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Temperatures & Inventory Dropping in Waterloo Region

November 2019 Waterloo Region Real Estate Review

Seasonal trends are a very real thing in the Waterloo Region real estate market as seen in the declining inventory numbers. Our local real estate market continue to experience growth fueled by low supply and strong buyer demand. Below we review key market stats across all market segments and briefly discuss the topic of affordability in our realtor notes.

Waterloo Region Real Estate Key Market Stats

Average sale price across all property types in Waterloo region was $550,865 in November 2019. That is up from around $532,847 in October.

All listings were on market for an average of 26 days, up from 23 days in October.

Overall market supply was 1.1 months in November, down compared to 1.4 in October.

Waterloo Region Single Family Homes

Below are keys stats for the single family property type as well as Condos and townhouses/semi-detached properties afterwards.

Average Sale Price: $630,399 (UP from $604,355 in October)

Days on market: 26 Days (UP from 23 days)

Months Supply – Inventory: 1.1 Months (DOWN from 1.5)

The average sale price of single family homes in the Waterloo Region real estate market was $630,399 up almost $25,000 from just one month ago. The average days on market was 26 days for single-family properties. The Waterloo Region market experienced a second straight month of declining supply. With only 1.1 months of inventory there are very few single homes available.

Waterloo Region Condos

Ask us to stay updated on pre-release specials or buyer incentives we have access to!

Average Sale Price:  $339,805 (UP almost $6,000 )

Average Days on Market: 35 Days (UP 2 Days)

Months of Inventory: 2.7 Months (UP from 2.6)

The average sale price for condos in Waterloo Region was $339,805 in November, up for the second straight month. Condos were selling in 35 days on average last month matching seasonal trends. There was 2.7 months of condo inventory in November, up from 1.7 months in November 2018.

Waterloo Region
Townhouses & Semi-Detached

Check out the key stats on this market segment below! Want more information on this segment? Drop a comment or contact us here.

Semi -Detached average sale price was $435,356

The average days on market for both segments was 23 days

Townhouse average sale price was $432,082

There was just 0.6 months of inventory in November 2019

Realtor Notes

Waterloo Region continues to experience low inventory numbers across all market segments putting upwards pressure on prices and affordability. In November there was 733 total property for sale which was about 300 units less compared to the same month last year. Furthermore, there was only 283 units combined between the condo, townhouse, and semi-detached segments. That is comparable to the 247 units for sale in the same month in 2016 which was the beginning of the extremely hot 2017 real estate market.

We look at these specific segments more closing because they are traditionally seen as more affordable options compared to single family homes. As inventory remains low, and prices continue to climb, more buyers and investors will turn to these segments for affordable options. This competition will further amplify the price growth in the lower price points and more affordable market segments like condos, townhomes and semi-detached properties.

Stay connected with us on our socials for listings, market stats, professional insight and advice. You can also check out other helpful topics we cover on our real estate blog here.



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Waterloo Region Real Estate – Slow September?

September 2019 Waterloo Region Real Estate Review

Waterloo Region real estate markets continue to experience periods of low inventory fueling consistent price appreciation. Although months supply numbers remained low in September sales volume increased compared to August 2019. Note that redevelopment of uptown Waterloo, downtown Kitchener and main transit routes throughout the region continue so we can expect to see short term fluctuations in the local condo market. Finally, the townhouse and semi-detached market segments continue to see the most aggressive price growth as affordability and availability are squeezed region-wide.

Waterloo Region Real Estate Key Market Stats

Average sale price across all property types in Waterloo region was $523,658 in September 2019. That is up from around $515K in August.

All listings were on market for an average of 22 days, down from 26 days in August.

Overall market supply was 1.6 months in September, flat compared to August 2019.

Waterloo Region Single Family Homes

Below are keys stats for the single family property type as well as Condos and townhouses/semi-detached properties afterwards.

Average Sale Price: $594,921 (UP almost $5,000)

Days on market: 22 Days (DOWN from 25 days)

Months Supply – Inventory: 1.8 Months (UP 0.1)

The average sale price of single family homes in the Waterloo Region real estate market was $594,921 in September. That is an increase of almost $5,000 from August 2019. The average days on market decreased from 25 days in August to 22 days in September. The months supply of single family homes in Waterloo Region increased by 0.1 to 1.8 months.

Waterloo Region Condos

We have great relationships with developers and sales representatives for the new condo developments in Waterloo Region. Waterloo, Kitchener and Cambridge have great options currently on the market and coming down the pipeline.

