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WATERLOO REGION REAL ESTATE MARKET – MARCH 2020

Our local real estate market review March 2020

For the past 3-6 months our local real estate market data was very similar to the numbers we saw in late 2016/early 2017. Waterloo Region markets had historically low inventory for some time and buyer demand was increasing. With no signs of those factors changing our 2020 Waterloo Region real estate market was positioned to continue to be competitive and prices were increasing. Enter COVID-19 and our market has begun to shift. Below we will share key market stats on our local real estate market as well as our insight into how our markets are shifting and what it means for you.

Waterloo Region Real Estate Market Overview – March 2020

There were 577 total residential sales in March 2020 across all market segments. That represents a 13.1% increase in the number of sales from March 2019. Of those 577 sales 348 were detached homes, 161 were townhouse/semis and 68 were condo sales.

  • Average Sale Price was $583,752 UP 15.3% from March 2019
  • Average Days on Market was 15 Days, DOWN from 21 in March 2019
  • The Average Percentage of Listing Price Received was 106.2% UP from 101.4% in March 2019
  • Months Supply of Inventory was 1.1 DOWN from 1.6 in March 2019 

Waterloo Region Single Family Homes

Average Sale Price: $679,728 (UP 15.9% from March 2019)

Days on market: 14 Days (DOWN from 21 days in March 2019)

Months Supply – Inventory: 1.1 Months (DOWN from 1.7 in March 2019)

Waterloo Region Condos

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

Average Sale Price:  $374,112 (UP from $328,258 in March 2019)

Average Days on Market: 38 Days (UP from 35 in March 2019)

Months of Inventory: 1.7 Months (DOWN from 2.7 in March 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 $481,562 UP from $420,611 in March 2019

The average days on market for towns was 12 days and 9 days for semis

Townhouse average sale price was $461,825 UP from $387,180 in March 2019 

There was just 0.7 months of inventory in March 2020

Realtor Notes

Waterloo Region’s real estate numbers for March 2020 tell us that the average sales prices are up, listings are selling quickly, and there is still very little inventory across all market segments. That being said, the effects that COVID-19 has had on our market isn’t accurately reflected in these numbers yet.

Taking a deeper look at March 2020 data we found that there was approximately 60% drop in showing activity in the last two weeks of March compared to the first two weeks. Furthermore there was approximately a 22% decrease in showings in March 2020 compared to February 2020, and about a 77% decrease in showings in the final week of March compared to the final week of February 2020. What these figures tell us is that showing activity is declining rapidly as the significance and severity of the health pandemic develops.

To summarize some the stats above and our experience with buyers and sellers this past month we can say that there was an influx of listings that hit the market but buyer demand has cooled. Listings are getting fewer showings but buyers that are viewing homes are motivated. We will share another short blog post this coming week discussing our view of the market and comment on the future of Waterloo Region Real Estate. For now, real estate business in NOT continuing as usual.

The local and provincial real estate boards are encouraging buyers, sellers, and realtors to postpone their real estate business if possible. As Realtors we are are able to provide services for clients that require a purchase or sale like digital video tours of properties for showings, group phone calls or video chats for client meetings and utilize digital signing applications for all paperwork. That means it is very possible to purchase or sell successfully but the way in which we must do business is different.

For Buyers:

If you are in a position that you must purchase a property we advise that you view video tours and be selective of the homes you view. Contact us to learn more about how we are helping clients safely find their new homes during these market conditions. We can advise on the proper health guidelines and ensure you have access to the proper tools to find and secure the right property.

For Sellers:

Sellers rushed to get their homes on the market before the COVID-19 situation worsened. Now, many people are delaying the sale of their property but the reality is each situation is different. We advise getting a preliminary market evaluation completed by phone to establish an initial evaluation and game plan for your property sale. For those that must sell please contact us for specific selling strategies to protect you and your home, but also get the proper exposure to sell your home for top dollar.

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Kitchener, Waterloo and Cambridge Real Estate Markets December 2019

Waterloo Region Real Estate Review December 2019

Seasonal trends are a very real thing in the Kitchener, Waterloo and Cambridge real estate markets! This is made very clear when we see declining inventory numbers over the winter months. Our local real estate market continue to experience price growth fueled by low inventory and strong buyer demand. Below we review key market stats across all market segments and briefly overall sales numbers and market conditions for buyers and sellers in the realtor notes.

