Below you will find a Guelph Market Update for August 2018 report which will provide you with information on the local real estate market and recent sales activity in specific Guelph neighbourhoods. 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 2018

Market Update

Unfortunately, our summer is coming to an end but on the positive side, our real estate market appears to be heating back up! Here is what is happening in the August real estate market.

There were193 sales this month, which is up 5% from the 184 sales that we had last August. This is now the second month in a row where we have had more sales than last year.

There are currently 363 active listings on the market. Which is up 25% from last year but down from July.

If we look at the total number of new listings, we had 250 in August, which is up 18% from last year.

The average sale price in Guelph is $502,007, which is up 8% from this time last year.

Let’s dive into more detail – detached houses are up 3% from last August.

Attached houses are up 2% year over year and apartment style condos are up 18% from August 2017.

As you can see we have positive year over year numbers across all house types.

Houses are selling on average for 98.7% of the list price. Which means that we are experiencing a little bit negotiating when selling right now. Of the houses that are selling, 19.4% went to multiple offers and sold over asking. All of the houses that sold over asking in August were listed under $600,000.

If we look at months of inventory, which is our supply and demand, we have 1.88 months of inventory Which has remained flat from last month. Anything under 5 months is considered a seller’s market meaning overall, we are still in a seller market in Guelph.

Right now, under $600,000, we are in a strong seller’s market with 1 month of inventory on the market. This is why we are experiencing most of the multiple offer situations in this price point. Then between $600,000-$1,000,000, there are 3 months of inventory. This is still considered a seller’s market but closer to balanced. In the $1,000,000+ market, there are currently 5 months of inventory which is in a balanced market. This is down substantially from last month which means that our $1,000,000+ market was a lot more active in August.

Overall, we had a good August with the number of sales and average sale prices increasing compared to last year. Houses listed under $600,000 are moving very well and we are starting to see things pick up in the higher price points. We had a much stronger Summer market this year then we did last year and I believe we are well positioned to have a good fall market. The first few weeks of September have been very active. We almost had as many new listings hit the market within the first few weeks as we did in the entire month of September last year and there appear to be a lot more buyers out then there were in August.

The Toronto real estate market has continued to remain strong. Right now, there are 2.6 months of inventory in Toronto which makes it the strongest real estate market for a major city in all of Canada. This is a good indication that the Guelph market will continue to improve alongside it. We are predicting to see a strong September and October for the real estate market in 2018. Typically, the market will then start to slow in November and December as we approach the holiday season. For sellers, this means that you are much better to sell your house in either September or October if you want to do it this year. For buyers, you will have the best selection in the early fall but if you are not too picky then you might be able to get a bit better of a deal if you wait until December as sellers tend to be more motivated at this time.