Below you will find a Guelph Market Update for September 2018 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 September 2018

Market Update

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

Sales:

There were 167 sales this September, which is up 14% from the number of sales that we had last September. However, it is a fewer sales then we saw in August which was surprising.

Inventory:

There are currently 390 active listings on the market which is up 20% from last September and also up from last month.

In September we had 328 new listings, which is up 20% from last year and up 50% from last month. We had a lot of new inventory hit the market in September which is great for purchasers.

Average Sale Price:

The average sale price in Guelph is $517,249, which is up 11% from this time last year.

Let’s dive into more detail – Average Sale Price

Detached Houses – up 11% from last September

Attached Houses – up 9% from last September

Apartment Style Condos – up 12% from last September

As you can see we have positive year over year numbers across all housing types. The prices also went up month over month.

List-To-Sell Ratio:

Houses are selling on average for 98.9% of the list price. Which means that we are experiencing a little bit of negotiations when selling right now. Of the houses that are selling, 18.3% went to multiple offers and sold over asking. 90% of the houses that sold over asking in August were listed under $600,000.

Months of Inventory:

If we look at months of inventory, which is our supply and demand, we have 2.34 months of inventory which is up from August. However, anything under 5 months is considered a seller’s market so right now overall, we are still in a seller market in Guelph.

Right now, under $600,000, we are in a seller’s market with 2 months of inventory on the market.

Then between $600,000-$1,000,000, there are 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 6 months of inventory which is in a balanced market.

Summary:

Overall some positive things happened in the Guelph market for September. House prices are up substantially year over year in all categories and they also increased from last month. Obviously, this is great news for sellers.

From a buyer perspective, there was a substantial increase in the amount of new inventory to hit the market this month which means that there are more options to choose from.

Sales are up this month from September 2017 but we are surprised to see them down from August. Year to date we are down 11.5% in the total number of sales in Guelph but this gap should shrink as we are anticipating a much stronger last quarter this year compared to 2017.

Right now, properties that are priced reasonably and show well are selling quickly. We are experiencing buyers negotiating and more conditions in offers which means that it is very important to have a skilled realtor working for you. All in all, it is a comfortable market to both buy and sell in. If you have any questions about the Guelph real estate market please comment below.