December Guelph Home Sales Reflect A Decline of 26.8% from December 2021
Guelph and District Association of REALTORS® MLS® home sales drop below 4,000 for first time since 2010.
The number of homes sold through the MLS® System of the Guelph and District Association of REALTORS® totaled 150 units in December 2022. This was a large decline of 26.8% from December 2021.
Home sales were 22.4% below the five-year average and 27.3% below the 10-year average for the month of December.
On an annual basis, home sales totaled 3,892 units over the course of 2022. This was a substantial decline of 27.9% from the same period in 2021.
“Sales activity finished off the year on a subdued note while the year as a whole came in at the lowest annual total since 2010,” said Tyson Hinschberger, President of the Guelph and District Association of REALTORS®. “On a monthly basis we haven’t yet seen any signs of a meaningful rebound in demand, while new listings have been holding up remarkably well. There’s plenty of choice available on the market for potential home buyers, and with both interest rates and benchmark home prices plateauing this could be the right time for those buyers to get back into the market.”
The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. The overall MLS® HPI composite benchmark price was $796,900 in December 2022, falling by 9.9% compared to December 2021.
The benchmark price for single-family homes was $883,100, a sharp decrease of 10.8% on a year-over-year basis in December. By comparison, the benchmark price for townhouse/row units was $652,600, down by 5.9% compared to a year earlier, while the benchmark apartment price was $532,800, a decrease of 5.3% from year-ago levels.
The average price of homes sold in December 2022 was $885,679, a sharp decrease of 12.6% from December 2021.
The more comprehensive annual average price was $1,002,573, up by 12.2% from all of 2021.
The dollar value of all home sales in December 2022 was $132.9 million, a substantial decline of 36.1% from the same month in 2021.
The number of new listings saw a big reduction of 22% from December 2021. There were 138 new residential listings in December 2022.
New listings were 11.2% below the five-year average and 13.4% below the 10-year average for the month of December.
Active residential listings numbered 376 units on the market at the end of December, more than double the levels from a year earlier, rocketing up 375.9% from the end of December 2021. Active listings haven’t been this high in the month of December in five years.
Active listings were 43% above the five-year average and 5.8% above the 10-year average for the month of December.
Months of inventory numbered 2.5 at the end of December 2022, up from the 0.4 months recorded at the end of December 2021 and above the long-run average of 1.8 months 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.