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

If you’re thinking about selling your house in Guelph, watch this quick video. I’m going to talk to you about the current market conditions and how that’s going to impact you as a seller.

Sales & Inventory:

October was a really strong market for the Guelph real estate market. We saw the number of active inventory drop by 18% while sales increased by 16%. What that means is despite the colder weather we’ve been having, we’re actually continuing to go into a hotter, stronger seller’s market with increasing demand and decreasing inventory.

Average Sale Price:

The average sale price was up 14% from last October. That’s the highest year over year appreciation we’ve seen so far in 2019. Looking at each different housing type, they’re all up dramatically with the big winner being condo-style apartments.

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:

The last thing we would look at is our months of inventory. Months of inventory is our supply and demand for the market which determines if we’re in a seller’s, balanced or buyer’s market. We dropped to 1.62 months of inventory. That’s down dramatically from the 2.29 months of inventory that we had last year. Which means we’re going into a stronger seller’s market. In fact, that’s the lowest it’s been all year which means October so far has been the strongest seller’s market in 2019.

Summary:

Typically, it being November & us already having our first snowfall we start to see buyers and sellers’ mindsets get redirected towards the holidays. People start focusing on that and stop thinking about purchasing or selling their house. However so far this year that hasn’t happened. We’ve seen inventory continue to drop into November, but buyer demand has remained as strong which means we’re going into a further stronger seller’s market creating an excellent opportunity for people thinking to sell their houses.

Usually this time of year we’d be recommending if you’re thinking about selling your house to hold off until the new year when things pick up again. However this year we’re actually encouraging sellers to get their house on the market ahead of the new year before we see a lot more inventory and competition come on in January. Now for some people, the thought of having their house listed close to the holidays just isn’t realistic. They don’t want to deal with the hassle of having showings and viewings and keeping their house perfect while they still have family events. If that’s the case, that’s absolutely fine. Although, I would encourage thinking about listing your house really early in the first quarter of 2020.

Typically when we see a really strong Fall market push right through to the end of the year, it means we’re going to have a really active first quarter. You’re better to get your house listed in early January or February when there’s not a ton of seller competition on the market, opposed to waiting till March or April when most of the other listings are going to come out.

Now for someone who’s thinking about selling an investment property or just a house that’s close to the University of Guelph, your best three months to sell that house are going to be December, January, and February. The primary reason is that’s when all of the student parents start looking for investment properties for their kids. They would like to purchase in the early Winter allowing them plenty of time to rent the property out before the May 1st rental term.

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.