Guelph Housing Market now favours Sellers

 

The Guelph area continues to be a hot residential real estate market, though the trend appears to favour vendors these days.

 

“In Guelph it’s still very much a seller’s market,” Guelph & District Association of Realtors president Jeff Matteis said Monday.

 

“It’s a very strong seller’s market. There’s very good, strong demand,” local Re/Max Real Estate Centre sales representative Leslie Field concurred. “First-time home buyers are very active.”

 

She noted some lack of inventory in Guelph, particularly in the bustling south end. “There never seems to be enough (there).”

 

The association president, who’s with Matteis Realty, said 946 Guelph homes sold this year to date, compared with 826 for the same period last year.

 

Coldwell Banker Neumann Real Estate Brokerage sales rep Aaron Zuccula reported there are currently 276 active residential listings on the Guelph multiple listing service.

 

Statistics aren’t readily available for a year earlier.

 

But colleague Hudson Smith said this “lack of inventory” is a notable feature of the current market.

 

“You’ve got a lot of buyers looking over not as much (housing stock),” Smith observed.

 

For the period to date this year, the average Guelph sale was almost $313,000.

 

Sales are up 15 per cent and prices have risen six per cent, respectively, from the same period last year, Matteis continued.

 

It’s a somewhat different story in surrounding areas, where sales have dipped.

 

Matteis said sales in Puslinch and Guelph-Eramosa townships have dropped 25 per cent and in Centre Wellington Township sales are down by 12 per cent.

 

As to selling indicators, association data show the average property is on the market 26 days. The sales-to-listing ratio shows 79 per cent of properties sold within the latest two-month period. Both bolster the argument it’s a seller’s market, the association reported.

 

Matteis said he’s seen in recent months some multiple offers, notably for homes selling for under $350,000.

 

“Mortgage rates remain very low,” he explained, added interest rate hikes don’t appear on the horizon any time soon.

 

He’s also not anticipating the market cooling. “It’s looking like it’s going to be a strong, active summer for sales.”

 

guelphmercury.com