Guelph and District Association of Realtors May Housing Market Stats
Guelph and District Association of REALTORS® MLS® home sales down as new listings rise in May.
The number of homes sold through the MLS® System of the Guelph and District Association of REALTORS® totaled 407 units in May 2022. This was a decline of 32.4% from May 2021.
Home sales were 12.1% below the five-year average and 19.6% below the 10-year average for the month of May.
On a year-to-date basis, home sales totaled 2,082 units over the first five months of the year. This was a large decline of 21.9% from the same period in 2021.
“Home sales were down from last year’s May record to below-average levels, a trend that we’re seeing play out across almost every market in the Greater Golden Horseshoe region as higher interest rates take effect,” said Dustin Davis, President of the Guelph and District Association of REALTORS®. “The positive side of this is that we’re also seeing a very strong influx of new supply, which is lifting overall inventories from historical lows and restoring balance to a market that has seen unprecedented tightness over the past two years. We’re hoping this will prompt some previously sidelined would-be buyers to return to the market as well as more listings become available.”
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 $944,400 in May 2022, an increase of 19.3% compared to May 2021.
The benchmark price for single-family homes was $1,044,400, a sizable gain of 17.7% on a year-over-year basis in May. By comparison, the benchmark price for townhouse/row units was $767,500, increasing by 23.8% compared to a year earlier, while the benchmark apartment price was $636,300, an advance of 33.1% from year-ago levels.
The average price of homes sold in May 2022 was $1,024,627, increasing by 11.9% from May 2021.
The more comprehensive year-to-date average price was $1,086,359, a gain of 24.9% from the first five months of 2021.
The dollar value of all home sales in May 2022 was $417 million, down by 24.4% from the same month in 2021.
The number of new listings saw an increase of 21.1% from May 2021. There were 895 new residential listings in May 2022. This was the largest number of new listings added in the month of May in five years.
New listings were 20.9% above the five-year average and 14.8% above the 10-year average for the month of May.
Active residential listings numbered 678 units on the market at the end of May, a jump of 76.6% from the end of May 2021.
Active listings were 4.2% above the five-year average and 15.1% below the 10-year average for the month of May.
Months of inventory numbered 1.7 at the end of May 2022, up from the 0.6 months recorded at the end of May 2021 and above the long-run average of 1.6 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.
https://creastats.crea.ca/board/guel
