Guelph & Tri-City Housing Market Stats – August 2023
This video and report provides the Guelph & Tri-City Housing Market Stats for the month of August, 2023. With the kids back to school, it’s time to reflect on our August stats and look ahead to the Fall market. The following are some of the key month-over-month stats relative to July of this year:
Guelph Stats:
- Median Sales Price was $762,000 – ↓ 3.5%
- Average Sale Price per Sq.ft. was $484 – ↓ 10.5%
- Total Number of Listings was 198 – ↓ 24.7%
- Total Number of Sales was 118 – ↓ 26.7%
Tri-City Stats:
- Kitchener: Median Sales Price was $720,000 – ↓ 2.7%
- Waterloo: Median Sales Price was $730,000 – ↓ 4.9%
- Cambridge: Median Sales Price was $735,000 – ↓ 2.0%
CLICK HERE to view the full stats report.
Both market prices and activity levels are down in all of our local Real Estate markets. Part of this trend can be chalked up to normal seasonal activity. August is historically a slow month, with activity picking back up in September. If you are considering a move, I certainly wouldn’t let the current market conditions stop you from doing so. There are plenty of opportunities in the market for both buyers and sellers, and September usually brings a flurry of new listings and options for buyers.
With that said, we can continue to analyze our market by looking at where we stand year-over-year. From a positive perspective for homeowners, housing prices are still higher than they were in August 2022. Median sale prices are up by 5.1% in Guelph, 4% in Kitchener, 3.5% in Waterloo, and 5.2% in Cambridge.
Keeping on the topic of year-over-year figures, one thing to note is that the number of sales activity is down at a greater rate than listing activity. Given this, I expect prices to come down again in September, despite the Bank of Canada holding rates.
If my prediction proves to be correct, it could be a good time to purchase a home with conditions, or offer less in some cases. And for those who need to sell, I can assure you that homes are still selling. You just need to have a solid marketing strategy, and price appropriately.
If you are thinking about making a move, please feel free to reach out to me. I would be happy to help you.
Thanks for joining me, and have a great day!
