Median Sales - May 2020 vs 2019
Well, COVID 19 did have its hold in April and we definitely saw a lack of interest in buying or selling homes in Southern Ontario. May on the other hand saw buyer and seller confidence rise with restrictions lifted. As expected by Realtors on the ground this created a frenzy for people to buy and sell. We have seen the return of the GTA market and we are moving full steam ahead. If we look year over year, the increases are on par, with the exception of Elora. Right now Elora's entering a new build sale phase, and it can seem that their prices are dropping but really it is the inconsistency of sales. Centre Wellington, in general, was advised in print and radio that it wasn't a "good time to move" when really it looks like most markets saw more dramatic increases. Elora is a place that people do not generally move from, so the supply and demand push and pull changes these numbers drastically on a month to month basis. There just isn't enough inventory to match the market, and when we see the new condos come up that will make it seem like an inflated market. Elora is the one to watch for prices and it is very interesting to break it down into segments.
Guelph $569,950 $530,750
Fergus $534,900 $472,150
Elora $525,000 $638,000
Cambridge $535,000 $463,040
Kitchener $520,000 $460,000
Waterloo $570,000 $552,000
If you are looking for prices more specific to your neighbourhood, please feel free to reach out. Real Estate is a year over year investment, it will is important to look at the broad picture.
June, well, it is following suit. There has been lots of listings and even more buyers. We will see!