Guelph Market Update for July 2018

Below you will find a Guelph Market Update for July 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 July 2018

Market Update

 The Guelph Market Update for July 2018 is in, and here is what happened last month!
There were 208 sales this month, which is up 21% from the 172 sales that we had last July. This is the first month this year where we have had more sales than last year.

There are currently 391 active listings on the market. This is up 5% from last year.  However, it is down 8% from last month. For purchasers, there is still a decent amount of inventory to choose from. Especially in the detached market over $600,000.

If we look at the total number of new listings, we had 284 in July, which is up 4% from last year.

The average sale price in Guelph is $509,714, which is up 3% from July of last year when the average sale price was $492,768. If you look at the average sale price per sqft we are up 2.2% from June which shows that prices are continuing to rise throughout the summer.

Let’s dive into more detail – detached houses had an average sale price of $595,315 which is up 5% from last July.

Attached houses are up 3% from last June with an average sale price of $442,824. Apartment style condos had an average sale price of $333,986 which is up 11% from last July.

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

Houses are selling on average for 99.1% of the list price. Which means when you are pricing your listing you want to have a very small buffer for negotiations. Of the houses that are selling, 19.7% went to multiple offers and sold over asking. This number is down quite a bit from last month. 87% of these houses are listed under $600,000 with most of them being listed between $400,000-$500,000.

If we look at months of inventory, which is our supply and demand, we have 1.88 months of inventory. This is down slightly from last month which means we are in a bit stronger of a seller market. Anything under 5 months is considered a seller’s market so right now 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). Between $600,000-$1,000,000 there are 3 months of inventory. This is still considered a seller’s market but closer to balanced. This is down from 3.5 months of inventory that we had in June. In the $1,000,000+ market, there are currently 11 months of inventory which is in a Buyers market. This price point has continued to move more into a buyer’s market from June.

Overall, we are in a great market with only an average of 1.88 months of inventory across the board. Prices are up year over year and increasing by sqft month over month. The summer is typically a slower time for sales but we are experiencing a great amount of activity in our market. I think that the positive performance in the GTA market is also giving buyer more confidence to jump back in. I am predicting that we will see a very strong fall market this year. Come the first half of September I think we will see a large spike in new listings hit the market as summer vacations have come to an end and the kids are back in school. At the same time, I think we are going to see a lot more buyers who have been sitting on the sidelines come out of the woodwork. This should lead to a large increase in the number of sales this fall.

If you are thinking about selling this year I am guessing that the early September will be your best time to put your house on the market. If you are looking to buy I would recommend trying to firm up a purchase this August while many buyers are away on holidays and there is less competition.

Neighborhood Statistics

Central

Downtown, Exhibition Park, General Hospital, St. George, St. Patrick’s Ward, Dovercliff Park/Old University

Guelph Market Update For November

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West

Onward Willow, Willow West/Sugarbush

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North

Riverside Park, Victoria North

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East

Grange Road, St.Gregory’s/Tait, York/Watson Industrial

virtual-tour-183831-01

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Kortright

Kortright East & West, Westview, Kortright Hills

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South

Clairfields/Hanlon Bussiness Park, Pineridge/Westminster

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If you have any questions about the Guelph Market Update for July 2018 feel free to contact  The GoWylde Team.

If you would like a free online home evaluation  click here

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