Guelph housing market slows in April as society follows public health guidelines
According to statistics provided by the MLS® System of the Guelph and District Association of REALTORS®, home sales numbered 96 units in April 2020. This was a large decline of 69.5% from April 2019.
On a year-to-date basis, home sales totalled 818 units over the first four months of the year. This was down 8.7% from the same period in 2019.
“Both sales and new listings slowed pretty sharply in April, which is in line with markets across the rest of the country as many buyers and sellers put their plans on hold and adhered to public health guidelines to get the COVID-19 pandemic under control,” said Matthew Bennett-Monty, President of the Guelph and District Association of REALTORS®. “Still, REALTORS® were deemed a non-health essential service to assist clients during this challenging time and have quickly adopted new technologies and have implemented strict sanitary protocols to help clients show and view properties.”
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 for Guelph and District was $594,300, up 9.7% in April 2020 compared to April 2019.
The benchmark price for single-family homes was $608,700, up 8.5% on a year-over-year basis in April. By comparison, the benchmark price for townhouse/row units was $437,900, rising 11.9% compared to a year earlier while the benchmark apartment price was $378,600, rising 15.1%.
The average price of homes sold in April 2020 was $582,563, up 7% from April 2019.
The more comprehensive year-to-date average price was $608,693, rising 12% from the first four months of 2019.
The dollar value of all residential home sales in April 2020 was $55.9 million, declining by 67.4% from same month in 2019.
There were 196 new residential listings in April 2020. This was a large decline of 60.2% on a year-over-year basis.
Overall supply levels remain historically subdued. Active residential listings numbered 370 units at the end of April. This was a large decline of 31.1% from the end of April 2019.
Months of inventory numbered 3.9 at the end of April 2020, up from 1.7 months recorded at the end of April 2019 and above the long-run average of 2.1 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.
Sales of all property types in the Guelph region numbered 102 units in April 2020; this was a large decline of 68.7% from April 2019. The total value of all properties sold was $65.1 million, declining significantly by 63.8% from April 2019.
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®