Guelph Housing Market Update – March 2020
This video provides a summary of the Guelph housing market stats for March of 2020. The stats for this month are interesting, as the market has shifted significantly in the past couple of weeks as a result of the COVID-19 escalation. With that said, below are some of the key market metrics (relative to March 2019):
- Median Sales Price was $571,000 – ↑ 14.8%
- Median Days on Market now at 8 days – ↓ 7 days
- Total Number of Sales was 221 – ↑ 14.5%
- Total Number of Listings was 297 – ↑ 12.1%
The numbers clearly indicate that we are still experiencing a seller’s market, in which the median sales price is up significantly and days on market is down by a considerable margin.
However, the market has shifted as a result of COVID-19, and the number of new listings and new sales have been dropping over the past two weeks.
The effect COVID-19 has on the Real Estate market will first be seen at the end of April. It is difficult to know how sales prices will be affected, but I think it is safe to say that the number of listings and sales will be down considerably in April relative to April 2019.
For now, the most important thing is that we are enjoying the safety and security of our own homes during these difficult times. I wish you the very best, and would be happy to answer any questions you may have about the state of the market. Please feel free to reach out to me any time.
