Guelph & District Association of REALTORS®

Guelph and District Association of REALTORS® MLS® home sales, new listings moving in right direction

The number of homes sold through the MLS® System of the Guelph and District Association of REALTORS® totaled 291 units in February 2024. This was an increase of 17.8% from February 2023.

Home sales were 19.6% below the five-year average and 15.4% below the 10-year average for the month of February.

On a year-to-date basis, home sales totaled 478 units over the first two months of the year. This was a sizable gain of 11.4% from the same period in 2023.

“The recovery in our local market has been coming along at a slow and steady pace, with February showing signs of continuing this momentum,” said Dillon Fraser, President of the Guelph and District Association of REALTORS®. “Buyers still haven’t made their move off the sidelines en masse but that could change this spring and later this year with potential interest rate cuts on the horizon. The City of Guelph is also working on identifying potential real estate partnerships to build housing on under-utilized city-owned properties such as surface parking lots and investigate the logistics around providing specific locations for temporary tiny homes, which could provide more options for those would-be buyers who are otherwise left out of the market due to affordability concerns.”

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 $801,800 in February 2024, essentially unchanged, down just 0.8% compared to February 2023.

The benchmark price for single-family homes was $898,800, a slight reduction of 0.5% on a year-over-year basis in February. By comparison, the benchmark price for townhouse/row units was $656,000, edging up 0.5% compared to a year earlier, while the benchmark apartment price was $521,800, up only 0.5% from year-ago levels.

The average price of homes sold in February 2024 was $908,592, increasing by 5.5% from February 2023.

The more comprehensive year-to-date average price was $887,357, a gain of 6.1% from the first two months of 2023.

The dollar value of all home sales in February 2024 was $264.4 million, up by 24.2% from the same month in 2023.

The number of new listings saw an increase of 13.9% from February 2023. There were 467 new residential listings in February 2024.

New listings were 6.4% below the five-year average and 1.3% below the 10-year average for the month of February.

Active residential listings numbered 583 units on the market at the end of February, a sizable gain of 29% from the end of February 2023. Active listings haven’t been this high in the month of February in more than five years.

Active listings were 53.4% above the five-year average and 28.5% above the 10-year average for the month of February.

Months of inventory numbered 2 at the end of February 2024, up from the 1.8 months recorded at the end of February 2023 and above the long-run average of 1.4 months for this time of year. 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.

BOARD & ASSOCIATION INFORMATION

The Guelph and District Association of REALTORS® represents more than 600 REALTORS® in Guelph and surrounding communities like Fergus and Elora. Additional information can be found on the Association's web site at www.GDAR.ca.


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GUELPH & DISTRICT ASSOCIATION OF REALTORS®

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For more information,
please contact:

(519) 824-7270
info@gdar.ca

President
Dillon Fraser

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