Guelph Housing Market Sets Multiple Records in March
According to statistics provided by the MLS® System of the Guelph and District Association of REALTORS®, home sales numbered 299 units in March 2016. This was up 20.1 per cent from March 2015 and marked the best level for this month in nearly three decades.
Sales of all types of properties in the Guelph region numbered 321 units in March, up 14.2 per cent from a year earlier.
Over the first quarter of the year a record 706 homes have traded hands. This is up 10.8 per cent from 2015.
The average price of homes sold in March 2016 was a record $399,689, up 6.8 per cent from levels in March 2015. The year-to-date average price figure was $394,101, rising 6.7 per cent from the same period in 2015.
“The market is currently in record territory, with record or near-record high sales and average prices, and record or near-record low supply and months of inventory,” said Jeff Van de Vorst, President of the Guelph and District Association of REALTORS®. “The big question mark now is whether new listings will pick up sufficiently as demand continues to ramp up and we get closer to the busiest time of year, which is usually May and June.”
The dollar volume of residential sales in March 2016 was $119.5 million, up 28.3 per cent from the same month in 2015. This was the highest dollar volume of any March on record and the first March to reach more than $100 million.
The total value of all properties sold in March 2016 was $124.8 million, an increase of 22.5 per cent on a year-over-year basis.
New residential listings numbered 400 units in March, down 11.7 per cent on a year-over-year basis.
There were 452 active residential listings on the Association’s MLS® System at the end of March 2016, down 33.5 per cent from a year earlier.
There was a record low 1.5 months of inventory at the end of March 2016, down from 2.7 months a year earlier and 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.