Guelph Home Sales Continue To Run Well Above Average in June
The number of homes sold through the MLS® System of the Guelph and District Association of REALTORS® totaled 563 units in June 2021. This was up by 13.1% from June 2020. Residential sales haven’t hit this level in the month of June in five years.
Home sales were 13.9% above the five-year average and 11.9% above the 10-year average for the month of June.
On a year-to-date basis, home sales totaled a record 3,213 units over the first six months of the year. This was a substantial increase of 61.6% from the same period in 2020.
“Home sales reached the third highest June level on record as sales activity has continued unabated at its breakneck pace for one year now since the recovery last summer,” said Sabrina Essery, President of the Guelph and District Association of REALTORS®. “New listings have been trending at fairly strong levels but nowhere near the pace required to keep up with demand. As a result, overall inventories are still falling to new lows and the market continues to face unprecedented tightness. Given the combination of these factors it’s no surprise that year-over-year benchmark price gains are now moving north of 30%.”
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 $786,100 in June 2021, a substantial increase of 31.7% compared to June 2020.
The benchmark price for single-family homes was $825,000, a jump of 33.7% on a year-over-year basis in June. By comparison, the benchmark price for townhouse/row units was $569,200, a substantial gain of 30.5% compared to a year earlier, while the benchmark apartment price was $461,400, a gain of 20.9% from year-ago levels.
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