July 5th, 2019 Sales Summary

Here’s the summary from the past 7 days in the Guelph real estate market:

42 Homes were reported sold this past week in the City of Guelph, Guelph-Eramosa and Puslinch TWPS.  Not a bad week but 86% of what we reported sold for the same week last year. 9 out of 42 homes or 21.42% sold at or above list price.  A significant drop from previous weeks and year over year. More on that interesting tidbit a bit later. 

The median house this past week is also the smallest we’ve seen so far this year at 3 bedrooms, 1 bath and 1225 square feet.  That median house was selling for $512,500 and took 21 days to be sold.  Still, homeowners are able to negotiate 98.08% of their original list price.  

Compared to the same week last year where we reported 49 homes sold, with 24 out of 49 (48.98%) selling at or above list price.  

The median home sold for the week ending July 6, 2018 was a 3 bedroom, 2 bath 1301 squarefoot home.  That home sold for $457,500 took 17 days to sell and home owners achieved 99.4% of their original list price.  

Let’s look at the bigger picture region wide:

The chart above shows the 3 year history of sales for Guelph, KW, and Cambridge up to the end of June 2019.  The good news is that all of the region with the exception of Waterloo are up over the same period in 2018.  If you hover over the chart you’ll see the summary numbers for each city.  Kitchener lead the way with an increase of over 11% year over year followed by Guelph at 2.9% above the previous year.  Cambridge grew their sales by 2.5% and Waterloo was 1.1% below their 2018 results.  

While our weekly numbers may be off this year, the bigger picture suggests our growth continues.  

Our interpretation of these numbers tells us a story of strength and continued growth.

The homes for sale chart shows that 3 out of the 4 cities in the region have all seen an increase in the number of homes for sale year over year with Guelph leading the way with 8.4% more homes available for sale.  That helps explain why the number of multiple and over list offers have slowed significantly.  The bigger story, in our opinion is in the overall growth of the housing market.  Guelph’s share has been getting bigger over the past 3 years. In the past Guelph as either been last in a number of categories, such as homes for sale, the number of sales and new listings coming onto the market. All indicators that the Guelph housing market has been less integrated within the region.  What we see today would appear that we’ve become more integrated in the bigger regional market.  Part of this may be the result of the amalgamated MLS® system now lets us see a bigger picture. 

Anecdotally just with the deals that our brokerage is involved in shows an increase in mobility regionally.  We believe the regionalization of our MLS® system has helped all of the local markets grow.   You can see all of our live real estate market charts on our website statistic page.  These pages are updated monthly and show key market indicators for the 4 cities in our region.  

As always, thank you for following our blog and for subscribers the neighbourhood sales reports are just below.  If you aren’t a subscriber, click the link below to get access to all the Guelph neighbourhood sales reports. 

Now for a couple of quick commercials.  If you are considering selling or buying a home this year and enjoy the reports and insights our team provides, please consider our brokerage to be one of the companies and agents you interview.  Most people know at least one Realtor®.  We’d love to be your Realtor and interview for that role.  Our team of agents are competitive, extremely knowledgeable and highly skilled.  We out-perform the average agents and as a brokerage have set the standard regionally for what is provided to clients.  

If you are a music fan, then you know the annual Hillside Music Festival is coming up.  As one of the sponsors HGR has a pair of weekend passes that we’ll be giving away to a lucky reader.

Have a great weekend!