March 2016 – Guelph Market Update

March 2, 2016

March 2016

March has come in like a little bit of a Lion ~ looking out the window right now at a beautiful blue sky and everything is covered in a blanket of snow from last night. One of the few snowfalls this Winter it seems.

On the Guelph real estate front; prices continue to increase – the average sale price in Guelph was $388,654 in February (which is skewed by one sale at $1,650,000), and the 3 month moving average is $371,843. That is not as high as the $376,351 we were at in July 2015,  but up a respectable 4.6% from February 2015.

With a 185 sales in February – 81 of the 185 sales were at or over asking, that is 43.78%, which is the highest percentage since I started that stat calculation in the hot market last year.

Currently there are 227 active listings in Guelph; 38 have conditional offers, which leaves 188 properties in a range from $156,000 for a Condo on Bagot Street to an Executive Home on Paddison Court listed for $1,288,000.  This is roughly one months supply of listings.

Interest rates have remained low with variable rates available for 2.2% and 5 year rates around the 2.64% mark. The combination of low interest rates, low inventory and pressure from GTA buyers are leading to a hot spring market; Great for sellers, but more difficult for a Buyer!

As always, if you have any questions about real estate, or know of anyone wanting to buy or sell, please do not hesitate to call me. I look forward to hearing from you!

your realtor,

Adriaan Demmers

Sales Representative