Below you will find a market update report 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 May 2019

Market Update

The numbers are in for May, and this is what’s going on in the Guelph real estate market

Sales:

There were 267 sales, that’s up 19% from May of last year. That is a huge increase in the number of sales.

Inventory:

There were 401 active listings which is down about 10% from last year. The number of new listings to hit the market was also down about 5% with 394 listings coming on this May compared to last year. That’s likely due to the really cold, and wet weather that we had leading up to May.

Average Sale Price:

The average sale price across all housing types was $544,136 which is up 4% from May of last year.

Detached houses: up 2% with an average sale price of $621,272

Attached houses: up 8% with an average sale price of $478,837

Condo-style apartments: up 12% with an average sale price of $416,601

We’ve seen appreciation in all the three different housing categories, and it’s not only year over year it’s also month over month which is excellent.

List-To-Sale-Price Ratio:

We’re seeing on homes sell for an average of 99% of list price, so very close to list price. That’s up 1% from May of last year. Right now 37% of the homes that are selling are going to multiple offers and selling above asking. When we look at those homes specifically 80% of those are listed under that $600,000 price point. There’s a big difference between the amount of activity in the lower price points, compared to when you get to that $700-$800,000 and then million-plus price points. Which is normal for us to see.

Supply & Demand:

We’re now down to 1.5 months of inventory. That’s continuing to drop which means we’re going into a stronger & stronger seller’s market. 1.5 is a very strong seller’s market. Anything under 4 is considered sellers. Right now we’re in a really active market, and that’s why we’re continuing to see prices go up.

Summary:

With this market right now where are the ways, you can take advantage of it? It’s an excellent seller’s market. So, if you’re thinking of selling in 2019 this is probably going be the best time of the year to do it.

From a upsizers perspective, this is your optimal market. You sell your house in a lower price point that is really active and buy in a high price point where it’s a little slower moving there is a bit more negotiations.

From a downsizers perspective if you’re someone who’s thinking about pulling equity out of their house, going up to the cottage or buying in a lower price market this is a great time for you to capitalize on the strong market we’re in right now, and pull out some of that capital that you’ve earned in your house over the last several years.

For first time buyers right now a great opportunity because interest rates are at their lowest they’ve been since 2017, and with prices, it doesn’t look like they’re going down anytime soon. So, jump into the market, and start taking advantage of that appreciation. You’re probably not going to be able to save at the same rate that houses are going up right now.

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.