Guelph Home Sales Hit Highest Level Ever
According to statistics provided by the MLS® System of the Guelph and District Association of REALTORS®, home sales numbered 360 units in May 2014. This was the highest level ever recorded, and an increase of eight per cent from the same month last year.
Sales of all types of properties in the Guelph region numbered 372 units in May, up seven per cent from year-ago levels.
“The market was on a tear in May, with more homes changing hands than in any other month in history,” said Kimberley McKenzie, President of the Guelph and District Association of REALTORS®. “The average sale price was down slightly from last May, but that simply reflected a temporary surge in the measure one year ago.”
The average price of homes sold in May 2014 was $370,991, down 1.6 per cent from levels in May 2013.
The residential dollar volume of sales in May 2014 was a record $134 million, up seven per cent from the same month last year.
The total value of all properties sold in May 2014 was $135.2 million, a decrease of one per cent on a year-over-year basis.
New residential listings numbered 583 units in May, up eight per cent on a year-over-year basis. There were 827 active residential listings on the Association’s MLS® System at the end of May 2014, up 10 per cent from a year earlier.
There were 2.3 months of inventory at the end of May 2014, unchanged from a year earlier and below the long-run average for this time of the year 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.