Ask us to stay updated on pre-release specials or buyer incentives we have access to!

Average Sale Price:  $332,862 (DOWN Approx $3,000)

Average Days on Market: 33 Days (DOWN 11 Days)

Months of Inventory: 2.6 Months (Same as August)

Underlying stats Waterloo Region condo market remains a little more volatile compared to other market segments. Average sale price for Waterloo Region condos fell almost $3,000 in September compared to August 2019. The average days on market fell significantly from 44 days to 33 days. Finally inventory numbers remained the same from August to September with 2.6 months of inventory. Although some key stats in the Condo market are fluctuating we expect consistent growth in average sales price, as well as supply to remain around 2-3 months of inventory in the final quarter of 2019.

Waterloo Region Townhouses & Semi-Detached

Check out the key stats on this market segment below! Want more information on this segment? Drop a comment or contact us here.

Semi -Detached average sale price was $450,151 (UP almost $14K)

The average days on market was 20 days (DOWN 2 days)

Townhouse average sale price was $439,151 (UP almost $19K)

There was just 0.9 months of inventory in September 2019

Below you can review the average sale price for townhouses and semi-detached listings in Waterloo Region between January 2018 and September 2019.

Realtor Notes

In review of the Waterloo Region real estate markets we can see that the overall market increased in average sale price fueled by single family, semi detached and townhouse price growth. As noted above, the condo segment experiences more volatility month to month but buyers, sellers and investors can experience long term growth to steadily climb.

Last month’s blog post we predicted that September would bring more inventory for buyers. Unfortunately for buyers, that was not the case. Across each market segment we noticed inventory numbers remained very similar in September compared to August. That means that Waterloo Region real estate markets remain in strong sellers markets as there are limited options for buyers in virtually every price point and segment. Note the townhouse and semi detached segments are experience extremely low inventory! This is a strong factor contributing to the aggressive price appreciation in those segments.

Stay connected with us on our socials for listings, market stats, professional insight and advice. You can also check out other helpful topics we cover on our real estate blog here.



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Waterloo Region Real Estate Blog – August 2019

August 2019 Real Estate Review

Waterloo region real estate market provided little surprises in August 2019. Low inventory across all market segments continues to fuel competition at virtually every price point. That being said, average sale price for the waterloo region real estate markets slid for the third straight month from May highs. We speculate that this is a result of the lower inventory for freeholds and larger homes compared to condo sales that are typically in lower price points.

Waterloo Region Real Estate Key Market Stats

  • Average sale price across all property types in Waterloo region was $515,842 in August
  • All listings were on market for an average of 26 days
  • Overall market supply was 1.6 months

Single Family Homes

Below are keys stats for the single family property type as well as Condos and townhouses/semi-detached properties afterwards.

Average Sale Price: $589,071

Days on market: 19 Days

Months Supply – Inventory: 1.7 Months

The average sale price of single family homes in the Waterloo Region was just under $590,00, down from its peak of about $604,000 in May. The average days on market increased from 21 days in July to 24 in august. The months supply dropped to 1.7 months in August.

Condos

Waterloo condos continue to come to market as new developments continue to come to market. Overall there is a healthy demand for affordable, centrally located condos in the Waterloo Region real estate market.

Average Sale Price:  $315,000

Average Days on Market: 45 Days

Months of Inventory: 2.7 Months

Average sale price for condos in waterloo region slid almost $5,000 from July to August. The average days on market jumped from 29 days in July to 45 in August. This may be skewed at the time of writing as conditional and firms sales will continue to be processed in the first few days of each month. We will review this figure in the coming weeks. Finally, inventory numbers for condos in waterloo region dropped from 3.3 months, to 2.9 months in August.

Townhouses & Semi-Detached

Check out the key stats on this market segment below! Want more information on this segment? Drop a comment or contact us here.

Semi -Detached average sale price was $436,904

Townhouse average sale price was $421,378

The average days on market was approximately 22 days

There was just 1.0 months of inventory in August 2019

Realtor Notes

The end of July and August are traditionally slower months for sales in Waterloo Region. This held true with dropped in number of sales and inventory across most market segments. Look for inventory to bounce back up and buyer demand to slow down slightly in the coming months.

Stay connected with us on our socials for listings, market stats, professional insight and advice. You can also check out other helpful topics we cover on our real estate blog here.

