Guelph Real Estate Market Sees Strong Home Sales In October With Continued Low Inventory
GUELPH, ON (November 5, 2019) –– 196 residential properties sold in the City of Guelph through the Multiple Listing System (MLS® System) in October, an increase of 16.7 per cent compared to the same month last year.
Home sales in October included 114 detached (up 32.6 per cent), and 34 condominium apartments (down 2.9 per cent). Sales also included 38 townhouses (down 2.6 per cent) and 10 semi-detached homes (up 25 per cent).
“Home sales were up again last month led by strong sales of detached single family properties,” says Guelph Realtor, Adam Stewart with Chestnut Park Realty Southwestern Ontario Ltd. Brokerage.
The average sale price of all residential properties sold in October increased by 11.4 per cent to $551,490 compared to October 2018. Detached homes sold for an average price of $631,552 (an increase of 7.5 per cent compared to October of last year. During this same period, the average sale price for an apartment-style condominium was $397,417 for an increase of 14.3 per cent. Townhomes and semis sold for an average of $466,542 (up 7.9 per cent) and $485,440 (up 8.1 per cent) respectively.
The median price of all residential properties sold last month increased 11.1 per cent to $530,000 and the median price of a detached home during the same period increased by 6.1 per cent to $604,500.
The average days it took to sell a home in October was 25 days, which is three days fewer than it took in October 2018.
REALTORS® listed 229 residential properties in the City of Guelph last month, a decrease of 10.5 per cent compared to October of 2018. Months Supply of Homes for sale stood at 1.4 months in October, which is 22.2 percent lower than the same period last year.
“Traditionally the month of October sees motivated buyers as they look to be established in their new homes before Winter. The City of Guelph continues to see a scarcity of listings with buyers continuing to snap up properties in the area at an accelerated rate,” says Stewart.
In this highly competitive and dynamic real estate market, Stewart emphasizes the importance of working with a local REALTOR® who has a complete understanding of our unique region and its market dynamics.
GUELPH Historical Sales by Property Type
Months Supply of Homes for Sale in Guelph
Average GUELPH Sales Price – By Property Type
Average Days on Market in GUELPH
The information provided in this feature has been sourced by Adam Stewart, Real Estate Sales Representative with Chestnut Park Realty Southwestern Ontario Ltd. Brokerage. The information has been drawn from sources deemed to be reliable, but the accuracy and completeness of the information is not guaranteed. In providing this information, neither Adam Stewart, nor Chestnut Park Realty Southwestern Ontario Ltd. Brokerage assumes any responsibility or liability.
Adam Stewart is a Real Estate Sales Representative with Chestnut Park Realty Southwestern Ontario Ltd. Brokerage serving Guelph, Kitchener-Waterloo, Cambridge, Wellington County and Southwestern Ontario markets. Adam can be reached at 519-265-2602, online at www.adamstewart.ca, or by email at adam.stewart@chestnutparkwest.com.