Guelph Market Update for May 2018

Market Update​​

 

Here is what happened in the Guelph Real Estate Market in May!

There were 224 sales this month, which is down 19% from the 276 sales that we had last May. The number of sales has remained flat since April last month.

There are currently 440 active listings on the market. This is up 31% from last year and we are continuing to see inventory build month over month. We are up almost 30% from last month. For purchasers, this is great since you have more selection.

If we look at the total number of new listings, we had 411 in May, which is down 14% from last year. However, comparing to May 2017 is tricky because at that time many sellers rushed to put their houses on the market right after the announcement of the new foreign buyer’s tax.

The average sale price in Guelph is $525,151, which is still down 3% from May of last year when the average sale price was $539,946. Average sold prices are up 2% from last month and 4.9% from March so things are moving in a positive direction.

Let’s dive into more detail – detached houses had an average sale price of $609,998 which is down 1% from last May, but up 3.5% from last month.

Attached houses are up 1% from last May, with an average sale price of $441,826. Apartment style condos had an average sale price of $343,379 which is up 2% from last May.

As you can see the gap in the average sale price year over is starting to narrow as house prices are continuing to rise across all categories in Guelph.

Houses are selling on average for 100% of the list price. Of the houses that are selling, 38% went to multiple offers and sold over asking, which is up 6% from last month. Of the houses that are selling over asking 75% of them are listed under $600,000. This demonstrates that our market under $600,000 continues to stay very active.

If we look at months of inventory, which is our supply and demand, we have 1.96 months of inventory. This is slightly up from last month where there were 1.5 months of inventory. However, anything under 5 months is considered a seller’s market so right now overall, we are still in a seller’s market in Guelph.

That being said, it is very important to look at months of inventory over different price ranges because our market shifts quite dramatically depending on what price you are looking at. Right now, under $600,000, we are in a strong seller’s market with anywhere from 1 a month’s inventory to 2 months inventory. Then between $600,000-$800,000, there are 3 months of inventory. From $800,000-$900,000 there are 7 months of inventory on the market which means that this price range is very saturated. Interestingly enough $900,000-$1,000,000 only has 1 month of inventory on the market so if you were thinking about pricing your home at $899,999 you might be better to list at the $900,000 price mark that puts you into a more active price point. In the $1,000,000+ market, there are currently 5 months of inventory which is in a balanced market.

If you look at our market overall it’s doing very well. Housing prices have continued to climb month over month. Homes are selling on average for the full list and 38% of the property listed are going to multiple offers. The market under $600,000 is moving very well so this is a fantastic opportunity for someone looking to sell at this price point. I know personally with our listings we are getting a lot more offers and it appears the buyer’s confidence in the market is starting to build back up. I think we will continue to see an increase in consumer confidence over the next few months as our market builds back up. I am predicting that we are going to have a more active market in the second half of 2018 then we did in the first. which is similar to what happened in 2016.

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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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 May 2018 feel free to contact  The GoWylde Team.

If you would like a free online home evaluation  click here

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