Guelph Home Sales Set New November Record

Sales of all types of properties in the Guelph region numbered 246 units in November, up 13.4 per cent from a year earlier.

Over the first 11 months of the year a record 3,091 homes have traded hands. This is up 8.8 per cent from the same period in 2015.

“November homes sales set a record for the month, marking the sixth time this year that activity has reached new heights in its respective month,” said Kim Hannah, President of the Guelph and District Association of REALTORS®. “With overall supply at record lows, the market was fortunate to get some relief from an increase in new listings in November.”

The average price of homes sold in November 2016 was $456,141, up 20 per cent from levels in November 2015. The year-to-date average price figure was $424,4857, rising 12.1 per cent from the same period in 2015.

The dollar volume of residential sales in November 2016 was $100.8 million, up 35.3 per cent from the same month in 2015. This was a record for the month and the first November to surpass the $80 million mark.

The total value of all properties sold in November 2016 was $110.7 million, an increase of 32.1 per cent on a year-over-year basis.

New residential listings numbered 235 units in November, up 15.2 per cent on a year-over-year basis.

There were just 235 active residential listings on the Association’s MLS® System at the end of November 2016, down 47.4 per cent from a year earlier. This was an all-time low.

There was just 1.1 months of inventory at the end of November 2016, down from 2.3 months a year earlier and 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.

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