Guelph Market Update For February 2020

Below you will find a Guelph Market Update For February 2020 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!

Wow, this crazy Guelph market’s just continuing to heat up. The numbers are in from February, and we’ve now entered into one of the strongest seller’s markets we’ve ever experienced in the city of Guelph.

Sales & Activity:

The number of sales are up 58% from February of last year, while active inventory has actually dropped by 37%. We did see an increase in the amount of new listings to come to market, by 22%. But that increase in inventory wasn’t close enough to compensate for the huge amount of demand that we’ve had. It was quickly gobbled up.

Average Sale Price:

When we’re looking at the average sale price, it’s up 17% this February from last year. It’s a record high. Diving into more detail:

Detached houses are up by 12%.

Attached houses are up by 13%.

Condo-style apartments are up 25%.

Sale To List Ratio:

On average we’re seeing houses sell for full asking, with actually 53% of them going to multiple offers and selling above asking. That’s 121% increase in the amount of multiple-offer-situations we’re seeing this February, compared to last February. Right now, in early March, we are seeing a lot of new listings coming to market, which makes sense because people are rushing to get their houses listed to take advantage of this insane seller’s market.

Summary:

The Bank of Canada just announced they’re going to be dropping their rate by 50 basis points. Also, the government has announced they’re going to be reducing the stress test rules for insured mortgages come early April. Both of these changes are going to increase affordability, which is further going to increase demand for our market. If you’re someone who’s thinking about selling their house, this is an excellent time to do it. Houses are selling extremely quickly and for record high prices.

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.