It has been a busy few months as we approach the new year. Investors are prepping rentals for sale in the coming months and buyers are diligently searching for new homes. Inventory was lower in November and will most likely continue to drop in December as people are more focused on the Holidays and not selling at the moment. Historically we see an influx of inventory in January as people have parties and events behind them.
We are still seeing single-family detached homes over the million mark at $1,013,854 and I really do not expect this number to move down in the new year. Homes are still selling for over asking in most situations with 110.8% of list prices being achieved in November. And this is simply due to low inventory still driving prices up.
The City of Guelph has stated over and over that they are increasing density and planning for more homes in the city but if you talk to any builders in our city they will say constant roadblocks are hit with any severance application or build. I really hope we see some changes on this front in the coming years as it will continue to hold the Guelph real estate market prices high.
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