Guelph Home Sales Set Another All-Time Record in May

According to statistics provided by the MLS® System of the Guelph and District Association of REALTORS®, home sales numbered a record 422 units in May 2015. This was up 17.2 per cent from May 2014, and marks the first time that sales have ever topped the 400 mark in a single month.

Sales of all types of properties in the Guelph region numbered 437 units in May, up 17.5 per cent from a year earlier. On a year-to-date basis home sales in the first four months of 2015 were running 11.8 per cent ahead of sales in the same period of 2014. Activity is currently on track for a record year in 2015.

“May saw a record number of new listings come onto the market, and with demand as strong as it is right now those homes are selling and the result was an all-time sales record that absolutely shattered the previous one set the month before,” Jeff Morley, President of the Guelph and District Association of REALTORS®. “Even with all those new listings, the balance between overall supply and demand is about as tight as it’s ever been, and that’s putting upward pressure on prices. That said, price growth has been relatively more modest than in many neighbouring communities that have the same level of demand but a shortage of supply.”

The average price of homes sold in May 2015 was a record $387,956, up 4.6 per cent from levels in May 2014. The year-to-date average sale price was $375,917, an increase of 4.8 per cent from 2014.

The dollar volume of residential sales in May 2015 was $163.7 million, rising 22.6 per cent from the same month in 2014 and setting a new record.

The total value of all properties sold in May 2015 was $171.8 million, an increase of 27.1 per cent on a year-over-year basis.

New residential listings numbered 634 units in May, up 8.7 per cent on a year-over-year basis. This was the highest level on record.

There were 808 active residential listings on the Association’s MLS® System at the end of May 2015, down 2.3 per cent from a year earlier.

There were 1.9 months of inventory at the end of May 2015, down slightly from 2.3 months a year earlier. Anything under two months is rare. 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.

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