on the real estate market but if they continue to do these increases it will start to impact purchasers borrowing power. There are talks about another rate hike later this year and if the Canadian economy remains strong there are talks raising prime up to 1.5% within 2018. This is up 1% from earlier this year which will have an impact.

If you’re thinking of selling in 2017 then September will likely be your best month. This is historically the second busiest time of year for sales. You want to get your house on the market and sold before things slow towards the holiday months.

Neighborhood Statistics

Below you will find a real estate market update report which will provide you with information on the Guelph Market Update For November and recent sales activity in your specific area. Don’t hesitate to contact us if you have any questions or if you are ready to move forward with the next step!