FEBRUARY STATS

There were 260 homes sold in the City of Guelph this past month, in line with the 259 homes sold in February of 2021, and 20% more than February of 2020.  Looking at sales activity by home type, we saw detached homes unchanged year-over-year, while sales of semis & townhomes were down 17% and condos up 32%.  That said, we see similar trends in the number of new listings – detached down 3%, semis & towns down 12%, and condos up 26% – indicating that demand remains strong, and sales activity is closely tied to the number of available homes.

This past month, the median sale price for all Guelph homes was $901,688, up by an incredible 29% from February 2020, although it was down 2% from the previous month. The median sale price by property type looks like this:

• Detached homes: $1,065,000, up 33% year-over-year 

• Semi-detached & Townhomes: $868,063, up 33% YoY

• Condos: $650,000, up 33% YoY

We use the median sale price in reporting these numbers, versus the average price, because it is less susceptible to skewing by extreme numbers (and I’m sure you can imagine there are some extreme numbers in this market).

February 2022 was relatively stable as far as new listings entering into the marketplace.  330 new listings were made available – the same number of new listings the previous year. At the same time, we saw a 39% increase over the previous month, which while drastic on the surface, is very much expected as we come out of the regular holiday slowdown.  From a larger scale, 330 new listings in February is 36% above the 14 year average of 242 new listings.  While these gains are great, we’re going to need many more months like this to address the major inventory shortages that plague our local market.

This influx of new listings of course isn’t enough to quell the demand for homes in Guelph, and it will be interesting to see if this is a shift in the market timing, with homeowners listing earlier in the year to take advantage of the demand – which could mean less listings in March, April and May.  This is an interesting path we’ll keep an eye on in the coming months.

Despite February 2022 being above normal for new listings, demand continues to remain extremely robust, and as a result, the months of inventory has continued to drop from a high of 0.8 months in 2020 (i.e. if no new listings came to the market, it would take just over 3 weeks to sell out of our current inventory) to 0.6 months in 2021, and now 0.5 months (or 2 weeks) of available homes for all property types in Guelph.

Condo apartments in the City of Guelph continue to lead the market with the most availability, at 0.7 months (3 weeks) of inventory (that’s 71 units) and are the most affordable, with a median sale price of $655,000.  For those buyers looking at detached or semi-detached homes, the struggle continues with a red hot seller’s market.

READ THE FULL FEBRUARY 2022 MARKET REPORT BELOW

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THE PAST WEEK IN THE GUELPH REAL ESTATE MARKET

Take a look at the full key week comparison:

REAL THE FULL

FEBRUARY 2022 MARKET REPORT

This report includes:

• Market analysis & neighbourhood breakdown for Guelph

• Sales stats for all Guelph home types

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

• Full home type breakdowns for Kitchener, Waterloo & Cambridge

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