February 2018 Market update

February 4, 2018

Hello, here is a quick up-date on the Guelph Real Estate Market – January sales totaled 123, down considerably from the 175 sales last year in January. The three month moving average average sale price was $482,804 – an increase of 9.8% from January last year.
In the past year the market has been affected by several new constraints on financing in addition to interest rate increases making mortgage carrying costs higher and overall reducing the number of potential purchasers – but – the average sale price in January was 99.85% of asking – up about 1% from December – and 51.2% of all the sales were at or over the asking price – indicating a relatively strong market despite the low number of sales.
Based on previous years, sales will start picking up this month and considering the still relatively low number of homes for sale, we could easily see prices start to increase over the spring market. 
I’m happy to report that I was the recipient of the Diamond sales award for 2017 at Royal LePage Royal City Realty and as of January 15th, I also celebrated my 30th work anniversary at my office (the office has been sold twice and moved three times) and want to thank all my clients for your continued loyalty and referrals – it’s been a great 30 years and I look forward to at least a few more!
Please don’t hesitate to call me anytime if I can be of any assistance to you or your friends, I look forward to your calls.