Guelph Home Sales in April Impacted by COVID-19 Pandemic Guelph Home ‘Prices’ Remain Strong Overall

GUELPH, ON (May 7, 2020) –– There were 77 residential homes sold through the Multiple Listing System (MLS® System) in the City of Guelph in April, a decrease of 67.5 per cent compared to the same month last year.

 

“Clearly the current pandemic has had a major impact on the number of sales we would normally see in April,” says Adam Stewart, Real Estate Sales Representative with Chestnut Park in Guelph. “With everyone doing their part to flatten the curve and doing their best to self-isolate, the buying and selling of homes have been greatly reduced.”

 

Total residential sales in the City of Guelph in April included 49 single-family detached homes (down 62 per cent), and 8 condominium apartments (down 81.4 per cent). Sales also included 15 townhouses (down 64.3 per cent) and 5 semi-detached homes (down 67.5 per cent).

 

The average sale price of all residential properties sold in April increased 2.4 per cent to $548,978 compared to the same month last year, while detached homes sold for an average price of $615,022 a decrease of 2.5 per cent. During this same period, the average sale price for an apartment-style condominium was $391,413 for an increase of 11.3 per cent. Townhomes and semis sold for an average of $432,427 (down 6.6 per cent) and $503,500 (up 4 per cent) respectively. The median price of all residential properties sold in the City of Guelph for April increased by 6.3 per cent to $540,150.

 

While still deemed an essential service, REALTORS® listed considerably fewer homes in April due to the current state of emergency. There were 417 new listings added to the MLS® System in April, a decrease of 54.8 per cent compared to April of 2019, far fewer than the previous 10-year average.

 

The total number of new listings for sale in April was 154, a decrease of 57 per cent compared to April of last year.

 

The number of Months Supply (also known as absorption rate) continues to be very low at just 1.1 months for the month of April, 42.1 per cent below the same period last year.

 

Stewart says, “many clients are wishing to hold off listing their property during the state of emergency.” With that he is advising clients to use this time to get their homes is ‘ready condition’ so that when the state of emergency is been lifted, they will be fully prepared to list their home showing in the best possible condition. Stewart also mentioned, that “Realtors who have been working with buyers and sellers through this unprecedented time have been following the guidelines of Health Canada, and the Ontario Real Estate Association to take all the necessary precautions to protect themselves and their client.”

 

Despite the current pandemic, Stewart feels the slowdown in housing sales will be temporary. “It has been a strong sellers’ market for the past few years, and in particular the beginning of 2020 with buyers competing for a scare number of listings.”