Guelph and District MLS® Home Sales Showing Stronger Signs of Life While New Listings Continue to Fall

 In Real Estate Market News

The number of homes sold through the MLS® System of the Guelph and District Association of REALTORS® totaled 372 units in April 2023. This was down sharply by 10.6% from April 2022.

Home sales were 8.1% below the five-year average and 19.5% below the 10-year average for the month of April.

On a year-to-date basis, home sales totaled 1,165 units over the first four months of the year. This was a substantial decline of 30.7% from the same period in 2022.

“Sales activity was still running below average levels in April, but the gap between actual and average levels is closing,” said Tyson Hinschberger, President of the Guelph and District Association of REALTORS®. “With demand picking up the main obstacle now lies on the supply side, namely the growing shortage of new listings coming on the market. It’s likely that sellers are still very cautious about returning to the market and will wait for another month or two of data before wading back in. However, with limited listings to resupply dwindling inventories the market has tightened considerably into seller’s territory and MLS® benchmark prices have definitively turned a corner and are beginning to accelerate once again.”

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 $824,500 in April 2023, a substantial decline of 16.3% compared to April 2022.

The benchmark price for single-family homes was $925,800, a sharp decrease of 15.2% on a year-over-year basis in April. By comparison, the benchmark price for townhouse/row units was $658,900, down sharply by 17.3% compared to a year earlier, while the benchmark apartment price was $527,800, a substantial decrease of 18.9% from year-ago levels.

The average price of homes sold in April 2023 was $910,257, a large decline of 16.3% from April 2022.

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