A QUICK LOOK AT THE MARKET

The last weekend of August is upon us, and I’ve got to say that the summer of 2020 has been like nothing I’ve experienced before.  I’m not referring to the pandemic – I’ve accepted that social distancing and masks are part of our everyday lives for the foreseeable future.

What I’m talking about is the local real estate market.  Remember the toilet paper shortage in April?  Well, homes – in particular, detached houses – have become the scarce commodity in our local real estate market.  While 48 homes sales this past week in Guelph is normal for this time of year, the inventory level has remained at an all time low.  Currently there are 181 active listings in the City of Guelph, 136 of which were listed within the last 28 days.  During that same time period, 164 homes were sold.  That doesn’t leave much inventory on the shelves for buyers to look at.  It’s also the primary reason we are seeing so many multiple offers.  Demand has remained steady this month and is comparable to previous years.  With sellers being more reluctant to list, the inventory level continues to drop. Buyers are noticing there are fewer listings to look at and when they see something new and it disappears almost immediately, it doesn’t take long for them to realize they need to be more competitive.

September and October are usually months that we see an uptick in people selling. Hopefully that trend will hold true in 2020.  Continuous bidding wars for properties are not sustainable and will lead eventually to a deeper dive in the market when conditions return to more normal levels. 

We are constantly looking at these numbers and will keep posting updates. 

This week in Guelph, 48 homes were reported sold.  On par with last year’s results where we reported 50 home sold.  It would appear that the Guelph real estate market has continued to march on with resolution.  

The results this past week show the median home sold was a 3 bedroom, 2 bathroom, 1,497 sqft home that sold for $590,167 or $412.14/sqft.  That home took 7 days to sell and sold for a whopping 103.28% of the original list price. 

It was a tsunami of competition last week that saw 83% or 40/48 homes sold at or above list price – pretty unbelievable!

Our subscribers get access to exclusive sales data – including list price, sales price, and days on market – for all home sales in Guelph and the surrounding areas. If you want to know what homes are actually selling for right now, click the link below to see today’s reports.

 

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