Guelph & Tri-City Housing Market Stats – May 2022
This video provides the Guelph & Tri City Housing Market Stats for the month of May, 2022. Let’s take a look at some of the key stats relative to May of last year:
Guelph Stats:
- Median Sales Price was $834,950 – ↑ 15.2%
- Average Sale Price per Sq.ft. was $506 – ↑ 14.7%
- Total Number of Listings was 442 – ↑ 10.2%
- Total Number of Sales was 206 – ↓ 32.5%
Tri-City Stats:
- Kitchener: Median Sales Price was $749,500 – ↑ 9.4%
- Waterloo: Median Sales Price was $780,000 – ↑ 16.2%
- Cambridge: Median Sales Price was $778,500 – ↑ 8.9%
Despite the year-over-year for each of these local markets, median sale prices are down across the board relative to last month. This has been the trend over the past two months, but the median sales price declines have grown. Guelph market prices are down by 6.3%, while Kitchener, Waterloo and Cambridge are down by 10.2%, 2.5%, and 3.2% respectively.
The number of new listings far exceeded the number of sales for each of our local markets in May. This is presenting an excellent opportunity for buyers who have struggled to purchase over the past couple of years. Homes are available, and you have a much better opportunity to purchase a now now, and do so with the conditions you need to protect yourself.
And for the sellers out there, it is not all doom and gloom. The successful sellers are the ones who acknowledge that they may not surpass the record breaking price their neighbour achieved within the past few months, and proactively price and market their homes according to current market conditions. And to put things in perspective, those who sold in May still achieved prices that were over 15% higher than the same time last year.
If you are considering a move in the near future, there is still plenty of opportunity for both buyers and sellers. If you need any help along the way, please feel free to reach out to me. I would be happy to help you.
