Guelph Market Update for March 2018

Below you will find a market update report 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 March

Market Update

There were 180 sales this month, which is down 34% from the 272 sales that we had last March. However, it is still up 25% from last month.

There are currently 310 active listings on the market. This is up 67% from last year.  We had abnormally low inventory in the first quarter of 2017. We are currently at a healthy level of inventory.

The average sale price in Guelph is $505,083 which is down 10 % from March last year which was $563,320. However, this stat may be skewed because lower priced listings are selling much more frequently than higher priced listings. If you look at the average sale price per sqft in Guelph we are actually up 4.25%.

Let’s dive into more detail! Detached houses had an average sale price of $584,000 which is down 7% from last March. This is due to a combination of a larger quantity of lower-priced homes selling this year as well as the market not quite being back up to its 2017 peak. The average sale price remained flat from last month.

Semi-detached and townhouses are only down 1% from last year, with an average sale price of $453,000. They are actually up 7% from last month, which indicates prices are moving in a positive direction.

The average sale price for apartment style condos is $338,000, which is down from last March when the average sale price was $374,000. Prices remained flat compared to last month.

Right now, all properties are selling on average for 99.5% of list price which is basically for the full asking price.  Of the houses that are selling 35% are going to multiple offers. Not as many as this time last year but still a very healthy amount.  68% of the listings that are selling over the asking price have been listed under $500,000. This indicates that our lower end market is still quite active

If we look at “months of inventory”, which is our supply and demand, we only have 1.61 months of inventory. Anything under 5 months of inventory is considered a seller’s market, so overall, we are still in a strong seller’s market.  Now if we look at months of inventory over different price ranges this gives us a better idea of what is going on in each market.  Right now, houses listed under $500,000 have less than 1 month of inventory on the market which means it is a very hot market. Between $500,000 -$750,000 there are 2 months of inventory, between 750,000 -$1,000,000 there are 3 months of inventory meaning it is still a seller’s market, but getting closer to a balanced market. Once you go over $1,000,000 there are 15 months of inventory which means that the luxury market right now is very much a buyer’s market.

If you are looking to upsize to a larger and more expensive home this is a great time to do it. You can sell your lower priced home taking advantage of the hot market, and buy a more expensive home in a less competitive market with more selection.   If you are someone looking to downsize and buy a cheaper home then you are probably better to sell first before you buy. All and all we are still in a very healthy market. Houses on average are selling within 22 days for very close to asking. Prices have stabilized and will continue to increase as we remain in a seller’s market.  The number of sales are continuing to be down from last year so it is important when selling that you are going to market with the right strategy and you have an experienced agent advising you.

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

virtual-tour-223125-01

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South

Clairfields/Hanlon Bussiness Park, Pineridge/Westminster

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Guelph’s Surrounding Area

Guelph-Eramosa, Elora, Rural Puslinch, Aberfoyle, Morriston, Rural Centre Wellington, Fergus

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

If you would like a free online home evaluation  click here

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