Guelph & Tri-City Housing Market Stats – January 2023
This video and report provides the Guelph & Tri-City Housing Market Stats for the month of January, 2023. The weather is warming up, and so too is our local housing market. The following are some of the key stats relative to December of last year:
Guelph Stats:
- Median Sales Price was $727,500 – ↑ 3.2
- Average Sale Price per Sq.ft. was $503 – ↑ 3.5%
- Total Number of Listings was 157 – ↑ 118.1%
- Total Number of Sales was 98 – ↑ 30.6%
Tri-City Stats:
- Kitchener: Median Sales Price was $680,000 – ↓ 1.1%
- Waterloo: Median Sales Price was $732,500 – ↑ 9.7%
- Cambridge: Median Sales Price was $755,000 – ↑ 11.2%
CLICK HERE to view the full stats report.
In my opinion, these stats are a fair representation of what I am seeing in my daily business. Buyers seem to be coming back to life and are ready to submit offers and purchase homes again. We are even seeing a number of multiple offer situations, with plenty of listings selling at values greater than their listed price. While this may come as a shock to some, including many industry Professionals, this turn in the market is being driven by extremely low inventory levels. Based on the sales to new listing ratio, each of the aforementioned markets are considered to be seller’s markets again.
Given another interest rate increase and this recent upward turn in most of our local markets, we should shift our lens to what buyers are seeing and what opportunities are in place for them. In doing so, we see that despite January prices increasing, median sale prices are still down significantly relative to January of last year. If we look at year-over-year median sale prices, each of these markets with the exception of Cambridge are down by over 20%. And Cambridge is down by 13%. Should market prices begin to increase consistently again, this may be an opportune time for buyers to purchase at prices that are much lower than this time last year.
It is difficult to know whether January was an anomaly, or we are beginning to see another upward trend in the real estate market. I believe the market is strongly dependant on new listing inventory, and if we don’t see a flood of new listings hit the market, this upward trend may continue.
At any rate, I look forward to providing you with another update next month. In the meantime, please reach out to me any time for realtime market information. Thanks for joining me, and have a great day!
