Guelph Market Update for November 2023

Below, you will find a Guelph Market Update for November 2023, 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 2023

In November, home sales in Guelph took a bit of a dip, down by 8.3% compared to last year. But the real buzz is about the surge in available homes. Usually, this time of year, the market doesn’t have many options, but this November experienced a 41% increase in available listings, with over 300 homes up for grabs in Guelph. Good news for buyers – more choices mean more room to negotiate. Right now, homes are going for around 97.6% of their asking price, and it’s taking a bit longer to seal the deal, with the average days on the market going up from 23 to 28.

Even though the average sale price slipped by 1% from last month, we’re still up 5% from this time last year. Things tend to slow down around the holidays, but surprisingly, December is still seeing homes change hands. It’s not breaking historical records, but there’s more action than expected.
The Bank of Canada didn’t budge on the overnight rate, keeping it steady at 5% on December 6th. Analysts think there might be a rate drop early to mid-next year. The vibe around the market has shifted, and now there are more positive predictions for the next year or two. This change is boosting confidence among buyers. My guess is we’ll see a bunch of buyers who’ve been holding off jumping back into the market in the first quarter of next year. If that happens, prices might start climbing up again in early 2024.

There are some excellent opportunities in the market right now. Prices are down quite a bit from the peak in 2022, giving you more wiggle room for negotiations – but that might not stick around for long. December is usually a good time to snag a deal on a home, but this year, you’ve got more choices than usual. If you’ve been playing it safe on the sidelines, it’s time to dive back in before the conditions change.

For those thinking about selling, the best time looks like the first quarter of next year. We’re expecting more demand from buyers and less competition from other sellers compared to the spring. I’m betting on late January to mid-February 2024 being the sweet spot. If you’re considering selling in 2024, get an agent to check out your home now so you’re ready when the market picks up.

I am Brad Wylde with GoWylde Real Estate, a group of real estate professionals passionate about helping people grow their wealth through real estate.