Guelph Home Sales Set Another Monthly Record in August

According to statistics provided by the MLS® System of the Guelph and District Association of REALTORS®, home sales numbered 302 units in August 2015. This was up 8.2 per cent from August 2014, and marked the highest August level on record.

Sales of all types of properties in the Guelph region numbered 317 units in August, up 7.5 per cent from a year earlier.

On a year-to-date basis, home sales in the first eight months of 2015 were running 12.9 per cent ahead of sales in the same period from 2014. Activity is currently on track for a record year in 2015.

“August marked a fifth straight monthly record for home sales in the Guelph region, making a new annual record in 2015 basically a lock at this point,” Jeff Morley, President of the Guelph and District Association of REALTORS®. “New listings have not been in short supply. By contrast, new listings are also running at record levels for the year-to-date. Even so, they remain in somewhat short supply relative to how strong demand has been, and the result has been average price growth of around five per cent so far this year.”

The average price of homes sold in August 2015 was $371,440, up 5.2 per cent from levels in August 2014. The year-to-date average sale price was $376,995, an increase of five per cent from 2014.

The dollar volume of residential sales in August 2015 was $112 million, rising 13.9 per cent from the same month in 2014 and setting a new August record. This was also the first August to surpass $100 million worth of sales.

The total value of all properties sold in August 2015 was $119 million, an increase of 14 per cent on a year-over-year basis.

New residential listings numbered 362 units in August, down 9.7 per cent on a year-over-year basis.

There were 700 active residential listings on the Association’s MLS® System at the end of August 2015, down 13 per cent from a year earlier.

There were 2.3 months of inventory at the end of August 2015, down from 2.9 months a year earlier. This was well below the long-term average for this time of 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.