Guelph Real Estate Market Update: April 2025 Insights
Good afternoon everyone, Scott Poland from Chestnut Park here with a quick look at the Guelph real estate market based on the numbers we saw in April. We'll compare these figures to the same time last year to give you a clear picture of the current trends.
Key Market Indicators: April 2025 vs. April 2024
Let's dive into the numbers:
Median Sale Price: In April 2025, the median sale price in Guelph was just under $800,000, specifically $790,000. This is a decrease compared to April 2024, when the median sale price was $800,000.
New Listings: We saw a significant increase in new listings in April 2025, with 364 properties coming onto the market. This is up from the 316 new listings in April of the previous year.
Number of Properties Sold: The number of properties sold in April 2025 was 151, which is down from the 170 properties sold in April 2024.
Average Days on Market: We're seeing properties stay on the market longer, with the average days on market now at 29 days. This is up from the 21 days we saw in April of last year.
What Does This Mean for Buyers and Sellers?
For Sellers (also buying in the same market): If you're selling your current home and buying another in Guelph, you might receive slightly less for your property than you would have last year. However, you're also likely to pay less for your next home, potentially balancing things out.
For First-Time Home Buyers: This market presents a good opportunity. You have more choice due to the increase in listings, and you have time to make informed decisions. We're not seeing the intense multiple offer scenarios that were prevalent in the past, and you may even have the opportunity to include conditions in your offer.
Offer Strategies: While some agents are still holding back offers, I personally believe that listing right around market value or slightly above to encourage negotiation is a more effective strategy in the current climate. Even when holding offers, we're seeing many come in at or even below the list price, suggesting that aggressive underpricing isn't necessarily yielding higher returns.
For Downsizers Moving Out of Guelph: While prices are still holding somewhat strong compared to pandemic levels, they are lower than the peak we experienced. It's important to have a realistic understanding that the selling process might take a little longer in the current market.
The "Certainty Factor" and a Recent Uptick:
Interestingly, following the establishment of a clear Prime Minister, regardless of individual political views, we've observed a renewed sense of certainty in the Canadian market. This seems to have translated into a positive impact on real estate activity. Our team at Chestnut Park has noticed an uptick in both sales and showings in the week following this development.
Have Questions? We're Here to Help!
If you have any questions about how these market dynamics might affect your specific real estate goals, please don't hesitate to reach out to myself or any member of the Chestnut Park team. We're always happy to provide personalized insights and guidance.