MARCH STATS

As we round out a year of dramatic change and uncertainty, our local real estate market continues its steady growth, despite predictions of a correction last spring. Taking a look at the past 15 months tells an unexpected story of how the pandemic has affected our local marketplace.

In March of 2020, we were building to an early spring market, fuelled by diminishing inventory. Within a month, the market had come to a near standstill (234 homes were sold last March, while April saw a mere 84 sales). Interestingly, it appears this slowdown was driven by buyers: median sale price – what buyers were actually paying for homes – began to decline as early as March, yet the median list price in the city continued to climb well into June before correcting slightly. As we moved into summer, we saw list prices and sale prices realign as inventory began to rebuild.

Come fall, new listings began to drop off: there were 369 new listings in September, 277 in October, 190 in November, and 96 in December. During that time, competition among buyers began to build, causing a spike in not only home values, but also widening the gap between what homes were listing for and what they were actually selling for. In March 2021, the median list price was $649,925 and the median sale price was a record-setting $715,000. That’s a sale to list price ratio of 110% – meaning half of the successful buyers last month paid at least 10% more than the list price to secure their new home.

Based on sales data from Ontario Regional Technology and Information Services MLS® for all residential properties in the City of Guelph from January 1st, 2020 to March 31st, 2021.  Data not independently verified. For information purposes only.

A RECORD-SETTING MONTH

Unsurprisingly, March 2021 has dwarfed March 2020 in terms of both activity levels and sale prices. At first glance, the year-over-year gains in March 2021 might be attributed to a quiet month in 2020 (listings and sales were up 44% and 62% YOY, respectively) – but a look at the sales activity during the month of March over the past decade tells a different story. In terms of the number of new listings and homes sold, it appears that this past month was actually the outlier, with significantly higher activity levels.

While the increase in new listings is a step towards a balanced market, even this surge of new homes to the market cannot seem to curb buyer demand: 451 homes were listed in March, that’s 37% more than we saw in February, but at the same time, home sales also increased – by a whopping 49% month-over-month. While prices continue to climb (the median sale price in March was 2.1% higher than February, and February 1.7% higher than January), the sales to new listings ratio (the predominant measure of market conditions: a buyer’s market is generally defined by a ratio below 40%, a balanced market between 40% and 55%, and a seller’s market over 55%) lends some reassurance. In March of 2017, the sales to new listings ratio was 83% (a very hot seller’s market); in 2020 that figure was 76%, and in March of 2021, the ratio has increased minimally to 79%.

Based on sales data from Ontario Regional Technology and Information Services MLS® for all residential properties in the City of Guelph from January 1st, 2011 to March 31st, 2021.  Data not independently verified. For information purposes only.

Click below to read the full March 2021 Market Report, including:

• Guelph – by home type

• Guelph – by neighbourhood

• Surrounding townships comparison

• Tri Cities comparison – freehold vs. condo

THE PAST WEEK IN THE GUELPH REAL ESTATE MARKET

This past week in our local market, 50 homes were sold – a dramatically busier week than the same week in 2020, where a mere 19 homes sold. It is relevant to note that last week, 81 homes sold, and during the same week in 2019, 60 homes sold. As we begin to overlap on the beginning of the pandemic in 2020, it’s perhaps more relevant to take a look at the median home stats in reference to a few other key weeks. See those comparisons below:

You’ll find the complete details of the past week’s home sales in the weekly reports (find the link in your email), and if you’re not a subscriber, sign up below to receive exclusive access to this sales data.

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20 BRADY LANE

GUELPH, ON

3+1 BED / 3.5 BATH / 2,090 SQ FT

A spectacular home in a spectacular neighbourhood! This 4 bedroom home, over 2,000 sqft, is the perfect STAYcation home. Make 2021 "The Best Summer EVER" lazing around the inground saltwater pool and in the fully finished basement with endless recreation possibilities. The impressive cathedral ceilings in the large foyer continue through the living & dining rooms, complimented with modern mocha hardwood floors. Cozy up by the fireplace in the main floor family room, which extends up to the large entertainer's kitchen, the heart of this fabulous family home, overlooking the 18'x36' pool and backyard entertaining areas! Need a home office? Plenty of options up or down! The recent hardwood floors throughout the second level adds warmth to the large principal bedroom, which is pampered with a raised den, walk-in closet and ensuite bathroom. Ready to move in, just in time for summer fun!

Contact listing agent for inquiries & showings:

Mike Chuchmach (519) 362-0470

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