I hope you are having a fantastic start to the year! Below you will find a Guelph Market Update for January 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!

Guelph Market Update for January 2020

If you’re thinking about buying or selling a house in Guelph this year, watch this video. We’re going to talk to you about the major shift we’re having in the market right now and how that’s going to impact you.

The numbers are in for January & wow, have we ever started off with a crazy, strong seller’s market!

Sales & Inventory:

The number of sales this January compared to last have gone up 10%. While the number of active listings has actually dropped by 32%. Meaning we’ve gone to a really competitive market for people looking to purchase a house.

Average Sale Price:

Due to the competitive market, we’ve seen the average sale price for all housing categories go up 10% this January.

Detached houses: Up 10% with an average sale price of $623,270

Attached houses: Up 10% with an average sale price of $512,268

Condo-style apartments: Up 17% with an average sale price of $400,997. They are the big winner!

Overall huge numbers across all houses categories!

List-To-Sale Ratio:

On average right now, we’re seeing houses sell very quickly and for 100% of their asking price. The majority of homes under $600,000 are actually going to multiple offers and selling above their asking price. We’ve seen a 63% increase in the number of listings selling above asking this year compared to January of last year.

Months of Inventory:

Months of inventory, our supply, and demand for the market, has dropped dramatically to 1.42 months. If you’re selling an attached house or a condo, you have less than one month of inventory, which is an extreme seller’s market.

Summary:

From a seller’s perspective, if you’re one of those people who is kicking themselves for not taking advantage of that crazy 2017 market, well guess what? Here’s your second chance. We are going to see a lot more listings come on in late March, early April. Meaning you are likely better to get your house listed and sold ahead of that.

From a buyer’s perspective, don’t get discouraged. Hold tight, we are going to see more inventory come on the market. However, you need to have your ducks in a row because the good houses are going to sell quickly. If you’re buying under $600,000 there is a good chance you’re going to be going into a multiple offer situation. You’re better to buy sooner than later because in a market like this prices tend to go up dramatically.

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.