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MLS Waterloo, Kitchener, Cambridge & Guelph – February 2019 Real Estate Market Review

MLS Waterloo, Kitchener, Cambridge and Guelph data show strong price growth in February of 2019 for both the freehold and condo markets. It is important to recognize that the markets for condo and freehold properties are inherently different. Reviewing and monitoring key market stats for both is vital to understanding the direction and speed in which these markets are moving.

Key Stats

  • Average freehold prices JUMP almost 25K Jan-Feb 2019
  • Average condo prices rise over $8,000 or a little more than 2% compared to January numbers
  • Both Freehold and Condo listings selling quicker in February than January
  • Condo inventory dropped from almost 3 months to slightly above 2.5 months
  • Freehold inventory held steady from January to February.

Freehold Market – February 2019
MLS Waterloo, Kitchener, Cambridge & Guelph

Average sale price for freehold listings increase from approximately $525,000 in January to $549,707 in February of this year.

The average days to sell declined slightly from 29 days in January to 27 days in February.

Months of Inventory held steady at just under 3 months for February 2019.

Condo Market – February 2019
MLS Waterloo, Kitchener, Cambridge & Guelph

Average condo prices rose about $8,000 to just over $358,000 in February from January 2019.

The average days for a condo to sell dropped for the second consecutive month to 24 days!

Months of inventory of condos also dropped for the second consecutive month to slightly over 2.5months in February.

Realtor Commentary – MLS February 2019

In review of MLS Waterloo, Kitchener, Cambridge and Guelph data for February 2019 we can confidently say that the seller market continues. Both the freehold and condo markets there is less inventory, listings are selling in fewer days, and prices have increased when compared to last month.

What does this mean for buyers? Competition. Buyers are having to compete more so now than ever in the past 12 months. This is especially apparent in most listings under $500,000 and virtually any listing that shows well, regardless of price point. Check out our last First Time Buyer Blog for expert advice on buying real estate.

For Sellers this means favorable conditions continue. On average all listings are selling in a month or less which is historically fast. That being said, tried tested and true methods of selling listings for top dollar still apply. Preparing your home for market, showing it well, and marketing aggressively to qualified buyers will get you the best offers. Stay tuned for our selling strategies blog post to learn more about how to really take advantage of the current sellers market.

Considering your options for purchasing or selling? We have extensive experience getting the best value for our clients in these competitive markets. Get in touch and ask us about out buying and listing strategies HERE or text/call direct: Zack Brittain at 519-591-8419.

Stay updated on investment property listings, valuable listings, and properties with unique features on our Facebook Page!

Want a topic covered? Looking for specific data and stats? Drop us a comment or email directly here: zack@primepropertieson.com

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Selling And Buying A House In The Winter

Is It A Good Idea? Selling and Buying a House In The Winter

Every year we see realtors and people in real estate discussing the topic of selling and buying a house in the Winter. Typical comments and opinions range from “The market is hot, it’s a great time to sell” to “Never sell in the winter, you won’t get top dollar” and even “buyers can low-ball sellers because any seller listing in the winter HAS to sell”. All the contradicting information can be super confusing for prospective buyers and sellers.

So is it a good idea to be selling and buying a house in the winter? It’s important to acknowledge that selling and buying a house is very situational. Below we will hit the key points you need to consider for both selling and buying a house in the Winter.

 

Selling A House In The Winter

When considering selling your house in the winter you have to consider these points:

  1. Are you buying AND selling? If you are buying and selling in the same timeframe then it’s a wash (refer to our blog post on buying or selling first here).
  2. Just Selling a House:  If you are just selling then dig deep on the market for your property. If there is a severe shortage in available listings like yours then it’s a good idea to list. For sellers that are flexible on when they can list, on average listing in the spring yields the highest average sale prices. We would recommend preparing your home for market in late February/early March.
  3. Competition: There are fewer listings in the Winter months! This means that it is less likely that another property similar to yours lists in the same neighborhood. There can also fewer active buyers. It is important to note that buyers that are active in the Winter are typically motivated buyers.
  4. Closing Date: Selling your house in the Winter doesn’t always mean you have to move in the Winter. You can always try to get a longer closing date to have your move date in late February or early March. Just remember the more flexible you are on closing dates the more options you have to work out a favorable deal with a buyer.

In summary, selling a house in the winter can be a great idea for you depending on your situation. If you HAVE to sell for financial reasons, personal reasons, or even because you found your next dream home that is ok. For your own sake just do your homework to prepare, market and sell your home for the most money given the market conditions.

