Guelph Housing Market Stats – January 2021
This video provides a summary of the Guelph housing market stats for the month of January, 2021. To say the very least, we are currently experiencing an extremely hot seller’s market.
Guelph Market Stats Relative to January, 2020
- Median Sales Price was $688,500 – ↑ 37.3%
- Median Days on Market was 6 days – ↓ 5 days
- Total Number of Sales was 142 – No Change
- Total Number of Listings was 196 – ↓ 9.3%
CLICK HERE to view the full market stats report.
The drastic increase in median sales price is simply incredible. But this is only incredible in a good way for a very small portion of the market (i.e., the sellers). On the other side of the spectrum, this incredibly hot sellers market is creating havoc for those who are looking to buy a home, or enter the real estate market. The current state of the market is frustrating, exhausting, and quite simply heart wrenching for those who are struggling to buy.
With the number of listings down by over 9%, sales being consistent to January of last year, and median sales price being up by over 37%, it is quite clear to see what the cause is. Housing inventory is quite low, and buyer demand is extremely high.
There is no doubt in my mind that much of this demand is coming from the GTA. Our local real estate listings have an increasing number of GTA buyers and agents heading west to view and purchase Guelph homes. Mortgage interest rates are also incredibly low, and there seems to be a surge of new buyers looking to enter the market.
The last time we had a market spike like this, it was the introduction of the Non-Resident Speculation Tax by the Ontario Government that slowed things down during the summer of 2017. It makes you wonder whether the market will stabilize and balance itself out, or whether the Government will try to cool it down with new policy. At any rate, I wouldn’t count on the latter, and I fully expect that prices will continue to rise for the foreseeable future.
If you have any questions about the market, or are thinking about buying or selling, please feel free to reach out to me. I would be happy to have any open and honest discussion about the market, and your real estate needs.
