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Guelph Home Sales Remain At Near-Record Levels in August

According to statistics provided by the MLS® System of the Guelph and District Association of REALTORS®, home sales numbered 251 units in August 2016. This was down by just one sale from the record for the month last year.

 

Sales of all types of properties in the Guelph region numbered 271 units in August, edging down 1.5 per cent from a year earlier.

 

Over the first eight months of the year a record 2,363 homes have traded hands. This is up eight per cent from 2015.

 

“While sales are still historically very strong, they were not as strong in August as earlier this year, and that’s likely the ongoing shortage of supply finally starting to bite into sales activity,” said Jeff Van de Vorst, President of the Guelph and District Association of REALTORS®. “With buyers competing for a record low number of listings, prices are up by double-digits over last year.”

 

The average price of homes sold in August 2016 was $432,266, up 14.2 per cent from levels in August 2015. The year-to-date average price figure was $415,478, rising 10.1 per cent from the same period in 2015.

 

The dollar volume of residential sales in August 2016 was $129 million, up 7.7 per cent from the same month in 2015. This was a record for the month of August.

 

The total value of all properties sold in August 2016 was $133.9 million, an increase of 2.5 per cent on a year-over-year basis.

 

New residential listings numbered 301 units in August, down 14.5 per cent on a year-over-year basis.

 

There were just 367 active residential listings on the Association’s MLS® System at the end of August 2016, down 48.5 per cent from a year earlier. This was an all-time low for this time of the year.

 

There were just 1.2 months of inventory at the end of August 2016, down from 2.3 months a year earlier and below the long-term average for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

 

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