Buying A House In The Winter

You never know when your dream home will hit the market! For people buying in the Winter here are the top things you need to know:

  1. Inventory: There are fewer homes on the market in the Winter months, fact. In Waterloo Region and Wellington County there are always fewer listings to pick from this time of year. Regardless if you are looking for a fairly common property or something with unique features just be aware that there are fewer listings to choose from this time of year.
  2. Competition: There are fewer listings available but there are also typically fewer active buyers. Usually this means that there are little changes to the competitive landscape for properties to buy but every winter we see a larger percentage of homes sell conditionally and fewer properties sell in multiple offers. This means as a buyer you can have a better opportunity to buy a place without competing!
  3. Motivation: We have all heard “They’ll selling in the winter they HAVE to sell”. That isn’t always true, don’t assume anything. That being said, a larger percentage of sellers in the Winter are more motivated compared to other seasons. This is usually people relocating for a new job or investors selling off assets before year’s end. If you find a motivated seller there can be great opportunity to get a great deal!

When buying a house in the Winter it is vital to make sure that you are finding the right opportunity for you and your situation. You can find a great property that has everything you need for the price you want regardless of the season.

Realtor Commentary

Selling and buying a house is situational. Regardless of the season you can sell your home for top dollar or find a great deal to purchase your next one. In order to pull that off the buyers and sellers that are active in the market, using the right tools, and prepared will be rewarded. Comment below or contact us directly to connect with Zack and get started with your moving strategy.

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Waterloo Region Real Estate Market Update – August 2018

Real Estate Inventory, Sales Volume & Prices

August 2018 is in the books, so where are our real estate markets at? In our latest blog post we are taking a look into inventory numbers, sales volume, and price trends. Our goal is to keep you on the forefront of our real estate markets. By monitoring key stats and indicators we will determine where our markets are at now, and where they are heading.

MLS Listings Monthly Stats – Waterloo Region August 2018

Below is a standard “monthly stats” chart for the past 12 months. We monitor this chart on a month-by-month basis to get clarity on the direction and speed in which our markets our heading. We can see that the median days to sell increased from 13 to 16 from July to August this year. Looking at the blue line we can see that prices remained similar over the past 4 months with an upwards trend in the first few days of September 2018. This chart is a great starting point to see how long properties are typically on the market before they sell firm and if the prices homes are selling for is changing.

 

Competition in Waterloo Region Real Estate

For the residents of Waterloo Region the real estate markets over past two years has been a very intense experience. Properties selling in multiples, in a few days or even just a few hours like last spring is something our markets have not seen for many years. This competitive landscape has a lot of homeowners opting to stay at their current home to avoid the stress and worry of competing. When monitoring competition, especially for those considering buying and selling in a competitive market, list-to-sale price ratio is a great tool!

The chart below shows the ratio of the listing price to the price a property actually sold for. Note that this is an average of all listings in the Waterloo Region over the last 12 months. Ever property, situation and seller is different and there are different strategies for listing and selling property. Overall, if the average listing to sale price ratio is above 100%, we can assume that there is very strong competition. For reference, any List/Sale price ratio above 99% is historically strong. For additional context, review the blog post from June 2018 here we explain this key market statistic relating to Spring 2017.

Inventory & Sales – August 2018

Below is a chart displaying the number of listings sold and months of inventory in for the past 5 years. In August 2018 there were 671 Listings sold. As of August 31st Waterloo Region had just under two months of inventory. Months of inventory measure how long it would take for any market to run out of available properties if no new listings came to market. To put our current inventory levels into perspective, anything between 0-4 months is considered a “seller’s market”. Inventory levels between 4-6 months is a “balanced market”, and 6 months+ is a “buyer’s market”.

Looking back we see that we have not had 4+ months of inventory since Spring/Summer 2014.. yikes. We also see seasonal trends in our marketplace. Blue peaks in Winter and Summer months while green drops. This shows that we have more inventory available in off season months and fewer sales being made.

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Real Estate Review June 2018: Inventory Dips – Fewer Houses For Sale in Waterloo Region

Month in Review – June 2018

As the Spring market of 2018 came to an end our markets saw fewer houses for sale in Waterloo compared to May. Inventory slipped down to 1356 active listings in June compared to 1439 in May. In Waterloo region, like most of southern Ontario, we can expect inventory to slide after the Spring primarily due to seasonal trends. In summary, we experienced a steady increase to monthly inventory leading up to May. This was followed by a slight decline in active listings in June and into July.

