October 08, 2021

SEPTEMBER STATS

September and 3rd Quarter stats have been released for real estate, and the big picture takeaway for the Guelph market is continued strong growth on an annual basis. Activity remains robust with double digit growth in prices over the past 12 month period, and we don’t foresee any major changes in market conditions for the foreseeable future.

Year to date sales in Guelph are up nearly 10%, despite September and August sales being significantly lower compared to the same period last year. September’s detached sales in Guelph were 106 homes, a 38% reduction compared to the 147 homes sold in 2020. Listings were also down significantly in September, 124 homes listed, down 40% from the 174 listings in 2020.

Even with reduced sales, the drop in listing inventory helped drive competition for the existing homes on the market – which translated into a 19% increase in the median sales price. Competition amongst buyers for homes this past month was fierce, and that meant home sellers were seeing on average 111.0% of their list price.

Once again, we’re seeing historically low levels of inventory as the supply of homes has dropped to 2 weeks (meaning, if no new listings came to the market, we would run out of available homes in 2 weeks). Even though the number of new listings has increased this year, it hasn’t been near enough to satisfy the current demand for homes in our market.

This is some of the evidence that has compelled CMHC to raise its market risk assessment from moderate to high for this region and the nation. Affordability continues to be a major concern in our market – and unfortunately for buyers, we don’t see conditions changing significantly over the next 12 months.

Thanks for reading and have a wonderful Thanksgiving long weekend.