Below you will find a Guelph Market Update for September 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 September 2019

Guelph Real Estate Market Update - September 2019

The numbers are in for September, and this is what’s going on in the Guelph real estate market.

Sales:

When we look at the number of sales we had this September compared to 2018, we’re up about 8% with 181 sales.

Inventory:

Active listings have remained relatively flat. They are down 1% from what we had in September of 2018. This is the same with the number of new listings to hit the market, down 1%.

Average Sale Price:

Now, if we look at your average sale price for all the housing categories, we’re up about 5% with an average sale price of $548,096. Then, diving into more detail:

Detached houses: up 5%, with an average sale price of $646,126.

Attached houses: up 5% with an average sale price of $470,655.

Condo-style apartments: up 13% with an average sale price of $389,340. They were the big winner this month!

List-to-sale-price ratio:

Right now, on average, houses are selling for 99% of list price. Houses are getting pretty close to their asking. That is going to vary depending on what price point you’re in. The higher price points, the more negotiating you’ll see compared to lower price points. Of the houses that are selling right now, we’re seeing about 29% of them go to multiple offers. Just under 1/3. Last year we only had 18% going to multiple offers. Again, that is going to depend on what price point you’re in. The $400,000 to $550,000 price point is very active & we’re seeing a lot more multiple offers. When you start to go to higher price points, you don’t see that happening as much.

Months of Inventory:

We’ve got 2.14 months of inventory. That is slightly less than what we had last year as well, so it means we’re in a bit stronger of a seller’s market.

Summary:

Overall, September numbers were good when you compare it to last year. However, one thing that was a bit unique this year is our September market wasn’t quite as strong as August. Typically, we’ll see the market pick up when you hit September/October. We typically see a Fall blip. This year, sales actually dropped from August to September & we did see inventory increase. It went into a little more of a balanced market. Now, we have seen things pick up quite a bit in the first few weeks of October meaning it may just be a delayed start to our Fall market. It’ll be interesting to see how the October numbers come in.

We are still in a very good market. We are in a seller’s market in Guelph. If you’re thinking of selling this year, this is going to be your final push to get the house on the market before we start to see things slow down in December for the holiday season. If you’re thinking of selling next year, this is a really good time for you to have some realtors out, come see your house, give you an idea of pricing. Also, they can let you know if there’s anything that you can do to the house to help increase the value of it and get it ready for next year.

If you’re thinking of buying, November/December, are fantastic months to buy. You do have less inventory on the market, meaning there’s not quite as much of a selection, but you can usually negotiate a better deal.

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.