May Market: Spike in New Listings & Closings
New listings increased in the past week to start May off with a bang! Local real estate markets have more houses for sale in Cambridge, Kitchener, Waterloo and Guelph providing some more opportunity for buyer’s. As we approach the middle of the Spring market our real estate markets have spiked in new listings and sold closed listings. This is mainly do to the seasonality of our southern Ontario markets with late-winter buyer’s moving into their new homes, and sellers bringing their home to market during peak shopping time for buyers!
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Waterloo & Wellington Region Real Estate Markets – MLS Listings Stats Breakdown
Sold Pending: 283
Sold Closed: 433
Cancelled & Expired: 161
Active Conditionally Sold & Not Showing: 143
Price Increase: 17
Price Decrease: 107
Back on Market: 31
Local Markets Match Seasonal Trends
Here in the Waterloo and Wellington real estate markets we saw a slight increase in new listings and a significant jump in Sold Closed properties. New listings increased from 411 to 437 where sold close properties jumped from 200 to 433. The slight increase in new listings is in line with seasonal trends. Now that we are in May and the weather is more cooperative we should continue to see over 400 new listings hit the board on a weekly basis. The large increase in sold closed properties is fairly standard for the first week of a new month in the spring and summer. We can expect that number to drop to the 200’s until the first weekend of June (which is also Canada Day long weekend, traditionally the busiest day for residential real estate closings each year).
In addition our markets experienced a decreased of 17 sold pending listings from 300 to 283. There were a comparable number of price adjusted listings and conditionally sold properties as well. Nothing noteworthy to report there!
We can expect more listings to hit the board this week, and possibly next week as sellers rush to bring their home to market before May long weekend. During the Spring and Summer months there is typically a jump in new listings a week before, and the week after a long weekend. In Summary we are in a sellers market. We will will continue to be until we see a significant jump in listings inventory.