NOVEMBER STATS
This week we’re taking a quick break from the final chapter of our series, What’s Really Driving Our Real Estate Market?, to take a look at the housing market stats for November
If there’s any positive news to be had from 2020, it has to include the Guelph real estate market. Of course, like everything else in 2020, the story is complicated and not quite as clear cut.
Depending on which side of the real estate story you sit, 2020 has either been a blessing or a curse. For home sellers, it has been a double-digit success. A 21.4% growth in sales price in November and 15.6% increase in median sales price for the year.
Home sales in Guelph for November, traditionally a slower month in the real estate calendar, were up by 17.6% last month, and up 6.7% year-to-date, with a total of 2,342 sales this year. Waterloo Region led the growth in sales, up 8.6% to 8,872 home sold year-to-date.
November is the fourth record-setting month for real estate sales in Guelph this year. The market has far surpassed any pent-up demand caused by the lockdown earlier this year, and we believe that the continued surge in demand is a result of out-of-town buyers deciding that Guelph and the surrounding region represents a desirable place to call home, put down roots and still be close enough to the GTA.
Despite a 6.6% increase in listings this past November, the market remains extremely competitive as the overall year-to-date number of new listings is actually down by over 8.3% for the year, further compressing the pool of available homes for sale.
The supply of available listings, measured by months of inventory, has once again dropped below a month.
Guelph and Kitchener ‘lead’ this short supply, both at a two week supply level, and Waterloo with four weeks of listings available.
This has been one of the leading stories for 2020 and the past year, as the number of new buyers entering the market in Guelph and surrounding areas has spiked, with resale listings and new construction unable to keep up.
We believe this trend will continue well into 2021, as more buyers continue to be priced out of the GTA market and find the lifestyle and homes more appealing here in Guelph.
THE PAST WEEK IN THE GUELPH REAL ESTATE MARKET
Last week in Guelph, 48 homes sold – up from last year’s 41 sales.
The median home last week looked like this: 3 bedrooms, 2 bathrooms, and 1,470 square feet. This home sold in 8 days for $614,500 – that’s $432/sqft and 104% of the original list price.
Same week last year, the median home was slightly smaller, with 3 beds, 2 baths and 1,257 square feet. In contrast, this home sold in 19 days for $520,000 – that’s $391/sqft and 100% of the original list price.
75% of the homes sold last week (that’s 36 out of 48) went at or above list price, with the 4 homes selling for more than 120% of the list price! Surprisingly, we saw 63% of homes (26/41) sell at or over asking price during the same week last year. The majority of these sales, though, hovered around the exact list price, with the highest ratio being 106.3% of asking price.
In the past few issues, we’ve examined what – beyond COVID-19 – is fueling the growth in our market. In next week’s issue – the final chapter of this series – we’ll discuss in detail what some of the solutions to meeting the demand for housing in our area look like.
Stay tuned as we continue to keep you informed and educated on the Guelph real estate market. Thanks for reading.
A 30% increase in domestic violence has been reported since the beginning of the COVID-19 pandemic, and Guelph-Wellington Women in Crisis has had a noticeable increase in the need for their services. The events of this year have brought to the forefront the basic purpose of ‘home’: a place of shelter. Home Group Realty believes that every member of our community should have access to shelter, and the She is Your Neighbour Holiday Campaign is an opportunity to empower women in our community to seek shelter for themselves and their loved ones.
This holiday season, HGR has teamed up with Your Neighbourhood Credit Union to run a gift card drive in support of Guelph-Wellington Women in Crisis. This campaign aims to directly support women in our community who are facing food insecurity and struggling to provide basic necessities for themselves and their families.
You can help your neighbour create a new beginning free from violence with the donation of a grocery gift card. Simply drop off a grocery card at Your Neighbourhood Credit Union's Guelph branch (190 Clair Road East) before December 18th and YNCU will match all donations over $25 with a $10 donation.
FEATURED PROPERTY:
920 Edinburgh Road South #57
GUELPH, ON
3+1 BED / 2.5 BATH / 1,250 SQ FT
A stress-free opportunity for investors & first-time buyers alike, this 2 storey townhome has been wonderfully maintained and is truly move-in ready. Surprisingly spacious, with 3 bedrooms + bath upstairs and a fourth large bedroom in the basement with its own 3 piece bathroom. Plus, with 2 parking spaces, excellent South end location and low condo fees (under $200!), opportunities like this don’t come along often!
Note: offers held until Monday evening. Contact listing agent for inquiries & showings:
Kendra Howe (519) 803-0893
Learn more about the Home Group Realty Journey
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In the final chapter of our series What’s Really Driving Our Real Estate Market?, we discuss a potential solution to our current supply & demand issue – and the key might be in changing out perspective. Read on.