Waterloo, Kitchener, Cambridge and Guelph
The March 2019 real estate market review will cover the freehold and condo markets for Waterloo, Kitchener, Cambridge and Guelph. We review key stats you need to know about in local real estate markets!
- The average price of freeholds up approx $21,000 from March 2018
- Average days on market and inventory numbers drop matching seasonal norms
- Average price of condos increased about $1,000 from February of this year and almost $15,000 from March 2018
Freehold – Waterloo, Kitchener, Cambridge and Guelph
Average sale price for freeholds in Waterloo, Kitchener, Cambridge and Guelph real estate markets increased for the fourth straight month to $555,403 in March 2019. Compared to the average price for freeholds in March 2018 ($534,272) that is just under a $21,000 increase in average sale price.
Freeholds continue to move quickly with an average days on market of 20 in March. This is down from the 12 month high in December 2018 of 33 days. March 2019 marks the fourth straight month that the average days on market has declined. This follows seasonal trends as we are in the Spring season.
Freeholds in Waterloo, Kitchener, Cambridge and Guelph saw the most significant one month drop of inventory in over a year. With just under two months of inventory in march 2019 the freehold market is in an extremely strong seller’s market. March 2018 saw similar numbers with less than two months of inventory then experience steady increases to available inventory in the coming months.
Condo – Waterloo, Kitchener, Cambridge and Guelph
Average price for condos in Kitchener, Waterloo, Cambridge and Guelph markets rose about $1,000 from February to $359,636 in March 2019. Looking back the average sale price in March 2018 was $344,323 in the same markets.
The average days on market dropped from around 35 days in December/January to 27 days in March 2019, but up from 25 days in February. Expect the average days on market to stay in and around 25-30 days or decrease in April.
Condo Inventory numbers for Waterloo, Kitchener, Cambridge and Guelph real estate markets continued to drop. There was just over 2 months of condo inventory in March 2019. This marks the third straight month of decline in condo inventory. The Condo market is still a seller’s market and this trend will continue for the foreseeable future.
March 2019 Real Estate Market Review Realtor Notes
After review of the March 2019 real estate market numbers inventory is down, average days on market down and prices up for another. This signals that we are still in a seller’s market and that this trend will continue. The market is tough for buyers in virtually every price point with sellers listing properties and setting offer review date to generate multiple offers. This means that most buyers are competing directly with other offers on most properties listed in the area.
What does that mean for sellers? It is a great time to sell! You can command a premium because there is a significant shortage of available options for buyers. Properties that show well are commanding even more of a premium than ever.
Buyers, we feel your pain. We work hard for both sellers and buyers to create value no matter the market circumstances. For buyers we preach education, preparation and speed. The market is tight but not impossible to find value. The more you monitor the market, view properties and how quickly you can move on a good deal is the difference between scoring the right property and getting burned with a bad deal.
Stay tuned for upcoming blog post on tips for buyers in a hyper-competitive market. Drop us a comment or contact directly at Zack@primepropertieson.com with questions or a free consultation for all your real estate needs.