Now that the first month of 2019 is in the books we want to review the key MLS stats for Kitchener, Waterloo, Cambridge and Guelph real estate markets. For our monthly real estate market reviews this year we will be covering the four major markets in The Region of Waterloo and Wellington county.
Below we share the average sale price, average days on market, and months of inventory for January 2019. We review both the freehold and condo markets in these cities and compare to the last 12 months. Reviewing the MLS data on these three key real estate market stats will help to understand the speed and direction the freehold and condo markets are heading in our major market centers.
Freehold Market – MLS January 2019
The average sale price in January 2019 was $525,653 up from $499,918 in January 2018.
The Average days to sell for freehold properties was 28 days in January 2018 and just 24 days in January 2019.
MLS data on freehold listings shows that we sit at exactly two and a half months of inventory as of January 31, 2019. That is slightly up from just over two months of inventory for January 2018. This tells us that the freehold market is still a strong sellers market.
Condo Market – MLS January 2019
The average price of condos increased to $350,522 in January 2019 compare to $322,063 in January 2018.
Average days to sell increased from 29 days in January 2018 to 33 days in January 2019.
The MLS data shows that the months of inventory has come down from almost three and a half months in January of 2018 to just under three months now. This means that the condo market is still in a sellers market.
Realtor Commentary – Still A Sellers Market
In review of MLS data this past month we see that there is still a shortage of listings and properties are still selling quickly. One key point is that condos have more inventory and are taking more days to sell on average then freehold properties are. This is likely due to the large influx of condo developments in the Region of Waterloo and Wellington County.
The average prices for freeholds did not change dramatically in 2018. That compared to the the average price of condos that increased by over 10%. The most likely answer to the that is the affordability of such properties. With more buyers getting priced out of the freehold market it wouldn’t be surprising if condos experienced a similar price appreciation in 2019.
In summary the freehold MLS data shows us that these listings are selling quicker and for more money than condo properties. Both markets are still experiencing historically low levels of inventory meaning both are still considered sellers markets.
For more content on buying and selling over the winter months check out our last blog post. Have questions or wanted to see a specific topic covered in our blog? Leave us a comment below or contact us – We would love to connect!