Waterloo Region Real Estate – Kitchener, Waterloo and Cambridge
Our Waterloo region real estate markets continue to experience strong price appreciation and buyer competition across all segments and price points. In our monthly real estate market review we touch on key stats for the different segments to help our community gain insight and perspective on where our waterloo region real estate markets are!
Our new data tracking and management system InfoSparks classifies our residential listings as single family, townhouses, condos, and semi-detached. Moving forward we will breakdown and update key stats for the single family, condo, and townhouse/semi-detached segments.
Key Market Stats
- Single family Median sale price up to $590,026
- Condo average sale price up to $333,812
- Single family listings are selling in 2 weeks or less on average
- All residential segments still have low inventory
Single Family Homes
Single family homes in Waterloo region continue to experience steady price growth. Underlying stats indicate that this trend is likely to continue in the coming months.
Median Sale Price: $590,026
$590,026 was the median sale price for single family homes in April 2019. This is up $16,650 from $576,047 last month. Looking at year over year growth the median sale price for single family homes in Waterloo region is up 7.2% from $550,292 in April 2018.
Days on market: 12 Days
12 days on market was the average for April 2019, up from 11 in March 2019. The average days on market for single family homes was 7 in 2017, and 10 in 2018.
Months Supply – Inventory: 1.9 Months
Reviewing all single family, townhouse and semi-detached listings data for April 2019 there was 1.9 Months of available inventory. This is up from 1.7 months in March. For comparison, there was 1.7 months of inventory of single family homes in waterloo region in April of 2018.
The condo market remains red hot. Redevelopment in city centres promises additional inventory but it can’t come quick enough. Investors and buyers searching for value in lower price points continue to scoop up great condo deals!
Average Sale Price: $333,812
Condo average sale price in Waterloo region was $333,812 in April 2019. This is up from $328,258 in March 2019, and $295,321 in April of 2018. This represents a 13% increase in average sale price for condos across the region. Note that some of the price appreciation in condos can be attributed to the size, quality and location of new inventory being sold (ie premium uptown/downtown condos).
Average Days on Market: 27 Days
The average days on market for condos in Waterloo region was 27 days in April 2019. This is down from 35 days last month and up from 26 days in April of 2018.
Months of Inventory: 2.8 Months
In Waterloo region there has been a flood of condo developments but inventory remains low. There was 2.8 months of inventory in April 2019, up from 2.7 in March but down from 3.4 months in April 2018.
Townhouses & Semi-Detached
Townhouses and semi-detached properties offer great value and potential for home owners and investors. They represent a smaller market segment the single family and condo properties so we will share key stats below. Want more information on this segment? Drop a comment or contact us here.
- Average sale price was $407,512 in April 2019 (up over $15,000 from March 2019)
- The average days on market was 19 day in April 2019
- In April 2019 there was only 1.2 months of inventory in this segment
The Waterloo region real estate markets experienced strong price growth across all segments in April 2019. Same story, new month. Low inventory, strong buyer demand and low interest rates will continue to fuel our strong sellers market. To put this into context, there are only 85 single family homes listed for $490,000 or less in all of Waterloo region right now.
For buyers it is more important than ever to prepare and educate yourself. How quickly and confidently you can move on a property can be the difference between thousands.
Sellers take advantage of this market! With such high demand and low inventory sellers can leverage these circumstances to sell on favorable terms. A common question we get from sellers is: if we sell our home where will we move? Check out our blog on buying vs selling first.
Stay connected with us on our socials for listings, market stats, professional insight and advice.