Guelph Home Sales edge back in October
The number of homes sold through the MLS® System of the Guelph and District Association of REALTORS® edged back in October 2012 compared to September, and also came in below October 2011 levels.
According to statistics provided by the Association, home sales numbered 201 units in October 2012, a decline of 13 per cent from October of 2011.
Sales of all types of properties in the Guelph region numbered 218 units in October, also down 13 per cent from year-ago levels.
A total of 2,577 homes have traded hands so far this year. This is running half of one per cent (just 12 sales) behind levels over the same time period last year, and remains ahead of 2008, 2009, and 2010.
“Demand edged back in October following the improvement we saw in September, but remained above this year’s low point in August,” said Jeff Matteis, President of the Guelph and District Association of REALTORS®. “Even so, the balance between supply and demand in the region remains tight from an historical perspective, and we continue to see year-over-year growth in the average selling price.”
The average price of homes sold in October was $322,251, up three per cent from October 2011.
The dollar value of all homes sold through the MLS® System of the Guelph and District Association of REALTORS® totalled $64.8 million in October 2012. This was down 11 per cent from levels recorded in October 2011. The total value of all properties sold in October 2012 was $78.8 million, down 10 per cent on a year-over-year basis.
New residential listings numbered 378 units in October, up seven per cent on a year-over-year basis.
Overall supply is still running below levels in most of the past six years. There were 659 active residential listings on the Association’s MLS® System at the end of October, down 10 per cent from a year earlier.
There were 3.3 months of inventory at the end of October 2012, up slightly from 3.2 months at the same time last year, but still well below the long-run average 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.
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The Guelph and District Association of REALTORS® represents more than 450 REALTORS® in Guelph and surrounding communities like Fergus and Elora. Additional information can be found on the Association’s web site at www.guelphanddistrictrealtors.ca.