Guelph Market Update for June 2019

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

 

Market Update

We have started our summer now, and this is what’s going on in the Guelph Real Estate Market.

Sales:

As far as the number of sales we’re basically on par from June of last year with 218. That’s just up 1%.

Inventory: 

Active inventory is also on par from June of last year with 418 active listings. That’s down 1%. As far as new listings to hit the market we are up 7% from last year, with 335 new listings. I think the main reason for that is that we had such lousy Spring weather this year and it really delayed a lot of people in getting their houses on the market.

Average Sale Price:

The average sale price across all housing types is $550,344 in Guelph. That’s up 7% from what we had in June 2018.

Detached houses: up 6% with an average sale price of $649,206.
Attached houses: up 4% with an average sale price of $461,703.
Condo Style Apartments: up 3% with an average sale price of $353,927.

We’re up in all housing categories. For detached houses, the average sale price now of $649,206 has surpassed our peek that we had in the 2017 market, which is great.

List-To-Sale-Price:

Looking at what houses are selling for as a percentage of list, it’s 99%. That’s the same as last year. We’re not seeing a ton of negotiating. That is going to change depending on what price point you’re in. Then for houses that we’re selling right now, we’re seeing about 25% of those go to multiple offers and sell above asking. That’s down from the 33% that we had last June. Of the houses that are selling above list, 80% of them are going to be listed under that $600,000 with the majority of them being priced between that $400,000-500,000 price point.

Months of Inventory:

We’re up to 1.92 months of inventory. That’s down just slightly from what we had last year. 2 months of inventory puts us in a seller’s market. Now, when you look at the different segments of the market, it does tell different stories. Under that $600,000 price point, it’s a strong seller’s market, especially between that $400,000 and $500,000 price point. Between that $600,000 to a million, we’re in seller’s market but closer to balanced, especially when you go closer to that $1 million price mark. Then when you go over $1 million we transition into a buyers market. That’s normal when you look at Guelph historically in the higher price points.

Summary:

Overall when we look at our market, we’re in a good, steady market. Sales are up slightly from last year but not a ton. Average sale prices continuing to go up month over month which is showing strength in our market. Lowering interest rates & the reduced stress test are going to help stimulate our market. Since we had such a delayed Spring market and such horrible Spring weather. I feel that we’re going to have a fairly steady Summer and then our Spring market will kind of be pushed through. Then we’ll probably see a blip in September and October where things pick up even a little bit further. Then things tend to quickly die down once we get into November towards December, getting towards the holiday season and the Christmas time.

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.

Neighbourhood Statistics

Central

Downtown, Exhibition Park, General Hospital, St. George, St. Patrick’s Ward, Dovercliff Park/Old University

Real Estate - Central Guelph

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West

Onward Willow, Willow West/Sugarbush

Click here for Active/Solds In This Area

North

Riverside Park, Victoria North

Click here for Active/Solds In This Area

East

Grange Road, St.Gregory’s/Tait, York/Watson Industrial

Click here for Active/Solds In This Area

Kortright

Kortright East & West, Westview, Kortright Hills

Click here for Active/Solds In This Area

South

Clairfields/Hanlon Bussiness Park, Pineridge/Westminster

Click here for Active/Solds In This Area

If you have any questions about the Guelph Market Update for June 2019 feel free to contact The GoWylde Team.

If you would like a free online home evaluation  click here

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