Guelph Market Update For July 2021

Below you will find a Guelph market update for July 2021 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!

Active listings are extremely low for July. Inventory dropped by 31% from June where we already had a massive shortage of listings. There are currently 99 active listings on the market when typically there would be around 300 at this time of year.

The number of new homes listed was down 29% from last month and because of that, there was a 25% reduction in the number of sales.

The low inventory has kept housing prices stable. The average sale price increased 2% from June and houses are still selling on average for 3% above their list price.

It is normal for us to see reduced activity over the Summer but usually, that is due to buyer demand wearing off not low inventory. The reduced inventory may be a result of people taking a break from real estate in order to travel and get out now that many of the COVID restrictions have been lifted. Or it’s possible that many people who were planning on selling this year have sold already – so far year to date we’re up about 32% compared to the number of sales last year.

Another issue affecting inventory is that many people are waiting to buy first before putting their house on the market. Due to the low inventory, it is taking people longer to find a home and this is causing a backlog of eager sellers.

Typically we will see a surge of new listings hit the market in mid-September. If this happens we should see the market balance out a bit. However, we feel that we will remain in a pretty strong seller’s market for the remainder of the year.