Guelph & Tri-City Housing Market Stats – June 2022
This video provides the Guelph & Tri City Housing Market Stats for the month of June, 2022. While we have shifted from a hot seller’s market to a balanced market in only a matter of months, we’re still seeing prices up year-over-year in almost all segments of the market. Let’s take a look at some of the key stats relative to June of last year:
Guelph Stats:
- Median Sales Price was $775,500 – ↑ 11.8%
- Average Sale Price per Sq.ft. was $444 – ↓0.4%
- Total Number of Listings was 420 – ↑ 18.0%
- Total Number of Sales was 208 – ↓ 30.4%
Tri-City Stats:
- Kitchener: Median Sales Price was $700,000 – ↑ 3.7%
- Waterloo: Median Sales Price was $685,000 – ↑ 3.5%
- Cambridge: Median Sales Price was $690,000 – ↓ 1.9%
Despite the year-over-year for each of these local markets, with the exception of Waterloo, median sale prices are down across the board relative to last month for the third consecutive month. Guelph market prices are down by 7.1%, while Kitchener, Waterloo and Cambridge are down by 6.5%, 12.2%, and 11.5% respectively.
Homes are still selling, of course, and the big change we’re seeing is the return of
buyer choice. Homes are spending longer days on market: Median Days on Market in Guelph was 8 days in June 2021 and up to 17 days in June 2022. Properties are not seeing the intense multiple offer scenarios of last year, and with that, we see a stabilization of Sale to List Price Ratio (99% in June 2022, down from a whopping 120.5% in January 2022). We’re also seeing the return of buyer conditions, including home inspection, financing, and in particular, sale of property.
While these changes seem fast – too fast for some, particularly for those in the middle of their buying and selling journey – we’re actually seeing the shifts that many had called for just a few months ago. I believe we are heading in the direction of a healthier market, despite the system shock.
If you are considering a move in the near future, there is still plenty of opportunity for both buyers, sellers, and investors. If you need any help along the way, please feel free to reach out to me. I would be happy to help you.
