Guelph Housing Market Shows Modest Rebound in May
Guelph housing market shows a modest rebound in May but recovery remains far off.
According to statistics provided by the MLS® System of the Guelph and District Association of REALTORS®, home sales numbered 211 units in May 2020. This was a large decline of 43.9% from May 2019 and marked the lowest May reading in over 20 years.
On a year-to-date basis, home sales totaled 1,031 units over the first five months of the year. This was a decrease of 18.9% from the same period in 2019.
“Home sales and new listings both posted modest rebounds in May from the record lows in the previous month,” said Matthew Bennett-Monty, President of the Guelph and District Association of REALTORS®. “It may not seem like a lot but it’s a much more promising outcome than having conditions worsen in the opposite direction. Any signs of life returning to the housing market, big or small, are a welcome sight right now.”
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 $592,100, up 8.1% in May 2020 compared to May 2019.
The benchmark price for single-family homes was $610,200, up 6.3% on a year-over-year basis in May. By comparison, the benchmark price for townhouse/row units was $434,400, rising 11.8% compared to a year earlier while the benchmark apartment price was $366,300, rising 15%.
The average price of homes sold in May 2020 was $607,902, edging up 3.2% from May 2019.
The more comprehensive year-to-date average price was $607,424, up 9% from the first five months of 2019.
The dollar value of all residential home sales in May 2020 was $128.3 million, declining significantly by 42.1% from the same month in 2019.
There were 316 new residential listings in May 2020. This was a large decline of 41.8% on a year-over-year basis to the lowest level for this month in more than three decades.
Overall supply levels remain historically subdued. Active residential listings numbered 381 units at the end of May. This was a considerable decline of 33.2% from the end of May 2019.
Months of inventory numbered 1.8 at the end of May 2020, up from 1.5 months recorded at the end of May 2019 but below the long-run average of 2 months 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.
Sales of all property types in the Guelph region numbered 215 units in May 2020; this was a large decline of 44.3% from May 2019. The total value of all properties sold was $130 million, declining significantly by 43.3% from May 2019.
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