WINTER COMING | Issue 178 Guelph Weekly Sales Report
November 1, 2019 Sales Summary:
Short and sweet this week. Leslie and I are off for a bit of a break to recharge the batteries. So just a few observations on our current market conditions.
The weather outside certainly suggests that the winter season will soon be upon us. The threat of “winter” in the Guelph real estate market hasn’t materialized, at least at this point.
November is starting on the heels of October’s strong numbers. Within the City of Guelph, 191 properties changed hands during October, a 13.7% increase over October 2018. The median sale price of homes within the city was up 11.1% to $530,000 all while taking 2 days less to sell, down to 17 days on market. Our median sales price has now surpassed the previous high water mark of $527,000 in April 2017.
In our opinion yes. Guelph continues to grow as a result of a number of factors. The University and surrounding Agriculture Tech hub and being part of the technology triangle within the surrounding region has been the major contributor to also helps to our economic growth and diversification. Of course the prices in the GTA continue to drive more and more people to commute to more affordable communities like ours. The additional GO service will also play a significant role in our sustained growth.
While we will likely see continued growth in the Guelph real estate market, the face of the market will continue to evolve. Presently detached single family homes continue to dominate our landscape and demand remains strong. However, if you look at the skyline, the number of construction cranes in Guelph and the surrounding region keep multiplying.
Provincial and municipal legislation is pushing the market to intensify, the cost of development is also pushing the market toward more density. It will likely take the next 5-10 years for the condo and townhouse market to grow to a dominant position. I certainly wouldn’t bet against that, as we can no longer afford to be building massive subdivisions of big homes on big lots.
The last week of October in the Guelph and surrounding townships saw 52 homes reported sold, which was 4 more than the previous year. The median home sold was 3 bedroom, 2 baths, 1,389 square feet and sold for $526,250 or $368.06/sqft. That median home took 12 days to sell and the homeowner achieved 99.1% of their list price. 42% of the homes that sold last week sold at or above list price.
These strong numbers have persisted throughout 2019, and we expect this strength to continue in our local market.
Thanks for following our blog & have a great weekend.
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