Below you will find a Guelph Market Update for October 2019 [BUYER EDITION] 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 October 2019 [BUYER EDITION]

October was a really strong month for the Guelph real estate market. We saw the active number of listings go down by 18%, while sales increased by 16%, which means we went into a stronger seller’s market. There was less selection and higher demand. From a buyer’s perspective, it got a lot more competitive. We did see more houses go to multiple offers.

Average Sale Price:

Looking at the average sale price for all housing categories in Guelph, that was up 14% from October of 2018. That’s the highest gap in year over year appreciation that we’ve seen so far this year. Then when you look in more detail detached, attached and condo-style apartments, they were all up dramatically.

Detached houses: Up 9% with an average sale price of $640,989

Attached houses: Up 9% with an average sale price of $472,948

Condo-style apartments: Up 13% with an average sale price of $392,414

Months of Inventory:

Then looking at our months of inventory, which is a key indicator of what type of market we’re in. Months of inventory is our supply and demand for the market which determines if we’re in buyers, sellers, or a balanced market. We went down to 1.62 months of inventory, which is the lowest it’s been in 2019. This means that October was the strongest seller’s market we’ve had so far this year.

Summary:

From a buyer’s perspective, what does this all mean? Well, if we’re continuing to go into a stronger seller’s market, that means prices are going to continue to go up. Although the selection is lower right now this time of year, you’re probably going to be able to buy something for a better price at the end of 2019, then what you’re going to pay for in the new year, There are some really good opportunities that come up this time of year. There’s a lot of sellers who are quite motivated to get their house sold before the holidays as they’re worried about having to carry the house over the Winter.

A really good tip is to look out for vacant properties because utilities are starting to get higher this time of year, and a lot of those sellers are worried about having to deal with snow removal while not living in the home. If you can go and buy a vacant property with a fairly quick closing, you can usually negotiate a lot better of a deal. We’re going to continue to see inventory drop throughout November and December. Then we’ll see more houses come on in the second half of January, however, they’re going to be listed at a higher price in that second half of January. You’re going to have a lot more buyer competition as well.

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.