Guelph and District Home Sales, New Listings Running Below Average in August
The number of homes sold through the MLS® System of the Guelph and District Association of REALTORS® totaled 279 units in August 2022. This was a sharp decrease of 26% from August 2021.
Home sales were 27.5% below the five-year average and 28.7% below the 10-year average for the month of August.
On a year-to-date basis, home sales totaled 2,974 units over the first eight months of the year. This was down sharply by 26.4% from the same period in 2021.
“Sales activity in our local areas mirrored trends playing out in the rest of the Greater Golden Horseshoe through August, with demand currently running well below typical levels for this time of year,” said Dustin Davis, President of the Guelph and District Association of REALTORS®. “The fact that new listings are also trending below average suggests that many would-be sellers are putting their listings on hold until the market shows signs of stabilizing. With at least one more rate hike on the horizon this year, there’s likely going to be a period of adjustment as both buyers and sellers play wait-and-see to judge when the best time will be to re-enter the housing 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 $835,100 in August 2022, a moderate gain of 4.7% compared to August 2021.
The benchmark price for single-family homes was $926,300, increasing by 3.7% on a year-over-year basis in August. By comparison, the benchmark price for townhouse/row units was $684,800, a gain of 8.6% compared to a year earlier, while the benchmark apartment price was $548,000, up by 11% from year-ago levels.
The average price of homes sold in August 2022 was $883,900, a minor decrease of 2.6% from August 2021.
The more comprehensive year-to-date average price was $1,037,186, a sizable gain of 19.2% from the first eight months of 2021.
The dollar value of all home sales in August 2022 was $246.6 million, a substantial decline of 27.9% from the same month in 2021.
The number of new listings saw a gain of 10.9% from August 2021. There were 438 new residential listings in August 2022.
New listings were 10.2% below the five-year average and 8.8% below the 10-year average for the month of August.
Active residential listings numbered 697 units on the market at the end of August, more than double the levels from a year earlier, increasing 172.3% from the end of August 2021.
Active listings were 23% above the five-year average and 0.6% below the 10-year average for the month of August.
Months of inventory numbered 2.5 at the end of August 2022, up from the 0.7 months recorded at the end of August 2021 and above the long-run average of 1.8 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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