Guelph Home Sales in March Came in Like a 🦁…Went out Like a 🐑
GUELPH, ON (April 8, 2020) –– There were 223 residential homes sold through the Multiple Listing System (MLS® System) in the City of Guelph in March, an increase of 16.1 per cent compared to the same month last year.
Total residential sales in March included 121 detached homes (up 31.5 per cent), and 37 condominium apartments (down 2.6 per cent). Sales also included 49 townhouses (down 2 per cent) and 16 semi-detached homes (up 33.3 per cent).
Historical Guelph Home Sales By Property Type
“Guelph real estate sales had a very strong start to the Spring real estate market which carried through right up until the province declared its COVID-19 state of emergency on March 17th,” says Adam Stewart with Chestnut Park West in Guelph. “Before the pandemic hit, we were seeing market activity that resembled the 2017 market, which saw record number of sales, high demand, low inventory, and sales going for much over asking price.”
The average sale price of all residential properties sold in March increased 15.3 per cent to $583,752 compared to the same month last year, while detached homes sold for an average price of $679,728 an increase of 15.9 per cent. During this same period, the average sale price for an apartment-style condominium was $378,443 for an increase of 17.9 per cent. Townhomes and semis sold for an average of $457,547 (up 23 per cent) and $492,752 (up 17.4 per cent) respectively.
Historical Guelph Average Home Sale Price - By Property Type
The median price of all residential properties sold in March increased 14.8 per cent to $587,975 and the median price of a detached home during the same period increased 8.7 per cent to $640,000.
“Of course, what is on everyone’s mind is the Coronavirus, and how this global pandemic is impacting every facet of our lives. The Ontario government included real estate services, legal and land registry as an essential service, but by no means is this business as usual for Realtors or their clients,” says Stewart. “As people everywhere follow instructions to only leave their homes for essential reasons, this is impacting the number of showings, and how properties are shown. Not everyone is in the position to postpone the purchase or sale of their home, and Realtors are adapting the technology we already use to serve our clients in this new environment and rigidly following Health Canada’s guidelines.”
REALTORS® listed a higher than average number of homes during the Month of March. There were 297 new listings added to the MLS® System in the City of Guelph last month, an increase of 12.5 per cent compared to March of 2019.
Historical New Real Estate Listings in Guelph - By Property Type
It is important to emphasize that while real estate continues to be an essential service in Ontario, consumers can expect that a REALTOR® will be taking all the necessary protections to ensure we’re doing our part to flatten the curve. It is understood that some sellers and buyers have an impetus to buy or sell in this environment. However, I would encourage buyers and sellers to discuss the current situation with their REALTOR®, to find out what they are doing to ensure the safety of everyone involved in the transaction and to make the best and safest decision on how to move forward or hold your real estate decisions during this unprecedented time.
The information provided in this feature has been sourced by Adam Stewart, Real Estate Sales Representative with Chestnut Park Realty Southwestern Ontario Ltd. Brokerage. 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 Adam Stewart, nor Chestnut Park Realty Southwestern Ontario Ltd. Brokerage assumes any responsibility or liability.
Adam Stewart is a Real Estate Sales Representative with Chestnut Park Realty Southwestern Ontario Ltd. Brokerage serving Guelph, Kitchener-Waterloo, Cambridge, Wellington County and Southwestern Ontario markets. Adam can be reached at 519-265-2602, online at www.adamstewart.ca, or by email at adam.stewart@chestnutparkwest.com.