Hope your 2018 is off to a great start!

Below you will find a real estate market update report which will provide you with information on the Guelph Market Update For January 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!

Guelph Market Update For January

The January numbers are in, and this is how the Guelph Real Estate Market did for the first month in 2018. We are at 125 sales in January. That was down 30% from the 178 sales that we had last January. Now on the positive side, we’re still up 10% from December. Most likely the reason we saw fewer sales this January was a combination of the cold weather and people holding off to see how these new stress test rules are going to impact our market.

We have 232 active listings on the market in January. This is up 37% from the 169 listings we had last January. This is a good thing. Last year our inventory was way too low. We have a much more healthy, normal amount of active listings on the market right now.

We had 233 new listings hit the market. That’s down 5%, from last January. Again, most likely just the cold weather slowing things down a bit.

We have an average sale price of $507,000, that’s up 11% from last year. When we look at detached houses they had an average sale price of $568,000, that’s up 7% from last year. The attached houses have an average sale price of $432,000, that’s up 9%. Condo apartments have an average of $344,000 which is up 18% from last January. Great amounts of appreciation across all of the housing categories.

Now, for the average list to sale price! The average home sold for 99.6% of asking price in January, basically selling for full list price. We saw 34% of the houses going to multiple offers and selling over asking. Now that is down from last January, where we had 68% of the houses going to multiple offers and selling over asking. But it’s up substantially from December, where we only had 17% of the houses selling over asking. Meaning our market is building up.

Now, time to look at months of inventory, which is our most important statistic. It’s our supply and demand. We’ve got 1.86 months of inventory. Anything less than five months of inventory puts us in a seller’s market, and in a seller’s market, prices are going up. We’re in a very strong seller’s market when we look at the market as a whole. Housing prices in Guelph are growing substantially from last year. Houses are selling quickly. They’re selling for basically full asking, with an increasing number of houses going over asking price. And, our current supply does not meet our demand. Meaning we’re in a really healthy, strong market.

I think we’re going to see the market continue to heat up over the next few months. We’re going to see the consumer confidence building, and more people jump back into the market. I also think we’re going to see inventory increase quite a bit over the next few months. So if you’re thinking of selling, it might be a good idea to get your house on the market, ahead of time, before there’s a lot of other competition. If you have any questions about the Guelph Real Estate Market, please respond to this e-mail.