Guelph & Tri City Housing Market Stats – February 2024
This video and report provides the Guelph & Tri-City Housing Market Stats for the month of February, 2024. The market is vibrant again, with plenty of buyers writing offers, and even creating competition for homes again. Let’s take a look at the key month-over-month stats relative to January 2024:
Guelph Stats:
- Median Sale Price was $780,000 – ↑ 5.1%
- Average Sale Price per Sq.ft. was $515 – ↑ 2.4%
- Total Number of Listings was 224 – ↑ 23.8%
- Total Number of Sales was 147 – ↑ 53.1%
Tri-City Stats:
- Kitchener: Median Sale Price was $701,133 – ↓ 1.9%
- Waterloo: Median Sale Price was $744,000 – ↑ 3.1%
- Cambridge: Median Sale Price was $729,000 – ↑ 2.7%
CLICK HERE to view full market stats.
As mentioned, both listings and sales were up significantly month-over-month, From a year-over-year perspective, they were up as well. The total number of sales increased by 6.5%, and listings increased by 6.7%.
Anecdotally speaking, it was quite evident that the market was quickly becoming more active and competitive as the days and weeks passed by in February. We began to see more and more multiple offer situations on homes, particularly in the entry level detached homes segment. We have also started to see an increased number of listings holding offers and waiting a few days with the hopes of receiving multiple bids.
With Spring approaching and buyer confidence rebounding as the Bank of Canada continues to hold its key rate, we may just be in for an aggressive and competitive market for the next few months.
Buyers who are in a position to buy now may be inclined to seek out homes that have been on the market for a while, as many of the new listings are pricing sharply and attracting competition. And those who are planning to sell, may want to act now and hit the market while it is active with buyers.
Whether you are considering buying, selling, or both, I will be happy to help you navigate the market, and put you in the best position for success. Feel free to reach out to me anytime.
Thanks for joining me, and have a great day!