September 9, 2024 | Market Reports
August 2024 Market Report: Guelph and Wellington County
As the summer wraps up, both the Guelph and Wellington County real estate markets showed dynamic shifts in August 2024, offering opportunities for buyers and sellers alike. Here’s a detailed breakdown of key trends from this month’s reports.
Guelph Market Highlights
The City of Guelph is transitioning toward a seller’s market. With a significant rise in sales activity and prices, sellers are reaping the rewards of strong demand.
- Median Sale Price: $775,000 (+1.97%)
- Average Sale Price: $798,555 (+4.33%)
- Sales Volume: $106,207,758 (+20.66%)
- Unit Sales: 133 (+15.65%)
- New Listings: 233 (+18.27%)
While unit sales saw an impressive 15.65% jump compared to August 2023, the market remains competitive, especially for well-priced homes.
On a year-to-date basis, average sales prices in Guelph have slightly dipped by 1.24%, standing at $792,411, reflecting broader market corrections and increased days on market. Nonetheless, strong demand for homes in desirable locations continues to drive interest, especially in properties near schools and parks.
Wellington County Market Highlights
Wellington County is showing a more balanced market with a mix of price movements. While median prices dipped, average sales prices and overall market activity saw solid gains.
- Median Sale Price: $760,000 (-2.56%)
- Average Sale Price: $819,911 (+3.41%)
- Sales Volume: $186,939,818 (+15.02%)
- Unit Sales: 228 (+11.22%)
- New Listings: 406 (+2.78%)
Wellington County’s market dynamics reflect varied buyer activity, with higher demand for mid-to-high-priced homes. With a year-to-date average sale price holding steady at $819,678, the market appears stable but competitive, making it an opportune time for both buyers and sellers.
Key Takeaways for Buyers and Sellers
For sellers, the Guelph market offers strong demand, with homes moving at competitive prices. The slight dip in year-to-date prices shouldn’t be a deterrent—proper pricing and market positioning can still yield great results. Meanwhile, Wellington County’s balanced market creates room for negotiation but also suggests the need for strategic listing and marketing efforts.
For buyers, the markets in both regions remain competitive, with higher-than-usual listing activity creating more opportunities. Whether you’re looking to move into Guelph’s family-friendly neighborhoods or exploring Wellington County’s diverse offerings, working with a knowledgeable agent can help you navigate these market trends effectively.
At Capstone Real Estate Professionals, we’re here to provide you with the latest market insights to help you make informed decisions. Get in touch with us today to explore your options!
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