Guelph Region sets a Record for November Home Sales

The number of homes sold through the MLS® System of the Guelph and District Association of REALTORS® has posted the fifth double-digit year-over-year increase in six months, and has also set a new record for the month of November.

According to statistics provided by the Association, home sales numbered 226 units in November 2011. This was an increase of 15 per cent compared to November 2010. Sales of all types of properties in the Guelph region numbered 246 units in November, rising 16 per cent from the same month last year.

“Demand continues to accelerate, and with just one month left to go this year we’re on track to see the second best annual sales figure on record,” said Jennifer Lovsin, President of the Guelph and District Association of REALTORS®.

Some 2,815 homes have traded hands so far this year. This was running five per cent ahead of levels in the first 11 months of 2010, and stands above levels over the same period in all years except 2007.

The average price of homes sold in November was $306,468, up eight per cent from November 2010.

The dollar value of all homes sold through the MLS® System of the Guelph and District Association of REALTORS® totalled $69.3 million, rising 25 per cent from levels recorded in November 2010. The total value of all properties sold in November 2011 was $75.1 million, up 29 per cent on a year-over-year basis.

New residential listings numbered 240 units in November, down 12 per cent on a year-over-year basis. There were 603 active residential listings on the Association’s MLS® System at the end of November, down six per cent from levels at the same time last year.

There were 2.4 months of inventory at the end of November 2011 on a seasonally adjusted basis. This was down from 2.7 months at the end of October, and marks the tightest market since March 2010. 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.

The Guelph and District Association of REALTORS® represents more than 450 REALTORS® in Guelph and surrounding communities like Fergus and Elora. Additional information can be found on the Association’s web site at www.guelphanddistrictrealtors.ca.