June 15, 2017 | Buyers

May Market Update

 Below you will find our real estate 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!

May Market Update for Guelph

The new real estate market update stats are in and things are changing!

The average sale price for a detached house in May was $614,810, down 3.13% from April which was $634,650. The average sale price for a detached home in June to date has dropped to $596,317, which is down a total of 5.7% from April. That said, detached housing prices are still up 26.66% from the July 2016 average price of $470,783 – That’s pretty amazing for a 12 month period! Attached houses have fared a bit better than detached homes with the average sale price remaining basically flat over the last few months.

The average list-to-sale price has dropped as follows:
107.4% in April
104.9% in May
100.7% in June.
The change has occurred  for 2 reasons;
1) we are not seeing many multiple offer situations anymore
2) since the market has slowed a bit sellers are no longer listing low and holding off on offers. More sellers are listing around what they are willing to accept and taking offers as they come. Remember before last year we had never experienced an average list to sale price over 100% in Guelph, so we are still in a very good market!

There were 278 sales in May 2017, about the same as May 2016 when there were 290 sales. The number of new listings in May was up substantially, however, with 477 new properties hitting the market versus the 347 new listings in May 2016 – a 37.46% increase. As a result, inventory in Guelph has increased from 191 active listings in April to 332 active listings in May. Many sellers rushed to get their houses on the market in early May in fear of what impact the new government policies would have on the market, causing inventory to spike. In the end, listings for May 2017 were just slightly higher than last year with 332 listings in 2017 and 325 in May 2016.We are still sitting just a bit over 1 month of inventory (meaning that it would take one month to sell the current inventory if no other listing became available), which equals a strong seller’s market.

The average days on market (DOM) has only increased by 1 although this is not an overly accurate statistic as it doesn’t take into consideration houses that do not sell. Many realtors are canceling and re-listing their houses right now to keep the days on market low.

So what does this “new” market mean for sellers?

The market is still strong and we are in a good market to sell, however, you need to show a bit more patience and have to have realistic expectations. The days where we would get 80 showings on a house in a week and 10 competing offers are over. Your house might not sell within a week and you probably won’t get a bidding war. Prices have gone down a bit since our hot March and April months, so, you can’t expect to sell for the same crazy, high price as your neighbour did, a few months ago. But hey, you are still up 26.66% from last year!  Where else are you going to get that kind of return?  As far as pricing goes, strategies have changed. It is dangerous to list low and expect to get multiple offers. We are now going back to the traditional approach where houses are being priced at what the sellers are expecting to get and we are taking offers as they come. 

For buyers, this is a great opportunity for you to buy a house, without having to compete! You now have several properties to choose from and will likely have the ability to do your diligence before firming up on a house. If you have been holding off on purchasing because of our crazy hot market, now is your chance to jump back in!

To Summarize,  although the market has cooled slightly, and bidding wars are now a rare occurrence, prices are still substantially higher than they were a year ago and houses are selling at a healthy pace.

It looks like we are transitioning back into a more sustainable market which is a good thing for everyone! 

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!

Central

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

Guelph Market Update For November

Click here for Active/Solds In This Area

West

Onward Willow, Willow West/Sugarbush

Click here for Active/Solds In This Area

North

Riverside Park, Victoria, Victoria North

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East

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

virtual-tour-183831-01

Click here for Active/Solds In This Area

Kortright

Kortright East & West, Westview, Kortright Hills

virtual-tour-223125-01

Click here for Active/Solds In This Area

South

Clairfields/Hanlon Bussiness Park, Pineridge/Westminster

Click here for Active/Solds In This Area

Village By The Arboretum

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Click here for Active/Sold In This Area

Guelph’s Surrounding Area

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

Click here for Active/Sold In This Area

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

If you would like a free online home evaluation click here

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