Spring Market Watch

05-31-2016 MARKETWATCH

Guelph home sales remain at record levels in May!

According to statistics provided by the MLS® System of the Guelph and District Association of REALTORS®, home sales numbered 367 units in May 2016. This was up 5.2 per cent from May 2015, and marked a record for May sales in the region.

Sales of all types of properties in the Guelph region numbered 398 units in May, up seven per cent from a year earlier.

Over the first five months of the year, a record 1,448 homes have traded hands. This is up 11.7 per cent from 2015.

“April saw more homes trade hands in the region than in any month in history, and May managed to come in within one sale of that record despite fewer and fewer properties available for sale as each month goes by,” said Jeff Van de Vorst, President of the Guelph and District Association of REALTORS®. “With months of inventory now approaching an unprecedented one month, it is possible that sales may slow down a bit over the summer if activity starts to get crimped by a lack of listings.”

The average price of homes sold in May 2016 was $413,494, up 9.8 per cent from levels in May 2015. The year-to-date average price figure was $404,357, rising 7.9 per cent from the same period in 2015.

The dollar volume of residential sales in May 2016 was $151.8 million, up 15.4 per cent from the same month in 2015. The total value of all properties sold in May 2016 was $162.3 million, an increase of 18.4 per cent on a year-over-year basis.

New residential listings numbered 484 units in May, down 5.8 per cent on a year-over-year basis.

There were just 470 active residential listings on the Association’s MLS® System at the end of May 2016, down 40.1 per cent from a year earlier.

There were just 1.3 months of inventory at the end of May 2016, down from 2.2 months a year earlier and below the long-term average 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.

The information contained in this report has been prepared by The Canadian Real Estate Association, in co-operation with the Guelph & District Association of REALTORS®. The information has been drawn from sources deemed to be reliable, but the accuracy and completeness of the information is not guaranteed. In providing this information, neither The Canadian Real Estate Association nor the Guelph & District Association of REALTORS® assumes any responsibility or liability. Copyright © 2016 The Canadian Real Estate Association. All rights reserved. Reproduction in whole or in part is prohibited without written permission.