Below you will find a Guelph Market Update for July 2019 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 July 2019

The numbers are in for July and this is what’s going on in the Guelph real estate market. Overall July was a really active month.

Sales:

The number of sales was up 10% from what we had in July of last year.

Inventory:

Active inventory was up 11%, with 433 listings currently on the market. The number of new listings to hit the market is down quite substantially. It’s down 17% with only 283 new listings to hit the market by the end of July. That might mean that we get more of a rush this August, or that more people are holding off until after Labour Day to list in early September.

Average Sale Price:

The average sale price across all housing categories is up 7%, with a sale price of $544,577.

Detached houses: up 5% with an average sale price of $627,240.

Attached houses: up 3% with an average sale price of $457,277.

Condo style apartments: up 13% with an average sale price of $377,485.

Good amount of appreciation in all the different housing categories.

List-to-Sell Ratio:

Right now houses are selling on average for 99% of list. We’re not seeing a ton of negotiating going on, and that’s the same as what we had in July of last year. For the houses that are selling, about 25% of those homes are going above asking. Over 85% of those homes are going to be listed under the $600,000 price point Most of them are actually between that $400,000 and $500,000 price point, that seems to be the most active seller’s market right now.

Months of Inventory:

Overall when we look at our months of inventory which is our supply and demand for the market, we’re at 1.88 months of inventory. That puts us in a strong seller’s market. Anything under 4 months of inventory is considered a seller’s market. We remain in the seller’s market throughout most of the price ranges until you get over that million-dollar price point. At that point, we do transition into a buyers market.

Summary:

Overall when we look at the market for July it as a good month. Sales were up, average sale prices are up in all housing categories. From a buyers perspective, there is a bit more inventory on the market this year. Interest rates are lower so it is a good time to look at purchasing. From a sellers perspective, if you’re thinking of putting your house on the market this year, you’re probably best to get it on early September right after the Labour Day weekend. A lot of people tend to go on holiday for the last couple of weeks of August so it tends to be a slower time. Which is a great time for you to actually get your house ready to go on the market. Early September the market will pick back up, and we’ll see it be active for the month of September and October. But it likely will start to slow down quite quickly once we hit November as we approach the holiday season and people start getting preoccupied.

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.