Record December for home sales and prices in Guelph region

The number of homes sold through the MLS® System of the Guelph and District Association of REALTORS® posted a third consecutive double-digit year-over-year increase in December 2011.

According to statistics provided by the Association, home sales numbered 167 units in December 2011. This was an increase of 18 per cent compared to December 2010, and a new record for sales in the month of December.

Sales of all types of properties in the Guelph region numbered 179 units in December, rising 10 per cent from the same month last year.

“December marked a very strong finish to 2011, and helped to push the annual sales figure to the second highest level ever,” said Jennifer Lovsin, President of the Guelph and District Association of REALTORS®. “Some 2,982 homes traded hands in 2011. That’s an increase of more than six per cent compared to 2010.”

The average price of homes sold in December was $325,277, up 18 per cent from December 2010. The big increase reflects not only a record average selling price in December 2011, but also a low reading in December 2010.

The dollar value of all homes sold through the MLS® System of the Guelph and District Association of REALTORS® totalled $54.3 million, rising 39 per cent from levels recorded in December 2010. The total value of all properties sold in December 2011 was $60 million, up 29 per cent on a year-over-year basis.

New residential listings numbered 119 units in December, down eight per cent on a year-over-year basis. There were 390 active residential listings on the Association’s MLS® System at the end of December, down 14 per cent from levels at the end of 2010.

There were just two months of inventory at the end of December 2011 on a seasonally adjusted basis. This was down from 2.4 months at the end of November, and marks the tightest market conditions since May 2004. 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.