JULY STATS

It’s the peak of summer in the Royal City and usually the real estate market is pretty quiet around this time.  The short Canadian summers are a time to enjoy the outdoors, cottages, with family and friends.  Real estate sales typically slow right down after the spring frenzy. 

That is until you throw a pandemic in the works! 


Last year for this week we reported 40 homes selling, 2018 it was 34, and 2017 – the previous high water mark for crazy real estate sales – was 44 homes sold.

That high water mark has just been nudged up.  This past week we are reporting 47 homes sold in Guelph and the surrounding townships, a 17% increase over 2019 and 6.8% increase over the previous record set in 2017.  

More on this past week’s sales later in the report. 


The July numbers have been compiled and, as you can likely predict, this past month was on fire!

There were 376 homes sold in our local market in July.  That includes Guelph (285), Centre Wellington (57), Guelph-Eramosa township (16) and Puslinch township (18).  Double digit increases for the month of July across all 4 markets.

PUSLINCH

Sales were up 63.3% over 2019, with a median sales price of just over $1 million, 29 days on market and an increase of 29.4% in the number of new listings (22 properties, vs. 17 the previous year).  Puslinch is as close to a balanced market that we’re seeing in the region, with just over 5.5 months of supply.

CENTRE WELLINGTON

We saw 57 homes sold in July – an increase of 26.7% over last year – with a median sales price of $618,000. That median sales price was 16.1% higher than 2019 as well. Days on market was down by over a week to 13 days.  New listings in the area last month totalled 68, which represents an 11.5% increase year over year.  Centre Wellington had just over 2 months of supply, meaning CW is still solidly a seller’s market.  

GUELPH-ERAMOSA

The township had 16 sales – the only area reporting less sales than the previous year, down 11% from July 2019 and down 20% from June 2020.  Guelph-Eramosa also had the least amount of new listings at 11.  The median sales price in the township was $742,500.  The homes tend to be a little more modest in this township versus Puslinch, which also has the advantage of proximity to the 401 for commuters. 

CITY OF GUELPH

Ironically, the City of Guelph was the most affordable of these four markets, with a median sales price of $590,000. The difference of course is the size of the city market and the number of sales, compared to the much smaller numbers outside Guelph. 

The median sales price in Guelph ($590,000) was 14.6% higher than July 2019 and only a 1% increase over June 2020.  The typical home in Guelph sold in 12 days, down from 18 the previous year.

The number of new listings coming to the market in July was 261, down 20.7% from last year. Combine this with the 23.4% YOY increase in the number of sales for the month, and there isn’t much mystery surrounding the big jump in prices.  With less than 3 weeks of supply, the market has never been tighter and more challenging for buyers.

 
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THIS WEEK IN THE GUELPH REAL ESTATE MARKET


We started this report showing 47 homes sold in Guelph and the townships this past week. A 17% increase over the previous year. The median home selling price was $620,000 for a 3 bed, 2 bath, 1,466 sqft home.  It took 10 days to sell and homeowners achieved 100.9% of their list price.  Surprisingly not higher, given 68% of homes sold went at or above list price.

Here’s an interesting bit of math to put the numbers from this past week into perspective.  Home sellers for this week last year achieved 98.15% of their list price.  So, a home listed at $500K sold for $490,750 last year.  That same home this week, listed at $500K with the current level of activity sold for 100.9% of list or $504,500.  A difference of $13,750 as a result of less inventory on the market.  Now you start to see why our market has been increasing so rapidly. 

It’s surprising that more homeowners haven’t jumped into the market to take advantage of the current conditions.  Of course, this only works well if you have something to buy or if you’re leaving the area.  The conundrum is that many areas of Ontario are experiencing similar conditions. 

More on that in the coming weeks.  


Enjoy the weekend and thanks for subscribing.  You can read the full market reports for the Guelph and the surrounding cities and townships at the link below.

 

JULY HOUSING MARKET REPORTS – NOW AVAILABLE

Reports for July are now available for Guelph, the Tri-Cities, and the surrounding townships. Find them below:

 
 
 

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