Guelph & Tri-City Housing Market Stats – September 2023
This video and report provides the Guelph & Tri-City Housing Market Stats for the month of September, 2023. For the first time since May, housing prices have increased in Guelph. Before we analyze what this means, let’s take a look at the key month-over-month stats relative to August of this year:
Guelph Stats:
- Median Sale Price was $775,000 – ↑ 1.7%
- Average Sale Price per Sq.ft. was $516 – ↑ 6.2%
- Total Number of Listings was 310 – ↑ 56.6%
- Total Number of Sales was 103 – ↓ 14.2%
Tri-City Stats:
- Kitchener: Median Sale Price was $695,000 – ↓ 3.5%
- Waterloo: Median Sale Price was $744,500 – ↑ 3.4%
- Cambridge: Median Sale Price was $720,567 – ↓ 2.1%
CLICK HERE to view the full market report.
I must say that I am a little surprised to see housing prices in Guelph being higher than they were in August, especially considering such an increase in listing inventory and a decrease in the number of sales. Especially with the total number of sales being less in September than in August, which is a very abnormal stat to see.
To clarify, the increase in listings doesn’t surprise me, as this influx is normal as summer ends and we head into fall. However, with an increase in inventory and sales decreasing by over 14%, one would expect prices to come down. This is exactly what happened in both Kitchener and Cambridge, while Waterloo followed Guelph’s trend with a slight increase in the median sale price.
Looking at the market relative to last September, the median sale prices have increased in Guelph, Waterloo, and Cambridge, with Kitchener being the only City in the area with a decrease. And yet, all markets with the exception of Kitchener have seen an increase in listings, and a decrease in total sales. In Kitchener, sales are actually slightly higher than they were last September.
To summarize where the market is at, we can now technically say that the market is in a balanced state. There is a relatively equal level of supply and demand, which should signify the return of conditional offers and stabilizing home values. Let’s just see if this balance becomes the norm for the months to come. Stay tuned to find out!
Thanks for joining me, and have a great day!