Waterloo Region Real Estate Key Market Stats

Average sale price across all property types in Waterloo region was $543,786 in December 2019.

All listings were on market for an average of 29 days.

Overall market supply was 0.6 months in December 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: $645,411 (UP about $15,000 from November)

Days on market: 29 Days (UP from 26 days)

Months Supply – Inventory: 0.6 Months (DOWN from 1.1)

The average sale price of single family homes in the Waterloo Region real estate market was $645,411 in December which is up $15,000 from November and almost $40,000 from October. The average days on market was 29 days for single-family properties. Days on market rose for the third straight month which follows seasonal norms of higher days on market during Winter months. The Kitchener, Waterloo and Cambridge real estate markets experienced a second straight month of declining supply. With only 0.6 months of inventory there are very few single homes available in all of Waterloo Region.

Waterloo Region Condos

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

Average Sale Price:  $350,579 (UP almost $12,000 )

Average Days on Market: 40 Days (UP 5 Days)

Months of Inventory: 1.8 Months (DOWN from 2.7 months)

The average sale price for condos in Waterloo Region was $350,579 in December, up for the third straight month. Condos were selling in 40 days on average in Kitchener, Waterloo and Cambridge real estate markets. There was 1.8 months of condo inventory in December. The last time there was less than two months of condo inventory in Waterloo Region was exactly one year ago in December of 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 $473,689

The average days on market for both segments was 22 days

Townhouse average sale price was $411,097

There was just 0.3 months of inventory in November 2019

The spike in average sale price for semi-detached homes was significant in December 2019 jumping to $473,689 from $435,356 just one month ago. A main factor for this was the significant decrease in semi-detached homes listed and sold inthe month of December. We will look at this again in January to see if there is a significant trend or irregular month for this market segment.

Realtor Notes

There were a total of 332 sales across all real estate market segment in December, down from 591 in November. There were 195 Single family homes sold, 55 condos, and 82 townhomes/semi-detached properties sold. December and January are traditionally the slowest months of the year for number of sales and these figures match that trend.

Looking at the Kitchener, Waterloo and Cambridge real estate markets as a whole we noticed that more listings were selling significantly above asking price compared to just a few months earlier. This is likely a combination of timing and market conditions. Buyers and investors may be pushing to lock up properties before the end of the calendar year. That combined with the significant drop in available listings (market supply) may cause buyers to be pushing higher prices to acquire properties. The average sale price as a percentage of listing price was 102.5% this past month, up from 99.6% in December 2018.

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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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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Waterloo Real Estate Market Review – July 2019

In July, the Waterloo real estate market experienced a second straight decline in inventory. Listings continue to sell in about three weeks on average and for approximately 100% of asking price. The Waterloo real estate markets continue to be competitive signalling values should appreciate.

Waterloo Region Real Estate Key Market Stats

  • Average sale price across all property types in Waterloo region was $516,481 in July 2019
  • All listings were on the market for an average of 22 days
  • Overall market supply was 1.8 months in July 2019

Wondering how July compared to past months? View our monthly blogs to see!

Single Family Homes

For single family homes the average sale price has increased by 6.3% from July 2018. The average days on market was 20 days, and the months supply remained at 2 months for the second straight month. 

  • Average Sale Price: $594,270
  • Days on market: 21 Days
  • Months Supply – Inventory: 2.0 Months

The Waterloo real estate market continues to experience very low inventory, especially in single family homes. Low inventory is fueling competition and price appreciation in this segment.

For example, months of inventory for single family homes priced between 200-450,000 is just 0.3 months, down from 0.5 months last year. That is a decrease of about 40%. For single family homes priced above $450,000 there is just 2.4 months of inventory. This is down from 2.8 months (14.3% drop) in the same month last year.

Condos

Our Waterloo region real estate market continues to provide opportunity in the Condo segment as redevelopment of the city core’s progress. New developments from local and national organization in uptown Waterloo and downtown Kitchener continue to be the focus for local residence and investors.

  • Average Sale Price: $320,250 
  • Average Days on Market: 29
  • Months of Inventory: 3.3 Months

Waterloo Condos increased in average sale price by almost $15,000 from June to July. Average days on market increased slightly from 19 to 21. Months of inventory increased from 2.9 in June to 3.3 in July.

