Guelph Home Sales Post Second-Best October on Record after 2016

Guelph home sales post second-best October on record after 2016.

According to statistics provided by the MLS® System of the Guelph and District Association of REALTORS®, home sales numbered 270 units in October 2019. This was an increase of15.4%from October 2018 and stood just 17 transactions below the October record set back in 2016.

On a year-to-date basis, home sales totaled 2,686 units over the first 10 months of the year, up7.4%from the same period in 2018.

“Home sales picked up nicely over the spring and summer alongside an influx of much needed new supply, and that trend continued into the fall, with activity posting its second-best October sales figure ever behind 2016,” said Christianne Child, President of the Guelph and District Association of REALTORS®. “While inventories are no longer at the extreme lows seen in late 2016 and early 2017, they are nonetheless still well below average and the market is still tilted in favour of sellers, which is why prices have continued to move higher.”

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 $560,300 in October 2019, up 6.5% compared to October 2018. The benchmark price for single-family homes was $572,200, rising 5.5% on a year-over-year basis in October.

By comparison, the benchmark price for townhouse/row units was $414,800, climbing 9.9% compared to a year earlier while the benchmark apartment price was $360,700, up a similar 9%.

The average price of homes sold in October 2019 was$597,750, rising 16.1% from October 2018. This was a record, finally surpassing the previous peak reached in April 2017.

Read the FULL ARTICLE