Guelph Home Sales Running At Near-Record Levels in August

According to statistics provided by the MLS® System of the Guelph and District Association of REALTORS®, home sales numbered 279 units in August 2014. This was up three per cent from August 2013 and stood just nine sales below the all-time August record set back in 2005.

Sales of all types of properties in the Guelph region numbered 295 units in August, up five per cent from year-ago levels.

“The market has been strong since April, and demand continued to gain steam in August,” said Kimberley McKenzie, President of the Guelph and District Association of REALTORS®. “Sales for the year-to-date are currently running second only to 2007, although if sales continue near the pace we’ve seen over the past five months its possible 2014 will end up setting a new record for resale housing activity in the region.”

The average price of homes sold in August 2014 was $352,975, up ten per cent from levels in August 2013. The year-to-date average price was $358,978, up 4.3 per cent from the first eight months of 2013.

The residential dollar volume of sales in August 2014 was $98.5 million, up 12 per cent from the same month last year and a record for the month of August.

The total value of all properties sold in August 2014 was $105 million, an increase of 15 per cent on a year-over-year basis.

New residential listings numbered 401 units in August, up seven per cent on a year-over-year basis. There were 805 active residential listings on the Association’s MLS® System at the end of August 2014, up 14 per cent from a year earlier.

There were 2.9 months of inventory at the end of August 2014, up slightly from 2.6 a year earlier but 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.