Guelph and Area MLS® Home Sales Continue to Decline in September, New Listings Post Increase
The number of homes sold through the MLS® System of the Guelph and District Association of REALTORS® totaled 268 units in September 2022. This was a sharp decrease of 27.6% from September 2021.
Home sales were 29.4% below the five-year average and 28.6% below the 10-year average for the month of September.
On a year-to-date basis, home sales totaled 3,240 units over the first nine months of the year. This was down sharply by 26.6% from the same period in 2021.
“Home sales were running well below average levels for this time of year and will likely continue to do so until interest rates have stabilized, and buyers have had a chance to absorb the impact of these higher rates and re-evaluate their financial positions,” said Dustin Davis, President of the Guelph and District Association of REALTORS®. “New listings came in higher compared to the same month last year but were also trending below average levels in September. Overall inventories are up from their record lows seen at the end of 2021 and now stand on par with supply levels from mid-2019, which has been some very welcome news on the supply front.”
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 $821,700 in September 2022, a slight reduction of 0.1% compared to September 2021.
The benchmark price for single-family homes was $916,800, edging down 0.4% on a year-over-year basis in September. By comparison, the benchmark price for townhouse/row units was $663,900, a modest gain of 2.8% compared to a year earlier, while the benchmark apartment price was $525,700, up modestly by 2.5% from year-ago levels.
The average price of homes sold in September 2022 was $937,964, an increase of 7.4% from September 2021.
The more comprehensive year-to-date average price was $1,028,731, a sizable gain of 18.2% from the first nine months of 2021.
The dollar value of all home sales in September 2022 was $251.4 million, a substantial decline of 22.2% from the same month in 2021.
The number of new listings saw a gain of 14.2% from September 2021. There were 531 new residential listings in September 2022.
New listings were 7.5% below the five-year average and 7.3% below the 10-year average for the month of September.
Active residential listings numbered 695 units on the market at the end of September, more than double the levels from a year earlier, increasing 161.3% from the end of September 2021.
Active listings were 18.5% above the five-year average and 4.7% below the 10-year average for the month of September.
Months of inventory numbered 2.6 at the end of September 2022, up from the 0.7 months recorded at the end of September 2021 and above the long-run average of 2 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.
BOARD & ASSOCIATION INFORMATION
The Guelph and District Association of REALTORS® represents more than 600 REALTORS® in Guelph and surrounding communities like Fergus and Elora. Additional information can be found on the Association’s web site at www.GDAR.ca.