Issue 170 | Guelph Weekly Sales Summary
September 6th, 2019 Sales Summary:
Another decent week in the Guelph real estate market with 36 homes being reported sold in Guelph, Guelph-Eramosa and Puslinch Townships.
What made this past week exciting was that 20 homes, or 56%, of the homes sold last week sold at or above list price. We haven’t witnessed as week with these kind of numbers since 2017! The cause? I’m not certain but think it was a confluence of motivated buyers looking to take advantage of some new inventory and continued momentum from the previous month. While there were 3 fewer homes sold this past week than last year, the energy level and activity has certainly been more robust. It may be residual momentum from the late spring and it may be the safety that real estate offers in shaky financial markets and times.
Regardless of what is driving this, our market continues to enjoy strong conditions.
If you watched the news this week or saw the stream on social media, the major media outlets were shouting how the real estate market seems to have turned a corner. In a Globe and Mail article earlier this week, RBC and CREA proclaimed the housing correction over, and that the major markets - Toronto, Vancouver and Calgary - are in the early stages of a turnaround. Apparently our little regional market didn’t get that memo and we really didn’t see much if anything of a correction.
Quite frankly I like that our Guelph and regional market, including KW and Cambridge, tends to fly under the radar.
Last year in our posting for the week of September 7, 2018 we wrote about how the September market started with a hurricane-like intensity. Very similar conditions this year, maybe not the category 5 we claimed last year, more like a 4, with 93 new listings being launched over the past 6 days. Couple that with 36 sold homes and you understand the level of activity for the past week.
My expectation for the balance of the month is that we’ll make up for lack of listing inventory over the summer. We may not hit the peak of 387 new listings that we had in May, but I do anticipate it to be above 300 new listings. Our market is already outperforming last year’s sales by almost 11% and expect that trend to continue. No wonder the GTA Realtors® have been so active in our marketplace.
Here is how the week ending September 6, 2019 played out:
39 homes sold. 20 homes, 55.6%, sold at or above list price!
The median home sold was 3 bedrooms, 2 baths and 1462 square feet. That home sold for $555,900 or $387.09/sqft. It took 16 days to sell and sellers were able to negotiate 99.6% of their original list price.
Compared to the same week ending September 7, 2018:
39 homes sold. 7 homes, 18%, sold at or above list price.
The median home sold was 3 bedrooms, 2 baths, 1401 square feet. That home sold for $510,000 or $353,79/sqft. It took 22 days to sell and sellers were able to negotiate 97.78% of their original list price.
Last week we also started publishing a weekly summary of the sales in Cambridge, Kitchener and Waterloo. While we haven’t broken those sales out per neighbourhood like we’ve done in Guelph, our readers in the region now have some more sales reports to dig their teeth into.
Our monthly summary of stats for Guelph and the region have been published and you can find those numbers on our Market Statistics page.
Finally, this Sunday is our first annual Streetfest for our Junction neighbourhood in Guelph. The parking lot and site at the Junction will be taken over on Sunday afternoon as we celebrate the Guelph Junction neighbourhood with live entertainment, food trucks, kids events. Come meet your newest neighbours and help raise funds for Kids ability. You can find details at guelphjunction.ca/streetfest.
See you next week.
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