Guelph Housing Market Reaches New July Sales Record

Guelph housing market reaches new July sales record, supply continues to drop.

According to statistics provided by the MLS® System of the Guelph and District Association of REALTORS®, home sales numbered 383 units in July 2020. This was an increase of 23.9% from July 2019. This was also a new sales record for the month of July.

On a year-to-date basis, home sales totaled 1,775 units over the first seven months of the year. This was down 5.6% from the same period in 2019.

“Home sales continued to rebound in July, rising to the best level for this month in history and also posting one of the best levels of any month in history,” said Matthew Bennett-Monty, President of the Guelph and District Association of REALTORS®. “New listings have rebounded from their April lows but have not come back anywhere near the same extent as sales activity. As a result, the market remains very much within seller’s territory and continues to fuel strong price growth, keeping prices at or near record levels.”

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 $611,700, rising 11.3% in July 2020 compared to July 2019.

The benchmark price for single-family homes was $633,500, up 10.4% on a year-over-year basis in July. By comparison, the benchmark price for townhouse/row units was $440,800, an increase of 11.7% compared to a year earlier, while the benchmark apartment price was $375,300, a gain of 16.1%.

The average price of homes sold in July 2020 was $641,228, rising 16.4% from July 2019.

The more comprehensive year-to-date average price was $626,317, rising 12.4% from the first seven months of 2019.

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