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Real Estate Market Update – MLS Listings May 22nd, 2018

MLS Listings Waterloo & Wellington Region

Taking a look at real estate data for the past week there were just 347 new listings in the Waterloo and Wellington region markets. This is down from 491 in the second week of May. As noted in last weeks market update blog post a decline in new listings the week of a holiday long weekend is typical. View the market watch real estate stats and commentary below for full details!

Waterloo & Wellington Region Real Estate Markets – MLS Listings Stats Breakdown

New Listings: 347

Sold Pending: 251

Sold Closed: 204

Cancelled & Expired: 112

Active Conditionally Sold & Not Showing: 145

Price Increase: 19

Price Decrease: 88

Back on Market: 48

MLS Data Shows Long Weekend Slowdown in New Listings

Our real estate markets showed fewer new houses for sale in Kitchener, Waterloo, Cambridge, Guelph and surrounding markets than the previous week. With 347 new listings, compared to 491 the week before our market saw 144 less new properties hit the board. As noted in last week’s commentary a decline was expected due to the Victoria Day long weekend. It is important to note this is typical for long weekends and holidays. Expect a significant increase in more new listings coming to market this week and next as we reach the unofficial mid-point of our Spring market.

In review of other key market data there were comparable numbers of sold pending listings with 251 this past week versus 270 the week before. Note, an increase in sold closed listings from 137 two weeks ago compared to 204 this past week. This is in line with market norms of more closings happening prior to long weekends/holidays as well as at the beginning and end of each month. Finally, there were similar amounts of listings that experienced price changes and were conditionally sold compared to seasonal norms and the past few weeks.

Realtor’s Notes

There have been no real surprises in the past few weeks of MLS Listings data. Waterloo & Wellington region are experiencing low inventory but are far less competitive than this time last year. That being said, new listing and overall active listing inventory still remains low enough that we remain in a seller’s market. Until we see more new listings coming to market on a consistent basis the Waterloo and Wellington regions will remain in a sellers’ market.

Look for a flood of new listings coming to market this week and next. Typically after long weekends in the Spring and Summer sellers’ have used the extra time off to prepare their home for market.

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