Guelph Home Sales Smash Previous July Record
According to statistics provided by the MLS® System of the Guelph and District Association of REALTORS®, home sales numbered 390 units in July 2015. This was up 30 per cent from July 2014, and marked the highest level for any July on record. This was also the first time sales in July had topped 350 units.
Sales of all types of properties in the Guelph region numbered 405 units in July, up 30.2 per cent from a year earlier.
On a year-to-date basis, home sales in the first seven months of 2015 were running 13.5 per cent ahead of sales in the same period from 2014. Activity is currently on track for a record year in 2015.
“Not only did sales set a record for the month of July, it was also the second best sales figure of any month on record after this May,” Jeff Morley, President of the Guelph and District Association of REALTORS®. “As a result, activity is well on track for a record year in 2015. On the supply side, new listings have been doing a decent job keeping up with demand, but the market is nevertheless very tight. This has lifted year-to-date prices five per cent above the first seven months of 2014.”
The average price of homes sold in July 2015 was $379,590, up 3.4 per cent from levels in July 2014. The year-to-date average sale price was $377,720, an increase of five per cent from 2014.
The dollar volume of residential sales in July 2015 was $148 million, rising 34.5 per cent from the same month in 2014 and setting a new July record. This was also the first July to surpass $120 million and the second best level of any month on record.
The total value of all properties sold in July 2015 was $154.3 million, an increase of 34.1 per cent on a year-over-year basis.
New residential listings numbered 472 units in July, up 0.9 per cent on a year-over-year basis. This was a record for the month of July.
There were 743 active residential listings on the Association’s MLS® System at the end of July 2015, down 9.8 per cent from a year earlier.
There were 1.9 months of inventory at the end of July 2015, down from 2.7 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.
The Guelph and District Association of REALTORS® represents more than 450 REALTORS® in Guelph and surrounding communities like Fergus and Elora. Additional information can be found on the Association’s web site at www.GDAR.ca.