What the heck is going on in the Guelph Real estate market?

What is happening in Guelph Wellington county real estate?  While listing and sales activity slowed down as an effect of Covid-19, they slowed down more that demand. As a result, sale prices continued to increase and listings remained on the market for shorter periods of time.

 The strong start to the year in real estate, has masked much of the effects of Covid-19 at this time with respect to prices in the area.

Market Review – Guelph Wellington Real Estate

The year to date sales volume is down slightly by 0.92% over 2019 numbers, where 2020 sales volume to date are at $571M at end of April over 2019 YTD sales volume of $577M.  The unit sales were at 922 for the county which is 10.83% lower than April 2019 YTD numbers of 1034 units sold.

With the stay at home legislation through the entire month of April, unit sales were down 68.07% to 114 units for the month, and sales were down 60.95% to $76M sold compared to last April 2019 sales of 357 units and $196M.   Further, with 229 new listings down 60.17%, and a 49.78% sales/listing ratio down 12.31%, the real estate market was showing some effects from the state of emergency still being in place for the month in review.

However, the year-over-year median sales price of $558,750 at end of April 2020 is up 11.14% from 2019 median of $502,725 one year ago. It also rose to $546,500 for the month at close of April 2020 for Wellington County.  And year-to-date average sales prices continued that trend increasing 12.21% over 2019 resulting in an average sales price of $625,345 for YTD at end of April 2020 vs. $557,276 just one year ago.

During 2019, we saw a trend of homes staying on the market slightly longer than the previous year, however, with average days on market at 28.75 days at end of April 2020 versus 34 days at end of April 2019, looks like homes are still moving a bit quicker on the market at this time.

The first couple months of 2020 had been an incredible start for the real estate market and the average year to date sales prices in Wellington county for each type are:

Freehold Homes: $666,845 (Average sales price at end of April 2020)

Condominium homes: $435,421 (Average sales price at end of April 2020)

Vacant land sales: $533,880 (Average sales price at end of April 2020)

With our state of emergency continuing on into late May, our numbers in the upcoming months may change, but, for now real estate prices in Wellington county are still holding ground, and as always as a safe and secure investment.

Keep healthy and stay safe!

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