MLS® home sales in Guelph and District continue downward trend in November 2022
The number of homes sold through the MLS® System of the Guelph and District Association of REALTORS® totaled 225 units in November 2022. This was a large decline of 40.5% from November 2021.
Home sales were 30.3% below the five-year average and 31.7% below the 10-year average for the month of November.
On a year-to-date basis, home sales totaled 3,740 units over the first 11 months of the year, falling 28% from the same period in 2021.
“The trend remained the same in our local market during the month of November, with the pace of MLS® home sales posting another month of below average numbers,” said Dustin Davis, President of the Guelph and District Association of REALTORS®. “Although down from the last few months, new listings were slightly above average for this time of year. Overall inventory slipped below 600 available homes for the first time since April but are still holding strong at a historically average level. Traditionally, the holiday season is a slow time of year for our region and we expect nothing less as we head into the end of 2022. With one more interest rate hike on the horizon it is reasonable to expect that if existing conditions persist, market activity will remain subdued at least during the first quarter of the new year.”
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 was $809,400 in November 2022, down by 6.9% compared to November 2021.
The benchmark price for single-family homes was $901,600, a decrease of 7.4% on a year-over-year basis in November. By comparison, the benchmark price for townhouse/row units was $655,300, a small reduction of 3.9% compared to a year earlier, while the benchmark apartment price was $528,000, falling by 2.7% from year-ago levels.
The average price of homes sold in November 2022 was $895,927, a substantial decline of 11.7% from November 2021.
The more comprehensive year-to-date average price was $1,007,527, a gain of 13.3% from the first 11 months of 2021.
The dollar value of all home sales in November 2022 was $201.6 million, down sharply by 47.4% from the same month in 2021.
The number of new listings saw a minor increase of 3.4% (12 listings) from November 2021. There were 364 new residential listings in November 2022.
New listings were 2.5% above the five-year average and 2.5% above the 10-year average for the month of November.
Active residential listings numbered 565 units on the market at the end of November, more than double the levels from a year earlier, leaping 312.4% from the end of November 2021.
