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MLS Waterloo, Kitchener, Cambridge & Guelph – February 2019 Real Estate Market Review

MLS Waterloo, Kitchener, Cambridge and Guelph data show strong price growth in February of 2019 for both the freehold and condo markets. It is important to recognize that the markets for condo and freehold properties are inherently different. Reviewing and monitoring key market stats for both is vital to understanding the direction and speed in which these markets are moving.

Key Stats

  • Average freehold prices JUMP almost 25K Jan-Feb 2019
  • Average condo prices rise over $8,000 or a little more than 2% compared to January numbers
  • Both Freehold and Condo listings selling quicker in February than January
  • Condo inventory dropped from almost 3 months to slightly above 2.5 months
  • Freehold inventory held steady from January to February.

Freehold Market – February 2019
MLS Waterloo, Kitchener, Cambridge & Guelph

Average sale price for freehold listings increase from approximately $525,000 in January to $549,707 in February of this year.

The average days to sell declined slightly from 29 days in January to 27 days in February.

Months of Inventory held steady at just under 3 months for February 2019.

Condo Market – February 2019
MLS Waterloo, Kitchener, Cambridge & Guelph

Average condo prices rose about $8,000 to just over $358,000 in February from January 2019.

The average days for a condo to sell dropped for the second consecutive month to 24 days!

Months of inventory of condos also dropped for the second consecutive month to slightly over 2.5months in February.

Realtor Commentary – MLS February 2019

In review of MLS Waterloo, Kitchener, Cambridge and Guelph data for February 2019 we can confidently say that the seller market continues. Both the freehold and condo markets there is less inventory, listings are selling in fewer days, and prices have increased when compared to last month.

What does this mean for buyers? Competition. Buyers are having to compete more so now than ever in the past 12 months. This is especially apparent in most listings under $500,000 and virtually any listing that shows well, regardless of price point. Check out our last First Time Buyer Blog for expert advice on buying real estate.

For Sellers this means favorable conditions continue. On average all listings are selling in a month or less which is historically fast. That being said, tried tested and true methods of selling listings for top dollar still apply. Preparing your home for market, showing it well, and marketing aggressively to qualified buyers will get you the best offers. Stay tuned for our selling strategies blog post to learn more about how to really take advantage of the current sellers market.

Considering your options for purchasing or selling? We have extensive experience getting the best value for our clients in these competitive markets. Get in touch and ask us about out buying and listing strategies HERE or text/call direct: Zack Brittain at 519-591-8419.

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