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Real Estate Market Update – MLS Kitchener, Waterloo, Cambridge and Guelph May 27th, 2018

MLS Kitchener, Waterloo, Cambridge and Guelph Stats

Data for MLS Kitchener, Waterloo, Cambridge and Guelph shows an increase in new listings compared to last week. New listings jumped from 347 the previous week to 459 in the past 7 days. MLS Listings stats shows a total of 1355 active listings in the Waterloo Region and 562 in the Wellington region. Below is the breakdown of the past week in real estate and analysis on what we are seeing in the Waterloo and Wellington region real estate markets.

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

New Listings: 459

Sold Pending: 275

Sold Closed: 153

Cancelled & Expired: 110

Active Conditionally Sold & Not Showing: 168

Price Increase: 26

Price Decrease: 95

Back on Market: 37

MLS Listings Analysis – More Inventory But Not Enough

MLS Kitchener, Waterloo, Cambridge and Guelph experienced an increase of 112 new listings in the past week moving up from 347 to 459. As noted in previous posts this is mainly due to the May long weekend as sellers typically bring their home to market a week or two before, or after, the holiday weekend. Sold pending listings were 275 compared to 251 the week prior, an increase of just 24. This widens the gap and provides slightly more inventory for the active buyers out there but not enough to sway from our current seller’s market to a buyer’s market.

In addition to the key metrics MLS listings stats show very comparable numbers for conditionally sold listings and properties that made price changes. Last week our real estate markets had 145 conditionally sold listings compared to 168 this past week. As well, there were 107 listings that had price changes two weeks ago compared to 121 that either increased or decreased their listing price.

Realtor’s Notes

Waterloo and Wellington region real estate markets keep chugging along matching seasonal norms and expectations. We are still in a seller’s market with listings selling in 25 days on average (compared to just 17 days the same time last year). For the last 18-24 months listings have sold quicker than historical averages which makes it even more difficult for inventory to catch up and pushes prices higher. To compare, the media listing price for properties in Waterloo and Wellington region in April 2017 was $439,000 compared to $479,900 in April 2018. Average days on market is a great indication on how quickly listings are moving and overall competition for buyers. As well, median price on a month-to-month basis is a great tool for buyers and sellers to keep tabs on the overall price trends for the real estate market.

For buyers looking to get into the market review our previous Buying Smart Guide. We also discuss selling and investing in real estate regularly on our Facebook Page with great links, tips and conversation to help our friends in the community navigate our rapidly changing real estate markets. Is there a topic or question you want covered? Leave us a comment or get in touch!

 

 

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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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Real Estate Market Update – May 13th, 2018 More Houses for Sale!

Houses for Sale in Waterloo & Wellington Region

Spring continues to bring more houses for sale to market in Kitchener, Cambridge, Waterloo and Guelph! MLS listings stats show a notable increase in new listings for the second week of May. Additional inventory is still welcome in the Waterloo and Wellington region real estate markets, both of which have been in sellers’ markets for extended periods of time now. Even though more inventory is coming to market we can expect competition to remain tight amongst buyers. Check out the MLS listings stats breakdown and realtor commentary below for more information!

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

New Listings: 491

Sold Pending: 270

Sold Closed: 137

Cancelled & Expired: 101

Active Conditionally Sold & Not Showing: 162

Price Increase: 17

Price Decrease: 102

Back on Market: 31

Boost to New Listings Means More Houses for Sale

Comparing the second week of May 2018 to the first week, our markets had a larger net increase to inventory! MLS Listings stats show 491 new listings in the past seven days. This compared to 437 new listings that came to market the previous week. It is also important to note the number of sold pending listings which was 270 this past week. That is comparable to 283 new listings just one week prior. Reviewing these two key metrics shows that the Waterloo and Wellington real estate markets had a net increase (New listings minus sold pending listings) of 221 listings this week compared to 154 in the first week of May 2018. A net increase indicated more inventory for buyers.

To summarize other key market stats Waterloo and Wellington region real estate markets had very comparable numbers of conditionally sold listings as well as listings that made price adjustments and came back to market. Note that there was a significant drop in sold close listings. This is fairly standard as we typically see a larger volume of close listings the first week of every month between May and September.

Realtor’s Notes

More new listings means more homes for sale in Cambridge, Kitchener, Waterloo and Guelph!  Now we are in the thick of the Spring market and Sellers are rushing to list their homes. A similar story on the buyer side of the market as more and more buyers are becoming active as the spring market hits full stride. We are approaching a significant holiday in the May long weekend. Typically fewer listings come to market over the long weekend as southern ontario residence flock to cottage country and family gatherings for the first holiday of the Spring. Expect a large increase in new listings for the weeks following this coming holiday.

 

If you are navigating the spring market and have questions drop us a comment or get in touch via the contact page on our website! Let us show you how we find great value for our buyers and maximize returns for our sellers with our proven systems and models.

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Real Estate Market Update – Week Ending May 6th, 2018

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!

Are you considering making a move? Check out our buying smart series for buyer tips: https://primepropertieson.com/real-estate/buying-smart-series-march-2018/ . Selling or wants some tips? Head to our Facebook page where we are posting great content reviewing our Spring Seller Series: https://www.facebook.com/pg/primepropertieson/posts!

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

New Listings: 437

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!

Realtor’s Notes

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.