Guelph Home Sales and Listings Continue To Moderate In July
Guelph and District Association of REALTORS® MLS® home sales, new listings continue to moderate in July.
The number of homes sold through the MLS® System of the Guelph and District Association of REALTORS® totaled 442 units in July 2021. This was a sharp decrease of 22.5% from July 2020.
Home sales were 1.6% below the five-year average and 1.8% below the 10-year average for the month of July.
On a year-to-date basis, home sales totaled a record 3,655 units over the first seven months of the year. This was up sharply by 42.9% from the same period in 2020.
“Home sales were down from last year’s astronomical record to just a touch below average levels for this time of year,” said Sabrina Essery, President of the Guelph and District Association of REALTORS®. “New listings also declined but to a greater extent than sales activity, which means that overall supply levels are still at record levels and falling. Even with reduced sales the market remains historically tight and overall benchmark price gains are hovering around 30%. Without a meaningful shift in the balance between supply and demand we expect these trends to persist over the near future.”
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 $793,800 in July 2021, up by 29.8% compared to July 2020.
The benchmark price for single-family homes was $830,100, a substantial increase of 31% on a year-over-year basis in July. By comparison, the benchmark price for townhouse/row units was $572,200, a sizable gain of 29.8% compared to a year earlier, while the benchmark apartment price was $480,200, increasing by 22.1% from year-ago levels.
The average price of homes sold in July 2021 was $859,049, an increase of 21.9% from July 2020.
The more comprehensive year-to-date average price was $867,056, a sizable gain of 28.3% from the first seven months of 2020.
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