Guelph Housing Market Continues Setting Records in August
Guelph housing market continues setting records in August.
According to statistics provided by the MLS® System of the Guelph and District Association of REALTORS®, home sales numbered 464 units in August 2020. This was an increase of 12.3% from August 2019. This was also a new sales record for the month of August.
On a year-to-date basis, home sales totaled 3,009 units over the first eight months of the year. This was down 7.4% from the same period in 2019.
“Home sales remained strong in Guelph this past month,” said Matthew Bennett-Monty, President of the Guelph and District Association of REALTORS®. “New listings were well above average for this time of year, shattering the previous August record set back in 2014. The combination of strong demand and low inventory continues to exert upward pressure on prices, driving average price to a new record for the fifth month in a row.”
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 composite benchmark price for Guelph and District was $628,600, up 14.3% in August 2020 compared to August 2019.
The benchmark price for single-family homes was $651,600, rising 14% on a year-over-year basis in August. By comparison, the benchmark price for townhouse/row units was $455,400, improving by 14.6% compared to a year earlier while the benchmark apartment price was $379,000, advancing 14.9%.
The average price of homes sold in August 2020 was a record of $731,124, gaining 16.9% from August 2019.
The more comprehensive year-to-date average price was $684,086, up 11.7% from the first eight months of 2019.
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