Townhouses & Semi-Detached

  • Semi -Detached average sale price was $436,904
  • Townhouse average sale price was $421,378
  • The average days on market was 21 days in June for this segment
  • 1.0 months of inventory in July 2019 down from 1.2 in June

Developers and builders just can’t bring new units to market quick enough in this segment. Buyers have been hungry for affordable freehold options which townhouses and semi-detached properties have traditionally filled. What we have found, especially over the past few years, is that the price gap between smaller detached homes and this segment has continued to shrink.

We have speculated that Investor demand and a shift in buyer trend from the resale market to pre-construction has also fueled aggressive price growth in towns and semis. Check Buzz Buzz for pre-construction and upcoming developments in Waterloo Region and surrounding areas.

Realtor Notes – Buyers be ready!

Buyers, we feel your pain. There are few options out there and anything good is sold very quickly and likely above asking. We work with buyers every day and we found that education, qualification, and preparation are the best way to find great deals in any market. 

Educate yourself on the buying process and to better understand the market conditions. Qualify yourself with a mortgage pre-approval, have your deposit ready, and get comfortable with the types of offers that are going to win you the perfect home when you see it! Finally prepare yourself to actively search with the right tools. Buyers, prepare to active search and make sure you are using the best tools. Get connected on a realtor quality property search! Review any options as soon as they come to market and be prepared to search. This will help you narrow your search so you can confidently offer on the next property that matches exactly what you are looking for.

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Waterloo Region Real Estate Blog Monthly Market Review

June 2019 Real Estate Review

In this month’s waterloo region real estate blog we review key stats and comment on our market trends. June 2019 followed seasonal trends with slight decreases in average sales prices, volume of units sold, and increases to average days on market in most property types. Waterloo region real estate markets experienced a decrease in months of supply across all property types.

Waterloo Region Real Estate Key Market Stats

  • Average sale price across all property types in Waterloo region was $522,931 in June 2019
  • All listings were on market for an average of 20 days
  • Overall market supply was 1.9 months in June 2019

Single Family Homes

We cover key stats like average sale price, average days on market and months of inventory in our monthly Waterloo Region real estate blog. Below are keys stats for the single family property type as well as Condos and townhouses/semi-detached properties afterwards.

Average Sale Price: $601,604

Days on market: 19 Days

Months Supply – Inventory: 2.0 Months

For single family homes the average sale price decreased by approximately $4,000, the average days on market stayed the same at 19 days, and the months supply dropped slightly to 2 in June. Overall there are no major changes compared to May 2019 as our real estate markets follow seasonal trends. Although there were less single family homes sold from the previous month, and average sale prices fell slightly, we are still in a strong sellers market. Expect the single family market to continue to increase in value and for listings of this property type to sell quickly moving forward.

Condos

The interest in condos has gained more and more attention as redevelopment in the Waterloo, Kitchener and Cambridge transit corridor continues to make headlines. With major developments in each of these cities in Waterloo region we will continue to update our network and community on the condo market every month.

Average Sale Price:  $329,370

Average Days on Market: 26 Days

Months of Inventory: 2.9 Months

The key market stats in the Waterloo region condo market revealed little surprises. In june 2019 the average sale price of a condo in Waterloo region was virtually the same. Furthermore, there was only a 0.1 months decline in the available inventory and the average days on market was 26 (compared to 28 in May 2019).

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 $417,030
  • Townhouse average sale price was $409,387
  • The average days on market was approximately 19 days in June for these property types
  • There was just 1.2 months of inventory in June 2019 down from 1.6 in May

Realtor Notes

In review of the key market stats for June 2019 we can say that our Waterloo Region real estate markets provided little surprises this past month. Between June and July our real estate markets typically see a slight pull back or slide down in price growth and volume of properties sold. This trend continued in 2019 with average price and number of units sold for all property types declining in June.

An important announcement was made on the key topic of affordability in June 2019. The government is planning to roll out a new first-time home buyer incentive program in September of this year. You can review the announcement the the details here: First-Time Home Buyer Incentive.

We will be releasing more information and commentary on how this will affect our local real estate markets as well as you, the buyers and sellers, as more specific information is released.

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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Single Family Homes in Waterloo Region Continue to Increase in Value

May 2019 Real Estate Review

Single family homes in Waterloo Region continue to experience consistent price growth while selling quickly. As we review other key market data for the condo and Townhouse/Semi-detached segments we notice some short term fluctuations and long term trends. For condos there was slight decrease in average sale price and a little more inventory coming to market. In the townhouse and semi-detached segment of the Waterloo Region real estate market listings are selling quickly, prices rose as well as inventory.

