Guelph and District Association of REALTORS® MLS® home sales decline in September as inventory remains tight
Guelph and District Association of REALTORS® MLS® home sales decline in September as inventory remains tight.
The number of homes sold through the MLS® System of the Guelph and District Association of REALTORS® totaled 369 units in September 2021. This was a sharp decrease of 30.8% from September 2020.
Home sales were 5.5% below the five-year average and 2.4% below the 10-year average for the month of September.
On a year-to-date basis, home sales totaled a record 4,404 units over the first nine months of the year. This was up by 23.8% from the same period in 2020.
“Sales activity declined from last year’s historically high September record to levels slightly below average for this time of year,” said Sabrina Essery, President of the Guelph and District Association of REALTORS®. “New listings are falling well short of current levels of demand and as a result, the market continues to remain in sellers’ territory, putting upward pressure on home prices.”
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 September 2021, was a sizable gain of 26.4% compared to September 2020.
The benchmark price for single-family homes was $840,600, increasing by 26% on a year-over-year basis in September. By comparison, the benchmark price for townhouse/row units was $590,200, a gain of 29.8% compared to a year earlier, while the benchmark apartment price was $498,500, up by 25.7% from year-ago levels.