Guelph and District Association of REALTORS® MLS® home sales show no signs of slowing down in New Year
The number of homes sold through the MLS® System of the Guelph and District Association of REALTORS® totaled 253 units in January 2021. This was up 8.6% from January 2020.
"Although we didn’t end up setting a new record for the month like we have in several months prior, home sales still marked the fourth best showing for a January in history," said Sabrina Essery, President of the Guelph and District Association of REALTORS®. "This is particularly impressive given that inventories are essentially sitting at record lows and there hasn’t been a rebound in new listings to the same extent that sales activity has coming roaring back. With the tightest market conditions on record and a very limited pool of available supply it’s understandable that price growth across all major housing types continues to accelerate even further into the double digits."
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 $694,200, rising 22.3% in January 2021 compared to January 2020.
The benchmark price for single-family homes was $719,100, advanced 22% on a year-over-year basis in January. By comparison, the benchmark price for townhouse/row units rose 26.2% to $515,100, compared to a year earlier, while the benchmark apartment price was $404,000, improving 17.9% from year-ago levels.
The average price of homes sold in January 2021 was $769,593, an increase of 29.5% from January 2020.
The dollar value of all home sales in January 2021 was $194.7 million, climbing 40.6% from the same month in 2020. This was also a new record for the month of January.
There were 344 new residential listings in January 2021. This was down 7% from the end of January 2020. This was the lowest number of new listings added in the month of January in more than 15 years.
Active residential listings numbered 216 units at the end of January. This was a considerable decline of 42.2% from the end of January 2020. Active listings haven't been this low in the month of January in more than three decades.
Months of inventory numbered 0.9 at the end of January 2021, down from the 1.6 months recorded at the end of January 2020 and below the long-run average of 2.2 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®