*note there was a previous issue with discrepancies in median and average data figures for April 2019. The issue has be resolved. Contact us directly via contact page or comment for specific questions. 

Key Market Stats

  • Single family average sale price up to $563,056
  • Condo average sale slid to $331,581
  • Single family listings are selling in 2 weeks or less on average (for a 5th straight month)
  • Overall inventory increased in May 2019 to 2.1 months of supply

Single Family Homes

Kitchener, Waterloo and Cambridge continue to account for the largest volume of single family homes in Waterloo Region sold. In these cities, as well as the rest of Waterloo Region, the averages sale price of single family homes continue to rise.

Average Sale Price: $563,056 UP 7,058

The average sale price in May 2019 was $563,056, up from $555,998 last month. Last month’s average sale price for single family homes in Waterloo Region means there has been just over a 7% increase in average sale price since May 2018.

*Note average sale price was about $525,000 in May 2018

Days on market: 11 Days DOWN 1 Day

Single family homes in Waterloo region continue to sell QUICKLY. Single family homes in Waterloo Region sold in 11 days on average, one day quicker than April. Listings in this segment have sold in 14 days or less every month so far in 2019.

Months Supply – Inventory: 2.1 Months UP 0.2 Months

In Waterloo Region single family homes have experienced an extended period of low inventory. Our local real estate markets have not had more than 2.1 months of inventory for single family homes for over 3 years. On a positive note, in December 2018 Waterloo Region only had just one month of inventory. Since then, we have experienced five straight months of rising inventory for single family homes in Waterloo Region.

Condos

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: $331,581 DOWN $2,213

The average sale price of condos in Waterloo Region slid from $333,812 in Aril to $331,581 in May. This was a minor decrease of $2,213 from the average sale price last month. We can expect the condo market to experience more short term volatility compared to the single family markets in Waterloo region primarily because of the nature of Condo markets (see realtor notes for more on this).

Average Days on Market: 27 Days SAME AS APRIL

The average days on market for condos in Waterloo Region was 27 days. This is the same as April 2019. It is important to note that the overall trend o condos selling in fewer days has continued for year.

Months of Inventory: 3.1 Months UP 0.3 Months

Inventory of condos in Waterloo Region increased for the 5th straight month. May marks the first month since September 2018 that Waterloo Region condo market has had more than three months of inventory. Short term fluctuations in condo inventory numbers can be attributed to the release of new condo developments.

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.

  • Average sale price was $409,728 UP from $407,512 in April
  • The average days on market was 10 days in May DOWN 1 day from April
  • There was 1.6 months of inventory in May 2019 UP 0.4 months from last month

Realtor Notes

Although the average sale price for condos dropped in May the other segments in our local real estate markets continue to experience price appreciation. Even over the next few months we can expect the average sale price of condos to continue to increase. Price growth in our real estate markets is currently fueled by low inventory, strong buyer demand, and low financing rates.

List to sale price ratio (or “Percentage of original price”) is another data point we review to measure how competitive our local real estate market landscape is. For May 2019 that was 101.2% compared to 101% of May last year. That means that on average listings are selling for about 1% above asking price. That compared to the previous 10 year averages of closer to 96-98%.

As noted in the condo market section of this monthly real estate market update this segment will experience short term volatility in key metrics like inventory, price and days on market. One reason for that is that large amounts of inventory being introduced and sold in small time frames. As new condo buildings are ready for sale large numbers of condo units are made available and sold in short periods of time. Compare this to a how a builder releases just a small handful of single family homes at a time. A larger volume of condo units released and sold in a short time frame will create these types of short term volatility in the condo market.

We want to hear from you! What topics do you want covered? Do you have real estate questions that need answers? Leave a comment below or reach out on our contact page!

Stay connected with us on our socials for listings, market stats, professional insight and advice.

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Waterloo Region Real Estate April 2019 Market Review

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.

Condos

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

Realtor Notes

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. 

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

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.

Months of Inventory – Freeholds in Kitchener Waterloo Cambridge & Guelph January 2019

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.


Months of Inventory – Condos in Kitchener Waterloo Cambridge & Guelph January 2019

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!