Guelph & Tri-City Housing Market Stats – August 2024
The August stats are showing the our local markets are in a relatively balanced state. Buyers are able to select from inventory that is turning over at a moderate rate, and Sellers are still able to sell at fair prices in less than a month, on average. Let’s take a look at the key Guelph & Tri-City housing market stats relative to August of last year:
Guelph Stats:
- Median Sale Price was $775,000 – ↑ 1.7%
- Average Sale Price per Sq.ft. was $478 – ↓ 1.6%
- Total Number of Listings was 234 – ↑ 18.2%
- Total Number of Sales was 133 – ↑ 10.8%
Tri-City Stats:
- Kitchener: Median Sale Price was $710,000 – ↓ 1.5%
- Waterloo: Median Sale Price was $730,000 – ↑ 1.4%
- Cambridge: Median Sale Price was $690,006 – ↓ 6.2%
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In August, the Guelph real estate market showed subtle yet promising shifts, signalling some potential changes for both buyers and sellers. Home sale prices rose by 1.7% compared to last August, a modest gain that hints at a market finding stability after recent fluctuations.
Interestingly, the average price per square foot dipped by 1.6%, suggesting that while prices are inching up, buyers may be getting more space for their money.
The number of homes listed for sale grew significantly, with 234 properties hitting the market—an 18.2% increase from the previous year. This growing inventory gives buyers more options, which is a shift from the tighter market seen in previous months.
Despite the higher number of listings, sales activity was also up. Guelph saw 133 homes sold in August, a 10.8% increase compared to last year, indicating that demand is still healthy, even with more homes available.
For buyers, this market offers more choices and the potential for slightly better deals on larger homes. With inventory rising and prices steadying, there’s an opportunity to find a property without the intense competition that has characterized the market in recent years.
Sellers, on the other hand, may need to be more strategic. While the uptick in prices is encouraging, the increased inventory means more competition, so ensuring homes are well-priced and presented will be key to attracting buyers.
In summary, the August market in Guelph reflects a balanced dynamic—steady prices, more listings, and continued buyer demand. This creates opportunities for both buyers and sellers, but timing and market positioning remain critical in this evolving landscape. Thanks for joining me, and reach out any time if you would like to know more about market conditions, or are considering a move!