Hello, here is a quick up-date on the Guelph real estate market…There were 142 Sales this February down 30% from the 203 sales in February last year, but almost the same as the sales in February 2013 & 2014. The sales ranged from $177,000 to $1,148,000 with the 3 month moving average coming in at $479,157 for the City of Guelph.
So, the market has certainly slowed down compared to year ago and prices have come down approximately 12.5% from the peak they reached in May 2017 but the February average price is still up just over 5% from the average a year earlier. The average has been fluctuating between roughly $474,000 and $490,000 since August 2017. The market is quite strong with the average selling price coming in at 100.1% of asking and 52.81% of the sales in February were at or over the asking price.
On the inventory side, there are currently 222 active listings in Guelph ranging from $229,900 to $1,500,000. The average asking price is $550,970 and the average time on market is 32 days.
The arrival of March traditionally brings lots of new real estate activity to markets all across the country. This is the time of year when families are most likely to purchase a new property so they can ensure an easier relocation during the summer. As a result, almost every community will see an influx of buyers looking for new homes.
If you are wondering about taking advantage of this market or you happen to know someone who is, give me a call. I can help navigate this year’s spring market, and ensure any purchase and/or sale goes smoothly. I always look forward to your calls.