Guelph and District MLS® Home Sales Post Modest Rebound in July
The number of homes sold through the MLS® System of the Guelph and District Association of REALTORS® totaled 318 units in July 2023. This was an increase of 17.3% from July 2022.
Home sales were 22.7% below the five-year average and 25.4% below the 10-year average for the month of July.
On a year-to-date basis, home sales totaled 2,333 units over the first seven months of the year. This was a large decline of 13.9% from the same period in 2022.
“Sales activity was up from last July but remained well below average levels for this time of year,” said Tyson Hinschberger, President of the Guelph and District Association of REALTORS®. “We are starting to see the green shoots of a recovery in new listings, a welcome sight after the declining trend over most of this year and last. With sellers appearing to tentatively step back into the market this could be the catalyst for a stronger rebound in sales activity as previously sidelined buyers may now have a more ample selection from which to choose for their next home. Benchmark prices are well below last year’s records but have stabilized and resumed their normal seasonal pattern, a good sign for anyone who has been waiting for confirmation of an end to price declines.”
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 $852,000 in July 2023, a minor decrease of 2.7% compared to July 2022.