Guelph Home Sales up In February
According to statistics provided by the MLS® System of the Guelph and District Association of REALTORS®, home sales numbered 232 units in February 2014. This was an increase of nine per cent from the same month last year.
Sales of all types of properties in the Guelph region numbered 239 units in February, up six per cent from year-ago levels.
“Home sales were still running in line with historical averages in February, with most of the apparent rebound in the year-over-year comparison simply reflecting a drop in sales between January and February last year,” said Kimberley McKenzie, President of the Guelph and District Association of REALTORS®. “The average sale price dipped slightly in February even as supply remains tight. As so often happens with averages, this may just reflect a change in the types of homes trading hands this February. Data out over the next couple of months will give us a clearer picture.”
The average price of homes sold in February 2014 was $330,732, down 1.6 per cent from levels in February 2013.
The residential dollar volume of sales in February 2014 was $76.7 million, up seven per cent from the same month last year. The total value of all properties sold in February 2014 was $78.9 million, also up seven per cent on a year-over-year basis.
New residential listings numbered 348 units in February, down two per cent on a year-over-year basis. There were 580 active residential listings on the Association’s MLS® System at the end of February 2014, down four per cent from a year earlier.
There were 2.5 months of inventory at the end of February 2014, up from 2.8 months a year earlier and well below the long-run average for this time of the year in the Guelph region. 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.