Guelph Resale Housing Demand edged Down a bit in December

The number of homes sold through the MLS® System of the Guelph and District Association of REALTORS® was down from year-ago levels in December 2012.

According to statistics provided by the Association, home sales numbered 128 units in December 2012. This was a year-over-year decline of 23 per cent, albeit from the best December on record in 2011.

Sales of all types of properties in the Guelph region numbered 139 units in December, down 22 per cent from year-ago levels.

“Resale housing demand edged down a bit in December compared to November, but most of that big year-over-year decline is simply a reflection the all-time record setting performance we saw last December,” said Matthew Bennett-Monty, President of the Guelph and District Association of REALTORS®. “While activity has moderated a bit, sales in December were still running in line with the 10-year average for the month.”

A total of 2,929 homes traded hands over the course of 2012. This came in two per cent below sales last year, but remained ahead of 2008, 2009, and 2010.

The average price of homes sold in December was $342,029, up five per cent from December 2011. This was the second highest monthly average price reading on record.

The annual average price of homes sold in 2012 was $325,553, up seven per cent from 2011.

The dollar value of all homes sold through the MLS® System of the Guelph and District Association of REALTORS® totalled $43.8 million in December 2012. This was down 19 per cent from levels recorded in December 2011. The total value of all properties sold in December 2012 was $49.1 million, down 18 per cent on a year-over-year basis.

New residential listings numbered 127 units in December, up seven per cent on a year-over-year basis.

There were 443 active residential listings on the Association’s MLS® System at the end of December 2012, rising 14 per cent from a year earlier. Part of that increase reflects a temporary drop in active supply last December.

There were 3.5 months of inventory at the end of December 2012, up from 2.3 months at the same time last year but still well below the long-run average from months of inventory in the Guelph region. 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.