June 2018 brought few surprises in the Waterloo Region real estate. Low inventory and strong buyer demand continued to move our market along quickly and continue upward pressure on prices. A great tool to gauge how quickly a real estate market is moving is to review average days on market and price appreciation.

Here we can view the green portion of the chart and see that the media days to sell increased over April, May and June. In bother April and May the media days to sell was 13 compared to 15 in June meaning the market moved a little quicker over April and May. To put into perspective, historical averages for average days on market is around 21-25 days for most medium to large sized markets in southern Ontario. Also note, that in our market days to sell will be lower in freehold properties under $550,000 compared to freehold properties in a higher price point.

The blue line represents the median list price for houses for sale in waterloo region. In May the media list price was $474,900 compared to $489,900 in June.

 

 

 

Are Houses for Sale in Waterloo Going in Multiples?

We get a lot of questions from both buyers and sellers asking about bidding wars. Are they still happening? The short answer is: sometimes. For properties in more competitive price points (typically below $550,000) and sellers that intentionally list their property under market value we do still see some bidding wars. That being said the majority of listings sell very close to asking price.

Close price to list price is the ratio between what a seller listed their home for, and the final price it actually sold for. Since Feb 2018, on average, this ration has been 100%. That means that properties have sold for 100% of their asking price on average for the last 5 months. This compare to the historical average of 98%, and 111% that we experienced last Spring.

Overall June 2018 yielded few surprises. Prices have increased consistently over 2018 even with rising interest rates and tightening mortgage regulations. Well priced houses for sale in Waterloo Region move very quickly and occasionally get multiples. However, listings typically sell within 2 weeks and around asking price.

If you are looking for more information or advanced stats on specific neighborhoods/properties send your inquiries to zack@primepropertieson.com. Want more information on where we see opportunities in our local real estate market? Drop a comment or contact us directly!

 

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Real Estate Market – May 2018

Month in Review – More Homes For Sale

This week we will review the real estate market for the past week and the month of May 2018, spoiler, there are more homes for sale! On a week-to-week basis tracking new listings, sold pending and conditionally sold listings gives great insight into the current state of the market. Reviewing monthly numbers helps give perspective on how our current market compares to previous season or months. Below are the weekly stats followed by some additional numbers and commentary to help you stay in touch with our local real estate markets.

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

New Listings: 418

Sold Pending: 348

Sold Closed: 439

Cancelled & Expired: 159

Active Conditionally Sold & Not Showing: 175

Price Increase: 8

Price Decrease: 121

Back on Market: 40

MLS Listings Weekly Review

MLS Data shows fewer new listings and more sold pending listings that the previous week. There were 418 new listings and 348 sold pending listings last week compared to 459, and 275 the previous week. In addition, there were 439 sold closed last week compared to 153 the previous week. This is fairly common to see significantly more closings at the end of the month, especially in the Spring and Summer months. It is also important to note that there were 121 price decreases, up from 95 last week. Heads up bargain shoppers! We can expect more and more price decreases in June/July as motivated sellers try and get a done deal prior to the end of the Summer.

May 2018 Monthly Review & Realtor’s Notes

 

Reviewing weekly numbers is a great way to stay in-tune with our real estate markets. We also want to help our community gain perspective as well. Below is a overview of the inventory of active listings in Waterloo and Wellington region for the past 5 years.

 

Taking a quick look at the graph we can see the sharp decline in active listings in July 2016. This was the last time our markets had over 2,500 active listings. This was the beginning of the wild market that was 2017..

In May 2018 our markets had 2,533 active listings which is the most we have seen since Jun 2016 (2,698 active listings) and almost 500 more active listings than May 2017 (2,071). This is an encouraging sign and is pointing towards a more balanced market than we have seen in almost 2 years. If there are homes for sale in Kitchener, Waterloo, Cambridge and Guelph will reduce the competition between buyers.

A question we get a lot is “Are prices going to decrease?”. The short answer is “We don’t have a crystal ball”. Our view on the market is that there are always opportunities available, sometimes it is just harder to find them. In the short term will prices decrease? Not likely. We expect prices to continue to slowly increase throughout 2018. Inventory has increased but there are not enough available listings to meet buyer demand in our regions.

Have some real estate questions? Want to see other stats? Let us know what we can share to help you! Drop us a comment or contact us.

 

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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 – 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.