Guelph Home Sales Improve in September
The number of homes sold through the MLS® System of the Guelph and District Association of REALTORS® improved in September 2012 compared to recent months, although it did come in below the record month of September set last year.
According to statistics provided by the Association, home sales numbered 210 units in September 2012, a decline of 17 per cent from the highest September on record in 2011.
Sales of all types of properties in the Guelph region numbered 220 units in September, down 18 per cent from year-ago levels.
“September’s sales figures had a couple of things working against them that made demand look weaker than it actually is right now,” said Jeff Matteis, President of the Guelph and District Association of REALTORS®. “For one thing, when we look at the year-over-year decline, we’re looking at the current level of activity versus the all-time record for September. Add to that the fact that this September suffered from the biggest trading day effect possible, with just 20 weekdays compared to 22 last September. When you account for these factors by seasonally adjusting the data, we’re actually looking at activity that’s closer to four per cent below last year, and somewhere in the neighbourhood of a 16 per cent improvement from a quiet month of August. So I think the main takeaway is that while demand has geared down a bit in the wake of new mortgage rules, things are not nearly as dire as the September year-over-year decline might suggest.”
A total of 2,376 homes have traded hands so far this year. This is running one per cent ahead of the first three quarters of 2011, and marks the best performance over this period since 2008.
The average price of homes sold in September was $335,535, up nine per cent from September 2011.
The dollar value of all homes sold through the MLS® System of the Guelph and District Association of REALTORS® totalled $70.5 million in September 2012. This was down 10 per cent from levels recorded in September 2011. The total value of all properties sold in September 2012 was $73.9 million, down 13 per cent on a year-over-year basis.
New residential listings numbered 370 units in September, down 12 per cent on a year-over-year basis. Overall supply continues to trend downward. There were 676 active residential listings on the Association’s MLS® System at the end of September, down 13 per cent from a year earlier.
There were 3.2 months of inventory at the end of September 2012, up slightly from 3.1 months at the same time last year. This remains well below the long-run average for this time of the year. 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.
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.