Near-Record November for Guelph Home Sales
The number of homes sold through the MLS® System of the Guelph and District Association of REALTORS® just missed setting a November record in 2012.
According to statistics provided by the Association, home sales numbered 224 units in November 2012. This was the second best month of November on record, standing just two sales below the record set last year.
Sales of all types of properties in the Guelph region numbered 238 units in November, down three per cent from year-ago levels.
A total of 2,801 homes have traded hands so far this year. This is running half of one per cent (just 14 sales) behind levels over the same time period last year, and remains ahead of 2008, 2009, and 2010.
“The story of increased monthly sales volatility that has characterized the Guelph housing market in recent months continued in November, with activity posting a big rebound from a quiet month of October,” said Matthew Bennett-Monty, President of the Guelph and District Association of REALTORS®. “While demand in September and November managed to almost match last year’s record levels, activity for the second half of the year overall is down from 2011 owing to declines in August and October.”
The average price of homes sold in November was $324,363, up six per cent from November 2011.
The dollar value of all homes sold through the MLS® System of the Guelph and District Association of REALTORS® totalled $74.7 million in November 2012. This was up five per cent from levels recorded in November 2011. The total value of all properties sold in November 2012 was $79.2 million, up five per cent on a year-over-year basis.
New residential listings numbered 294 units in November, up 23 per cent on a year-over-year basis.
Overall supply is still running below levels in most of the past six years. There were 585 active residential listings on the Association’s MLS® System at the end of November, down three per cent from a year earlier.
There were 2.6 months of inventory at the end of November 2012, essentially unchanged from 2.7 months at the same time last year, and still well below the long-run average from months of inventory in the Guelph region. 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.
Important information
The Guelph and District Association of REALTORS® represents more than 450 REALTORS® in Guelph and surrounding communities like Fergus and Elora. Additional information can be found on the Association’s web site at www.guelphanddistrictrealtors.ca.
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