Guelph Home Sales Climb in February 2020

Guelph Home Sales Climb in February 2020

According to statistics provided by the MLS® System of the Guelph and District Association of REALTORS®, home sales numbered 256 units in February 2020. This was a large 43.8% increase from February 2019 and was one of a handful of times that sales have topped the 250 mark in that month.

On a year-to-date basis, home sales totaled 425 units over the first two months of the year, up 26.5% from the same period in 2019.

“Home sales popped higher in February, further drawing down on already very low inventories,” said Matthew Bennett-Monty, President of the Guelph and District Association of REALTORS®. “Competition among buyers for the properties that are available for sale continues to drive price gains, with the MLS® HPI accelerating further and the average home price smashing through the $600,000 mark for the first time on record.”

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 for Guelph and District was $579,200, up 9.8% in February 2020 compared to February 2019.

The benchmark price for single-family homes was $595,900, rising 10.4% on a year-over-year basis in February. By comparison, the benchmark price for townhouse/row units was $424,200, up 8.4% compared to a year earlier while the benchmark apartment price was $360,400, climbing 7.9%.

The average price of homes sold in February 2020 was a record of $637,201, jumping 15.4% from February 2019. The more comprehensive year-to-date average price was $606,298, up 11.8% from the first two months of 2019.

The dollar value of all residential home sales in February 2020 was $163.1 million, surging 66% from the same month in 2019. This was a new record for the month of February.

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