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September Surge in Listings Raises Questions
Dated: October 9 2023
By Michael Bennett
In our previous article, we delved into the dynamics of the Guelph housing market, highlighting its resilience and adaptability. On top of that, it seems that the real estate landscape in Guelph has taken an interesting turn in September. With 310 new listings hitting the market, up from 198 in August, and the average days on market inching up to 15 from 14 the previous month, it's time to take a closer look at what these numbers mean for both buyers and sellers.
Surge in New Listings
The most notable change in the Guelph housing market in September is the substantial increase in new listings. This surge in inventory is a welcome development for potential homebuyers who have been navigating a competitive market for some time now. With more options available, buyers can take their time to find the perfect home that suits their needs.
However, this uptick in new listings also raises questions. Is it a sign of homeowners feeling more confident about the market, or could it be a response to rising home prices, prompting some to test the waters and cash in on their investments? The answer likely lies somewhere in between, as various factors influence homeowners' decisions to list their properties.
Average Days on Market
While the average days on market increased slightly to 15 in September, up from 14 in August, it's important to note that this change is relatively small. Homes in Guelph are still selling relatively quickly, indicating that demand remains robust. Buyers should continue to act decisively when they find a property that meets their criteria, as competition can still be fierce.
Months of Inventory
One crucial metric to monitor in the real estate market is the months of inventory, and it currently stands at 2.3 in Guelph. This is the highest it's been since the spring of 2013. Months of inventory measures the balance between supply and demand in the market. A higher number typically means a more balanced market, where neither buyers nor sellers have a significant advantage.
The increase in months of inventory suggests that Guelph is moving towards a more balanced real estate market, which can benefit both buyers and sellers. Buyers may find it slightly easier to negotiate and have more time to make decisions, while sellers still have the opportunity to secure reasonable offers.
In conclusion, the Guelph housing market has experienced a notable shift in September, with a surge in new listings, a slight increase in average days on market, and a months-of-inventory figure not seen in over a decade. This shift towards a more balanced market is a positive development, offering opportunities for both buyers and sellers. As we move forward, it will be interesting to see how these dynamics continue to evolve and influence the real estate landscape in our beloved city.
For more detailed insights and personalized advice on navigating the Guelph housing market, feel free to reach out. I'm here to help you make informed decisions in the ever-changing world of real estate.
Michael Bennett's bond with Guelph is more than just a professional commitment; it's a lifelong love affair with the city he calls home. Born and raised in Guelph, Michael has developed a deep and inf....
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