Guelph Market Update for November 2018

Wishing you and your family a wonderful holiday season & a happy new year! 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 November 2018

Market Update

The numbers are in and here is what happened in November for the Guelph real estate market.

Sales:

There were 154 sales this month, which is flat from last November and down slightly from October.

Active Listings:

There are currently 329 active listings on the market which is up 22% from last November but down from last month.

There were 184 new listings on the market this November which is down 2% from last year.

Average Sale Price:

The average sale price in Guelph was $504,677 which is up 2% from last year and up 3% from last month.

Let’s dive into more detail –

Detached houses: up 5% from last November.

Attached houses: up 13% from last November

Apartment style condos: Flat from last November. If we look at the entire year average from condo’s they are up 8.5% compared to 2017.

Sale to List Ratio:

Houses are selling on average for 99.9% of the list price. Attached houses and condos are selling with a higher list to sale price ratio than detached. Of the houses that are selling, 26% went to multiple offers and sold over asking.

Months of Inventory: (Supply & Demand)

We have 2.14 months of inventory meaning we are still in a seller’s market.

Right now, under $600,000, we are in a seller’s market with 2 months of inventory on the market. Between $600,000-$1,000,000 there are just under 4 months of inventory. This is still considered a seller’s market but very close to balanced. In the $1,000,000+ market, there are currently 7 months of inventory which is in a buyer’s market.

Summary:

Overall it was a pretty strong November with the average sale price being up and the number of sales remaining flat from 2017. Year to date there have been 2024 sales in the City of Guelph which is tracking 10% down from 2017. The combination of the stress test rules that were implemented in January and interest rate increases have reduced affordability and pulled some buyers out of the market. Due to the reduced affordability, we are seeing a higher demand for lower-priced homes which is why properties priced under $600,000 are in a stronger seller’s market.

The real estate market tends to slow in December as we approach the holidays. For buyers, this is a great time to find a good deal. From a seller’s perspective, this is still a good time for investment properties and homes that are geared toward first-time buyers.

If you are selling a larger Family home then you are probably better to wait until the new year. However, I would list earlier in 2019 as we are predicting that the first quarter is going to be when our market is the strongest. This is because of further interest rate increases and the continued tightening of mortgage rules that will likely start to occur in the second quarter of 2019. Not to mention that there will be less selling competition in January and February.

If you have any questions about the Guelph Real Estate Market. Please comment below and we would be happy to answer them.

Neighbourhood Statistics

Central

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

Click here for Active/Solds In This Area

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 November 2018 feel free to contact  The GoWylde Team.

If you would like a free online home evaluation  click here

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