Guelph and District Association of REALTORS® MLS® home sales and new listings still running below average in February
The number of homes sold through the MLS® System of the Guelph and District Association of REALTORS® totaled 254 units in February 2023. This was down sharply by 44.2% from February 2022.
Home sales were 31.5% below the five-year average and 29.1% below the 10-year average for the month of February.
On a year-to-date basis, home sales totaled 432 units over the first two months of the year. This was a substantial decline of 41.4% from the same period in 2022.
“Sales activity came in below typical levels for this time of year and didn’t show any signs of picking up steam on a monthly basis,” said Tyson Hinschberger, President of the Guelph and District Association of REALTORS®. “New listings are also trending below historical norms and have started to decline on a monthly basis. This reduced inventory could be partially holding back home sales that would otherwise be taking place if buyers were able to find the home they were looking for. Our busy spring season is right around the corner so once the weather turns nicer we’re hoping to see more supply return to 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 $808,200 in February 2023, a substantial decline of 20.4% compared to February 2022.
The benchmark price for single-family homes was $905,700, a sharp decrease of 20.4% on a year-over-year basis in February. By comparison, the benchmark price for townhouse/row units was $651,500, down sharply by 19.6% compared to a year earlier, while the benchmark apartment price was $507,300, a substantial decrease of 18.6% from year-ago levels.
The average price of homes sold in February 2023 was $857,520, a large decline of 23.6% from February 2022.
The more comprehensive year-to-date average price was $838,306, a substantial decline of 24.6% from the first two months of 2022.
The dollar value of all home sales in February 2023 was $217.8 million, a sharp decrease of 57.4% from the same month in 2022.
The number of new listings was down sharply by 27.7% from February 2022. There were 420 new residential listings in February 2023. This was the lowest number of new listings added in the month of February in more than 15 years.
New listings were 16.6% below the five-year average and 14.1% below the 10-year average for the month of February.
Active residential listings numbered 470 units on the market at the end of February, more than double the levels from a year earlier, jumping 117.6% from the end of February 2022.
Active listings were 21.1% above the five-year average and 4.3% below the 10-year average for the month of February.
Months of inventory numbered 1.9 at the end of February 2023, up from the 0.5 months recorded at the end of February 2022 and above the long-run average of 1.5 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.
Read the FULL ARTICLE