Guelph Home Sales Finish 2018 With Quiet December
Guelph home sales finish 2018 with quiet December.
According to statistics provided by the MLS® System of the Guelph and District Association of REALTORS®, home sales numbered 116 units in December 2018. This was down 28.4% from December 2017.
On an annual basis, home sales totalled 2,851 units in 2018, down 14.6% from 2017.
“Home sales posted a large year-over-year decline in December, reflecting the combination of the last-minute rush to get deals done in December 2017 just before the new stress test came in, along with a big drop in available new supply in December 2018 in an already supply-starved market,” said Kristi Mercier, President of the Guelph and District Association of REALTORS®. “Even with fewer sales in 2018, the persistence of that supply shortage is keeping some pressure on prices. Indeed, it may also be one of the reasons fewer homes are changing hands over and above the mortgage stress test and rising interest rates.”
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 $524,100 in December 2018, up 6.8% compared to December 2017.
The benchmark price for single-family homes was $538,800, up 6.5% on a year-over-year basis in December. By comparison, the benchmark price for townhouse/row units was $376,100, rising 3.7% compared to a year earlier while the benchmark apartment price was $335,200, jumping 12.7%.
The average price of homes sold in December 2018 was $541,303, up 8.9% from December 2017. The more comprehensive annual average price was $530,247 in 2018, edging up just 0.4% from 2017.