Guelph and District Association of REALTORS® MLS® home sales return to more normal levels in October
The number of homes sold through the MLS® System of the Guelph and District Association of REALTORS® totaled 402 units in October 2021. This was a sharp decrease of 17.6% from October 2020.
Home sales were 0.9% below the five-year average and 3.8% above the 10-year average for the month of October.
On a year-to-date basis, home sales totaled a record 4,808 units over the first 10 months of the year. This was up by 18.8% from the same period in 2020.
"Home sales were down from last October’s astronomical level but came in on par with more typical levels for this time of year," said Sabrina Essery, President of the Guelph and District Association of REALTORS®. "New listings also declined, which did not help the market balance between supply and demand. Overall inventories are now trending at record lows, with available supply on the market at the end of October almost dropping below 200 listings for the first time in history."
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 $827,300 in October 2021, up by 26.7% compared to October 2020.
The benchmark price for single-family homes was $861,500, an increase of 26.9% on a year-over-year basis in October. By comparison, the benchmark price for townhouse/row units was $608,000, a sizable gain of 28.2% compared to a year earlier, while the benchmark apartment price was $501,600, increasing by 24.6% from year-ago levels.
The average price of homes sold in October 2021 was a record $964,566, an increase of 29.6% from October 2020.
The more comprehensive year-to-date average price was $878,899, a sizable gain of 25.4% from the first 10 months of 2020.
The dollar value of all home sales in October 2021 was $387.8 million, increasing by 6.8% from the same month in 2020. This was also a new record for the month of October.
The number of new listings saw a sharp decrease of 22.1% from October 2020. There were 409 new residential listings in October 2021. This was the lowest number of new listings added in the month of October in more than a decade.
New listings were 17.7% below the five-year average and 16.2% below the 10-year average for the month of October.
Active residential listings numbered 227 units on the market at the end of October, down sharply by 41.5% from the end of October 2020. Active listings haven't been this low in the month of October in more than three decades.
Active listings were 57.2% below the five-year average and 67.4% below the 10-year average for the month of October.
Months of inventory numbered 0.6 at the end of October 2021, down from the 0.8 months recorded at the end of October 2020 and below the long-run average of 1.9 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.
GUELPH & DISTRICT ASSOCIATION OF REALTORS®