Guelph Market Update for November 2021

Below you will find a Guelph Market Update for November 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!

Guelph Market Update for November 2021

It is a very Merry Christmas this year if you are a seller, unfortunately, not so much if you are a buyer. Typically, in November and December our real estate market starts to cool down & we normally we see prices soften.

On the surface, it may appear the market is cooling but it hasn’t. The number of houses sold is down slightly from last month but the reason for that is the number of listings that hit the market in November was down 15%.

If we look at the average sales price from October to November it is down 2%. That is deceiving because detached homes were up 1%, townhouses were up 7% and condominiums were up 2%.

If everything is up, how can the average sale price be down? It is due to the mix of homes that sold in November. There were more townhouses and condominiums sold which pulled the overall average down.

80% of homes went to multiple offers and on average sellers are getting 11% above their list price. Buyers are continuing to hunt for homes as they try to beat the pending interest rates hikes.

I am anticipating we are going to see a very strong December and prices of homes will continue to climb into the first quarter of next year. The number of homes sold will drop in December, only because fewer people will list during the holiday seasons.

I am Brad Wylde with GoWylde Real Estate, and our entire team wishes you and your family a happy and safe holiday.