Guelph and Area Home Sales Reach Second Highest February on Record
The number of homes sold through the MLS® System of the Guelph and District Association of REALTORS® totaled 451 units in February 2022. This decreased by 9.4% from February 2021.
Home sales were 20.3% above the five-year average and 23.4% above the 10-year average for the month of February.
On a year-to-date basis, home sales totaled 718 units over the first two months of the year. This was a decline of 5.8% from the same period in 2021.
“Home sales were down from last year’s astronomical February but still came in above all other levels for this month in history,” said Dustin Davis, President of the Guelph and District Association of REALTORS®. “Contrary to many other markets in the province, new listings have seen a resurgence and have been very supportive of demand as well as propping up inventories from sinking back to record lows. It’s going to take more than a few months of stronger new listings to move the needle on market balance though, with year-over-year benchmark price gains still trending north of 30%.”
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 $983,800 in February 2022, a substantial gain of 34% compared to February 2021.
The benchmark price for single-family homes was $1,016,200, an advance of 33.4% on a year-over-year basis in February. By comparison, the benchmark price for townhouse/row units was $740,100, up sharply by 35.5% compared to a year earlier, while the benchmark apartment price was $606,200, a substantial increase of 37.5% from year-ago levels.
The average price of homes sold in February 2022 was a record $1,125,393, up sharply by 30.7% from February 2021.