JULY STATS

After a record-breaking Spring Market in terms of both sales prices and activity levels, our local markets are finally taking a breather.  Summer is generally a quieter period of the year, with a massive number of closings happening in the month of July and buyers and sellers alike taking time to enjoy the short Ontario summer.  This year is no exception, particularly with the incentive of newly-eased restrictions.  In fact, the number of new listings and homes sold is down year-over-year in nearly every segment of our local markets.  The outlier is the condo market – with record-high prices and ceaseless buyer demand in Guelph and the Tri-Cities, this entry-level segment remains active despite the overall slowdown. 

Looking at the median sale price, you will notice that as activity levels decline into the summer, sale prices too are on the downslope from record-breaking May numbers.  As activity levels will likely rebound leading into the Fall Market, we’ll be watching how sale prices shift: will this diminished home inventory cause another spike in home values as we saw at the beginning of the year, or are prices finally beginning to stabilize?

(All residential properties in the City of Guelph from January 1st, 2021 to July 31st, 2021)

Historically, days on market has been a good indicator of buyer demand – the stronger the market is in the seller’s favour, the fewer days required to receive an offer; the more it leans towards buyers, the more we see properties sit on the market, sometimes for weeks at a time.  With the onset of this Hot Seller’s Market at the beginning of 2020, buyer demand was so high that many sellers were employing the strategy of holding offers (which often included pricing on the low end, in attempt to generate a higher sale price fuelled by competing buyers).  As the year progressed, this strategy became the new norm – and with sellers setting an offer date typically one week from the list date, the measure of days on market was pushed to the sidelines.  

In recent months, we have seen this strategy slowly being replaced by market value pricing with no offer date.  While list prices continued to climb, the amount that buyers were paying over the list price was on the decline.  As the gap between median list price and median sale price has been narrowing over the past several months, we see a shift in the median days on market.  While a massive price drop is certainly not expected, the rise of days on market is an indicator of a power shift towards buyers.  Without the structure of an offer date, buyers may have the opportunity to negotiate – particularly in the inclusion of financing and inspection conditions on their offers, and perhaps even on pricing. 

(All residential properties in the City of Guelph from July 1st, 2020 to July 31st, 2021)

Read the full JULY 2021 MARKET REPORT:

This monthly report includes:

• Sales stats for all Guelph home types

• Price breakdowns for all 18 Guelph neighbourhoods

• Township comparisons: Puslinch, Guelph/Eramosa, and Centre Wellington

• Freehold & condo breakdowns for Guelph, Kitchener, Waterloo & Cambridge

THE PAST WEEK IN THE GUELPH REAL ESTATE MARKET

After last week’s 50% decrease in activity, this past week saw another near-50% decline, with just 17 homes sold in the past 7 days. With a whopping median of 17 days on market, a sale to list price ratio of 101.2% and just 47% of homes selling at or above list (8 of the 17), it is beginning to feel like a slight power shift in the direction of buyers. That said, this summer cool down is typical in our market – only time will tell how the market will rebound in the Fall.

Take a look at the full key week comparison below:

FEATURED PROPERTY:

5 PANDORA DRIVE

GUELPH/ERAMOSA, ON

4+2 BED / 3.5 BATH / 2,256 SQ FT

Nestled on a little-known street on the north edge of the city limits sits this wonderful family home. Fully renovated from top to bottom and with over 3,300 sqft of finished living space, this stunning home is perfect for the family looking to upgrade their lifestyle, grow their space, and enjoy the everyday moments together. The details of this home are stunning: from the 10’ quartz kitchen island to gather around, to the stunning coffered ceilings in the cozy living room, to the impressive primary suite with custom California closets and magazine-worthy ensuite. On half an acre, this home offers an incredible outdoor space: two story patios, a gorgeous saltwater pool, zip line and treehouse, plus an awesome 350 sqft detached gym (heated and air-conditioned, this space has so much potential!). Don’t miss this incredible home – view the video above, but be prepared to fall in love!

Contact listing agent for inquiries & showings:

Natasha Pedersen (519) 760-6683

View the new sales reports at soldinguelph.ca

We’ve upgraded our sales reports! View the same weekly sales data you’re used to, with the addition of photos, maps & property details – imagine realtor.ca, but for sold properties! To access these new reports, you’ll just need to set up a login – it takes less than 2 minutes, and you can access the reports any day of the week!

HOW TO CREATE YOUR ACCOUNT

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Once you are logged in, click the “Menu” button in the top right corner. All of the reports you’re used to are available here, but instead of PDF reports, you’ll notice they look much like Realtor.ca property listings. Feel free to explore the new features of the site, and let us know your feedback.

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