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 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 April 2019

Market Update

Sales:

The April numbers are in and this is what’s going on in the Guelph real estate market. Overall, April was a pretty good month this year. We had 240 sales which is up 7% from April 2018.

Inventory:

The number of new listings is up 8%, meaning there is a bit more inventory on the market. Also, the number of new houses to come onto the market is up 16%. We still have quite a few more people bringing their listings to the market in April than we saw last year.

Average Sale Price:

The average sale price is $538,009, across all housing categories. That’s up 5% from 2018. Then looking at the individual housing types:

Detached houses:  up 7% with an average sale price of $628,948. That’s also up month over month as well, which is great.

Attached houses: up 10% with an average sale price of $470,517.

Condo-style apartments: up 10% with an average sale price of $366,543.

Good amounts of appreciation across all housing categories. The great thing, too, is that they’re not only up year over year, but we’re seeing them consistently go up month over month. We are seeing a positive trend for house prices in Guelph.

List-To-Sale-Price Ratio:

Looking at what houses are selling for as a percentage of list price, 99%, which is the same as last year.  Again, very tight, to their asking price. That will fluctuate depending on what price point you’re in. The lower price points are selling a lot closer to asking with some of them selling over. Whereas when you go higher up, you are seeing more negotiating which is normal. Of the houses that are selling, about 35% of them are going to multiple offers, that’s up slightly from what we had in last April of 2018. Then when you look at those houses that are selling above asking, 82% of them are listed under the $600,000 price point. If you’re listing your house at $900,000, the likelihood of going to multiple offers is going to be a lot lower than if you’re listing a $450,000 house.

Supply & Demand:

 We’ve got 1.55 months of inventory, across the board. Overall in Guelph, we are definitely still in a seller’s market. Anything under four months is considered a seller, so it’s a good market. When you look at different housing price points in Guelph, it does tell you different stories.

Months of inventory under $600,000: 1 month of inventory. Meaning a very, very competitive, strong seller’s market.

Months of inventory between $600,000 to 1 million: 2 months of inventory. You’re still in a seller’s market.

Months of inventory between over 1 million: 6 months of inventory. Right on the cusp between a balanced and a buyer’s market. If you’re selling your house over that $1 million price point in Guelph, you have to have some patience. You can’t expect it to fly off the market in a week, and you probably want to build a little bit of a buffer in for negotiations.

Summary:

Overall when we look at our market in Guelph right now, we look at where we are year to date compared to 2018, sales are relatively flat. They’re up about 3% which is not a huge change there. Average sale price, year over year, is up about 5.5%, across all housing categories which is a good amount of appreciation so far considering that we’re not even halfway through the year. Inventory is up 19%. Days on market are up about 14%, meaning houses aren’t selling quite as fast overall. With days on market, we have noticed that in April and March, they have gone down from where they were at the beginning of the year. May’s usually a pretty active month so we may see days on the market start to creep back down as well as we start seeing more buyers come out.

Overall for the market right now, if you’re someone who’s looking to up-size, it’s a great opportunity. Interest rates are low right now. The lower price points are very, very active. You can sell your house in a really active market, up-size, buy something larger in a slower-moving market where you’ve got less competition and you can go in and negotiate a little bit more.

For first-time buyers, it’s also a good time to break into the market. As I said, interest rates are low meaning you can get yourself a good rate. Inventory’s a bit higher, so you’ve got a bit more of a selection.

For down-sizers, it is a little bit more challenging of a market. If you’re selling your larger house and looking to buy something in a lower, more competitive price point, you probably want to sell first unless you’ve got the ability to carry both houses. You don’t want to put yourself in that situation where you’ve bought something and then all of a sudden, you’ve got that pressure to sell yours really quickly.

If you have any questions about the Guelph real estate market, please comment below or contact us, and I’ll be happy to answer them for you.

Neighbourhood Statistics

Central

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

Real Estate - Central Guelph

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 North

Click here for Active/Solds In This Area

East

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

Click here for Active/Solds In This Area

Kortright

Kortright East & West, Westview, Kortright Hills

Click here for Active/Solds In This Area

South

Clairfields/Hanlon Bussiness Park, Pineridge/Westminster

Click here for Active/Solds In This Area

If you have any questions about the Guelph Market Update for April 2019 feel free to contact The GoWylde Team.

If you would like a free online home evaluation  click here

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