By Adam Stewart, Real Estate Sales Representative – Chestnut Park Guelph
GUELPH, ON (June 4, 2020) ––There were 157 residential homes sold through the Multiple Listing System (MLS® System) in the City of Guelph in May 2020, a decrease of 39.8 per cent compared to May 2019, and an 204 per cent increase compared to April 2020 when sales contracted sharply due to COVID-19.
Total residential sales in May included 86 detached homes (down 40 per cent from May 2019), and 20 condominium apartments (down 51.2 per cent). Sales also included 32 townhouses (down 50 per cent) and 19 semi-detached homes (up 46.2 per cent).
The average sale price of all residential properties sold in May increased 7.2 per cent to $578,403 compared to the same month last year, while detached homes sold for an average price of $656,121 an increase of 5.4 per cent. During this same period, the average sale price for an apartment-style condominium was $413,767 for an increase of 12.8 per cent. Townhomes and semis sold for an average of $439,987 (up 3.7 per cent) and $542,121 (up 10.9 per cent) respectively.
The median price of all residential properties sold in Guelph during May increased 7.5 per cent to $569,900 and the median price of a detached home during the same period increased 7.6 per cent to $640,000.
“I think what we are clearly seeing in the market is a continued level of supply matching demand allowing for price stability in the Guelph market.” “What is also very clear is that many would-be sellers continue to be reluctant to put their homes on the market resulting in the decreased number of homes sold in comparison to the same month last year and the start of the Spring real estate market.” “For the homebuyers who cannot wait out the pandemic, they are not finding any fire sales as homes are not only maintaining their value, but also increasing.”
There were 220 new listings added to the MLS® System in the City of Guelph last month, a decrease of 42.1 per cent compared to May of 2019.
The average days to sell in May was 22 days, compared to 20 days in May 2019.
“The pandemic has pushed real estate professionals to adopt to digital and virtual technology to interact with clients.” “Consumers should talk to their Realtor about the digital tools they use to minimize the need for physical contact, and to ensure that all of Health Canada’s guidelines are in place to reduce the risk of transmission of the virus when in-person showings are required.”
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 and www.adamstewart.realtor, or by email at email@example.com.