Guelph and District Home Sales Break Previous Full-Year Record
The number of homes sold through the MLS® System of the Guelph and District Association of REALTORS® totaled 212 units in December 2021. This was down sharply by 17.5% from December 2020.
Home sales were 0.2% above the five-year average and 1.2% above the 10-year average for the month of December.
On an annual basis, home sales totaled a record 5,402 units over the course of 2021. This was an increase of 15.1% from the same period in 2020.
“2021 has been a record-breaking year for our local real estate market.” said Dustin Davis, President of the Guelph and District Association of REALTORS®. “The number of newly listed properties in December could not keep pace with the strong demand and as a direct result, overall inventory fell below 100 units for the first time on record. The constant imbalance in favour of sellers this past year has kept prices elevated and double-digit year over year increases have become the norm. Without a fresh influx of new listings or a slackening of demand the current trend will likely continue well into 2022.”
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 $874,100 in December 2021, a significant increase of 30.1% compared to December 2020.
The benchmark price for single-family homes was $907,800, a gain 30.3% on a year-over-year basis in December. By comparison, the benchmark price for townhouse/row units was $637,000, increasing by 28.5% compared to a year earlier, while the benchmark apartment price rose 31.36% to $545,000, from year-ago levels.
The average price of homes sold in December 2021 was a record $1,063,530, a jump of 33% from December 2020.
The more comprehensive annual average price was $893,965, increasing by 25.5% from all of 2020.
The dollar value of all home sales in December 2021 was $225.5 million, up modestly by 9.7% from the same month in 2020. This was also a new record for the month of December.
The number of new listings was down modestly by 1.7% (three listings) from December 2020. There were 176 new residential listings in December 2021.
New listings were 6.2% above the five-year average and 9.6% above the 10-year average for the month of December.
Active residential listings numbered 65 units on the market at the end of December, a substantial decline of 59.6% from the end of December 2020. Active listings haven’t been this low in the month of December in more than three decades.
Active listings were 75.5% below the five-year average and 82.8% below the 10-year average for the month of December.
Months of inventory numbered 0.3 at the end of December 2021, down from the 0.6 months recorded at the end of December 2020 and below the long-run average of 1.9 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.
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