Guelph & District Association of REALTORS®

The number of homes sold through the MLS® System of the Guelph and District Association of REALTORS® totaled 337 units in April 2024. This decreased by 8.2% from April 2023.

Home sales were 8.1% below the five-year average and 22.4% below the 10-year average for the month of April.

On a year-to-date basis, home sales totaled 1,172 units over the first four months of the year. This was a modest gain of 1.9% from the same period in 2023.

“Sales activity still trails along at a tepid pace despite the spring market now in full swing, possibly owing to the uncertainty surrounding the timing of interest rate cuts that seems to get pushed back every few months,” said Dillon Fraser, President of the Guelph and District Association of REALTORS®. “Sellers, meanwhile, are eagerly jumping in but are not seeing the normal seasonal boost that would typically attract the kind of demand we’re used to seeing at this point in the year. There’s definitely a wait-and-see approach in the air on the buyer side but only time will tell how long buyers will be able to hold out for before wading back into the market.”

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 $821,200 in April 2024, falling by 1.7% compared to April 2023.

The benchmark price for single-family homes was $921,900, a modest decline of 1.8% on a year-over-year basis in April. By comparison, the benchmark price for townhouse/row units was $679,000, up modestly by 2.3% compared to a year earlier, while the benchmark apartment price was $527,500, a minor decrease of 1.5% from year-ago levels.

The average price of homes sold in April 2024 was $922,404, up modestly by 1.2% from April 2023.

The more comprehensive year-to-date average price was $891,320, a minor increase of 2.1% from the first four months of 2023.

The dollar value of all home sales in April 2024 was $310.9 million, a moderate decrease of 7% from the same month in 2023.

The number of new listings saw a substantial gain of 49.8% from April 2023. There were 698 new residential listings in April 2024.

New listings were 15.8% above the five-year average and 10.1% above the 10-year average for the month of April.

Active residential listings numbered 811 units on the market at the end of April, an advance of 70.4% from the end of April 2023. Active listings haven’t been this high in the month of April in more than five years.

Active listings were 51.4% above the five-year average and 34.8% above the 10-year average for the month of April.

Months of inventory numbered 2.4 at the end of April 2024, up from the 1.3 months recorded at the end of April 2023 and above the long-run average of 1.5 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.