Ep 9: Guelph real estate weekly sales update Mar 16-22 2025

This week, Ryan talks about the sales in Guelph real estate from the period of March 16-22, 2025. 

Key points:

30 sales this past week: 18 in the detached homes segment and 12 in condo/ townhouse. This brings the monthly total to 88 units or (3.9 sales/day) are far below previous March sales

You can always get touch with Beth and Ryan Waller (https://bethandryan.ca/contact-us/)  on their website

You can always get touch with Beth and Ryan Waller on their website

Transcript

Weekly update Mar 16-22, 2025 in Guelph real estate

 Welcome to the Guelph Real Estate Report podcast with your host and Guelph realtor, Ryan Waller. This podcast is designed to provide information for those buying and selling homes in the Guelph area to make the process more informative, fun, and a little less stressful. Now on with the show! Hey everyone! Thanks very much for tuning in to the Guelph Real Estate Report podcast episode number nine. My name is Ryan Waller and I work with my wife Beth in Guelph Real Estate.  

Thanks so much for tuning in, and it's nice to see that we're getting a bit of traction with this and that. We are getting some interaction, uh, in terms of feedback and questions, and we're going to address those today as well as give you the real estate numbers from March 16 to 20 second and month to date. I started recording this podcast because there was, um, some desire for people to be able to listen to updates like this while they're in their car, or doing some work and not having to watch anything and or read anything. And we already do those two other formats anyways, so this was a natural fit for a third. And as I mentioned, it's nice to see that people are interacting with it, because that's really the intent is to help people out, give information and answer questions. Maybe it'll be a call in show someday. Who knows? 

 One of the questions we had this week from a viewer, I think it was a listener, uh, was about reporting on a percentage of the asking price. And so usually in these videos, when we talk about sales, we talk about how close to the asking price did the house sell. And the listener had a legitimate comment on that in that they wanted to know, well, is the sale price are reporting based on the original asking price, or did they have to reduce it 5 or 6 times before they got to the price that they ended up selling it at? And to answer that question. Yes, we reported on the last sale noted in our system. So let's give an example. 

 Let's just say that we meet with a seller who has a house that is at about $1 million market value, as in comparable homes in the area are selling at about $1 million. This seller decides that they have done some upgrades to the house that warrant a higher sale price, and they decide that they would like to list the house at 1.2 million and see if there is a buyer who would appreciate their upgrades. The house comes onto the market. We are on the market for two weeks, and in that time we have five showings. And the general feedback is yes, the house is beautiful, but it's priced significantly higher than comparable homes in the area. So the seller takes that feedback and decides, okay, I'll listen to that feedback. I'm going to reduce it to $1.1 million from 1.2 and see what happens then. Well, the house is on the market another two weeks. We get eight appointments this time and the feedback still remains the same. You're still to high versus comparable properties. And in fact, in one case we get an offer of $1 million and the seller refuses it. 

Over time, the seller gets frustrated with the process and decides, fine, I'm going to list my house at 1,025,000. I can do slightly better than the market price of a million, and the seller eventually accepts an offer of $1 million on the nose when the property is being reported as a sale. What was the asking price compared to the sale price? Was it the original 1.2 million? Was it the 1.1 million reduction, or was it the $1,025,000 last recorded price that got the sale? I think you could argue this either way. Some people would say, well, it started at 1.2 million. That should be where it's based off of. Others would say the house would never sell at 1.2 million anyways, so you're skewing the numbers downwards artificially by having a number in there that actually didn't make sense from the get go. I think like most data that I look at, oftentimes there is no clear cut answer or there should be an asterisk because not everything can be explained as easily. 

It's very similar to what we talk about with reporting an average price. An average price moving up or down 5% doesn't mean the market is moving up or down 5%. It means that the mix of housing that has sold has moved up or down 5 or 10%. Okay, so why don't we get into the numbers for last week, March 16 to 20 second in Guelph? What we are going to find is a little bit of an improving market. And in Guelph and towards the end of the week, we noticed a real surge in calls, showings and a little more activity happening. Last week there were a total of 30 houses that sold. 18 of those were freehold homes and 12 of them were condos. Of the 12 condos that sold last week. The prices range from 295,000 on Baggot Street, up to 715,000 on Rodgers Road. Of the 12 sales, 11 of them sold under the last reported uh list price, whereas one of them sold over. The one that sold over was at 302 College, likely to a. Parents or an investor. Um, related to the University of Guelph. That's my guess. We've spoken about this a lot, and the one of the real hotspots in Guelph has continued to be the area around Stoneridge Mall. Uh, we continue to field calls from parents looking to buy something for the child. And, uh, this segment has been hot. 

Looking at the detached segment, we have 18 sales here with the low being 675 on Hagerty Road in the East End. Uh, right by Victor Davis. And uh, the high being 1.9, just over 1.9 million in Exhibition Park of the 18 recorded sales. Uh, one third of them or six sold over the last recorded asking price. This is a segment where we still talk about a hot spot being between 600 and 900,000. There are a lot of buyers, it seems, in this segment, and not as much new inventory to keep up with the the demand. If we look at it from a total March perspective, as of the 22nd of March, we are at 88 total sales in golf, which puts us at 3.9 units per day. And although that number is rising, it is still below. It's still far below, actually, uh, previous March months and this overhanging tariff discussion, unemployment and some concerns generally about the economy are stopping people from buying houses. 

On the other side, we have sellers who are resistant to reducing prices. And, um, it's causing this. Not I wouldn't say tension, but it's causing a gap in the market of coming together on negotiations because they're just everybody's just too far apart. We anticipate that the overall inventory in golf is going to rise over the coming weeks, as we get fully into a spring market, into April and May. The big question is whether we see more buyers return to the market as well. And this has been obviously the big question for a little while now. And the answer has been most recently that buyers have not come to the market. Um, and so as a result, prices have come down slightly. If you have any other questions on the golf real estate market, feel free to get in touch with us. You can find us on our website, bethandryan.ca where you can book an appointment, get our phone number, send us an email. Uh, we're available and happy to answer any questions you might have on the local market. Have a great week.