Guelph Home Sales Fall Back in October
According to statistics provided by the MLS® System of the Guelph and District Association of REALTORS®, home sales numbered 230 units in October 2018. This was a decrease of 16.4% from October 2017.
On a year-to-date basis, home sales totaled 2,533 units over the first 10 months of the year. This was a decrease of 13.9% from the same period in 2017.
“Home sales fell back in October, reversing the trend of steady improvement we’d been seeing since June,” said Kristi Mercier, President of the Guelph and District Association of REALTORS®. “That said, one month does not make for a new trend so we’ll be watching to see if activity picks back up as we get closer to the end of the year. In contrast to October’s sales slowdown, price growth has been picking up in recent months.”
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 $526,300, up 9.3% in October 2018 compared to October 2017. This was the largest year-over-year increase since January.
The benchmark price for single-family homes was $542,600, up 9.4% on a year-over-year basis in October. By comparison, the benchmark price for townhouse/row units was $377,500, up 7.3% compared to a year earlier while the benchmark apartment price was $330,900, rising 11.8%.
The average price of homes sold in October 2018 was $515,327, down 0.3% from October 2017. The more comprehensive year-to-date average price was $529,481, also down 0.3% on a year-over-year basis.
The dollar value of all residential home sales in October 2018 was $118.5 million, decreasing by 16.7% from the same month in 2017.
