Guelph and District MLS® home sales post third best March as new listings surge
The number of homes sold through the MLS® System of the Guelph and District Association of REALTORS® totaled 537 units in March 2022. This was a decrease of 26.1% from March 2021.
Home sales were 11.4% above the five-year average and 14.4% above the 10-year average for the month of March.
On a year-to-date basis, home sales totaled 1,254 units over the first three months of the year, declining 15.8% from the same period in 2021.
“Sales activity may have declined from last year’s unprecedented levels but still came in at the third best March on record,” said Dustin Davis, President of the Guelph and District Association of REALTORS®. “The continued strength in demand has been aided more recently by a long-awaited resurgence in new listings returning to the market, signifying the beginning of the spring market. We’re hoping to see a sustained influx of new listings through the next few months, which for now have lifted overall inventories slightly from their record lows.”
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 $1,017,400 in March 2022, an advance of 32% compared to March 2021.
The benchmark price for single-family homes was $1,053,300, up sharply by 31.6% on a year-over-year basis in March. By comparison, the benchmark price for townhouse/row units was $749,500, a significant increase of 30.7% compared to a year earlier, while the benchmark apartment price was $637,500, a jump of 39.2% from year-ago levels.
The average price of homes sold in March 2022 was $1,094,262, increasing by 28.4% from March 2021.
The more comprehensive year-to-date average price was $1,104,551, an advance of 31.1% from the first three months of 2021.
The dollar value of all home sales in March 2022 was $587.6 million, down by 5.1% from the same month in 2021.
The number of new listings down marginally by 3.6% from March 2021. There were 838 new residential listings in March 2022.
New listings were 20.2% above the five-year average and 26.2% above the 10-year average for the month of March.
Active residential listings numbered 348 units on the market at the end of March, a gain of 13.7% from the end of March 2021.
Active listings were 29.6% below the five-year average and 44% below the 10-year average for the month of March.
Months of inventory numbered 0.6 at the end of March 2022, up from the 0.4 months recorded at the end of March 2021 and below the long-run average of 1.4 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.