Guelph Home Sales Slowly Recovering, But Still At Subdued Levels

According to statistics provided by the MLS® System of the Guelph and District Association of REALTORS®, home sales numbered 306 units in April 2018. This was a decrease of 12.6% from April 2017 – the smallest year-over-year decline so far in 2018 by a significant margin. It was also still 5.6% below the 10-year average for the month.

On a year-to-date basis, home sales totalled 913 units over the first four months of the year. This was down 25.1% from the 2017 record.

“Sales were already beginning to come down by this time last year, whereas right now they are slowly starting to improve, and that combination resulted in a much more moderate year-over-year decline in April,” said Kristi Mercier, President of the Guelph and District Association of REALTORS®. “Despite a below-average number of deals being made at the moment, the market still very tight. That is why we are seeing the MLS® HPI trending upward once again, quite sharply in fact.”

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 benchmark price for Guelph and District in April 2018 was $436,000, up 5.9% compared to the same month in 2017.

Benchmark prices have recovered sharply following a dip in the second half of last year. The overall MLS® HPI benchmark price for Guelph and District as of April 2018 has recovered some 7.2% from the low reached in October 2017.

The benchmark price for a typical single-family home was $469,500 in April, up 3.6% on a year-over-year basis. By comparison, the benchmark townhouse price in April 2018 was $378,400, up 7.6% from April 2017, while the benchmark apartment unit price was $309,900, jumping 20.9% compared to a year earlier.

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