MLS® Guelph Area Home Sales Decline As New Listings Surge in September
The number of homes sold through the MLS® System of the Guelph and District Association of REALTORS® totaled 219 units in September 2023. This was a substantial decrease of 18.3% from September 2022.
Home sales were 36.2% below the five-year average and 37.6% below the 10-year average for the month of September.
On a year-to-date basis, home sales totaled 2,756 units over the first nine months of the year. This was a large decline of 11.9% from the same period in 2022.
“Sales activity is once again on a downward trend as higher rates and economic uncertainty are weighing on potential buyers,” said Tyson Hinschberger, President of the Guelph and District Association of REALTORS®. “The problem is no longer a lack of supply, as there is plenty going around in our market and with September posting a new record for this month. The market balance continues to shift towards buyer’s territory, although we are just at the cusp of a balanced position at the moment. However, it is unlikely that a softening of conditions will bring many buyers back into the fold as it appears they are either unwilling to re-enter with interest rates being so high or waiting for news regarding a more stable economic environment.”