No Comments

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.



No Comments

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.



No Comments

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.

4 Comments

Real Estate and Technology Trends – Kitchener-Waterloo Associations of Realtors Technology Show 2019

The 2019 Kitchener-Waterloo Associations of Realtors (KWAR) Technology Show was a great opportunity to learn about how technology and real estate continue to change the business of real estate for both sales representatives and consumers. If you are all about cool technology, marketing, interested in the real estate industry or even in the industry yourself this blog post is for you! Below you can find the key takeaways in real estate and technology trends from this powerful conference.

The Real Estate Technology Industry: Big Money & Big Tech!

The real estate industry itself has changed dramatically in the past five years and we can expect this trend to continue. From the top down we have big players coming to the table from tech giants to angel investors pouring over 10 BILLION dollars of investment dollars into the real estate tech space in 2017 alone. What was once a fragmented mom and pop style business with brokerages moving the needle of change we are seeing massive investment from big time players.

What does this mean for agents, buyers, and sellers?

Well, for agents we can expect more tools and better systems to communicate and connect with clients at a larger scale and more efficiently. That being said, tools are only as useful as the person using them. For consumers the avalanche of big money coming into the business will likely yield more clarity, power, and options. Access to data, increased transparency, and technology disrupting the status quo will only provide more options and value to consumers in the long run.

Technology – All the buzz..

The new technologies coming into real estate will focus heavily on social media, artificial intelligence and virtual reality. Now, none of these are technologies new BUT they have not been applied to the real estate industry in mass yet.

Social media messaging, marketplace platforms and marketing capabilities are already being utilized by sales representatives to drive traffic, attract buyers and expand their network (expect this trend to continue).

AI technologies are great way to help interested consumers get the right information on their schedule too! From website and social media chat bots to database and market analysis tools there are endless opportunities to add value for both agents and consumers.

Virtual reality technology is probably the closest to being used commercially with the masses.

Consider this: you and your partner are selling the first condo you bought together to get a house with a yard for your dog Tonto, exciting! Problem is you’re busy people and don’t both work the exact same hours (welcome to 2019). Second problem, you live in southern Ontario, maybe even Waterloo Region, where your market is a super competitive seller’s market and all the listings in your area are selling in two weeks or less. So the chance that you see the right house, at the right price and you can both go see it at the same time BEFORE is sells is slim.

How much easier would it be if you didn’t have to physically be there to decide if it is worth a look or not? How frustrating is it when you can’t get a good indication of the property because the pictures suck? This way, your agent can send a virtual tour to their clients to see if it is even worth a look or if you’re swiping left on that house. Time. Saver.

The short of it – Real estate technology is good for all!

The technology boom in real estate has just begun. As real estate agents ourselves we expect consumers to be more educated, more critical, and more open minded as information and tools are more easily available. As a consumer you can expect to have access to more data, choices, and ultimately more power in the decision making process for your real estate dealings. That being said, real estate is, and will continue to be, a relationship business between humans that rely on trust and expertise to get the deal done.. We are just going to have more, better toys to use along the way!

No Comments

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.

No Comments

MLS Listings Review October 2018

MLS Listings Review October 2018

In review of MLS listings numbers for October 2018 we will share what prices and inventory are doing the Waterloo, Kitchener, Cambridge and Guelph real estate markets. To compare similar numbers to earlier this year and the same time last year check the visuals below and our previous blog post.

Real Estate Inventory Numbers

Months of inventory is the number of active listings on the market in the previous month divided by the number of sales that month. This metric is key to determining the amount of available listings there are in our local real estate markets. October 2018 had just under 2.5 months of inventory in the major market centers Kitchener, Waterloo, Cambridge and Guelph. This is still about half of the amount of available listings we would need to even see a balanced market. Low inventory signals that buyers do not have a lot of options and the seller’s market will continue. Low inventory levels also supports price growth.

 

MLS Listings Price Numbers

Are prices going down? What prices does this type of place sell for? Are listings still selling in multiple offers? Comments and questions on prices are the most common things we hear from our network.

Prices are not going down and yes some listings are still selling in multiples. We are still in a competitive market for buyers, especially anything in the lower 400’s and under. As you can see in the graphic here the average price of residential listings in Kitchener, Waterloo, Cambridge and Guelph was $475,268. The average sale price has fluctuated around 1-2.5% of October’s average sale price for the better part of the last 5 months.

The average of the monthly prices for residential listings was $461,967 in 2017 and $479,908 so far in 2018. This is a 3.58% increase compared to 2017 prices.

What You Need to Know as a Buyer – Realtor Notes

For buyers we encourage looking at opportunities to purchase within the next three months for two main reasons. First, interest rates are likely to increase again in 2019. Get in before it becomes more expensive for you. Check out how interest rate increases can affect your mortgage HERE. Second, Although inventory is historically low we have noticed that competition has softened slightly. This is fairly common for this time of the year but recent increases to interest rates and media/market sentiment shifting towards price uncertainty is revealing more opportunities for savvy buyers than usual. Contact me directly or check out our Facebook page for buyer resources, search tools and updated listings.

No Comments

MLS Waterloo Region Real Estate Market Update – September 2018

MLS Waterloo Region Stats

2018 third quarter is in the books! This month in review of MLS Waterloo Region stats we are going to quickly review price trends and inventory. In addition we are going to discuss what trends we can expect for Q4 relating to buyers, sellers and investors.

 

Prices, Days on Market & Inventory Numbers


In September we saw properties move a little bit more quickly with average days on market at 17 compared to 19 in August. We will traditionally see more closings in August as those buyers and sellers will be moving before the school year. September usually has more sales compared to August as buyers and sellers that are trying to move before Winter starts will look to make that happen in early Fall.

Note the median listing price saw a slight increase from August to September hitting that $500,000 mark! In summary, we saw properties sell a little quicker and listing price was slightly higher than in August.

 

Inventory numbers saw slight increases as well. Inventory increased to just over 2.5 months. This is great news for the overall health of our markets but not enough to really “move the needle” into a more balanced market. Waterloo region is still in a sellers market and we have not seen a balanced market since 2015..

 

 

 

 

 

Realtor Remarks – Q4 Expectations

Here at Prime Properties Ontario we watch weekly and monthly market stats to keep updated on key market trends. Here are a few key points to consider:

  • Healthy number of new listings came up in September, expect some more for October
  • Prices holding steady – ticking upwards even!
  • Most listings are not holding off on offers
  • Deals to be had for buyers

September and the first few days of October we have seen an uptick in new listings as sellers push to get their home on the market and sold before buyers disappear for the Winter. Compared to the past 12-18 months we have seen more and more great deals for buyers come up in the past 30-60 days. We expect there to be good value for buyers and investors as we get into Q4. Note, average prices will continue to trend upwards so sellers can still take advantage of that. We typically see more motivated sellers, and less competition in the later months of the calendar year. This presents great opportunities for buyers and investors!

QUICK LINKS

Just browsing: Free Property Search HERE

Looking for something specific? Realtor Quality Search HERE (also free): Contact Zack 519-591-8419 / zack@primepropertieson.com

Pre-construction & Developments in Waterloo Region HERE & HERE

No Comments

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.

No Comments

Houses For Sale Cambridge, Waterloo, Kitchener & Guelph Monthly Update

MLS Listings Stats – July 2018

The unofficial closing season has since passed with the Canada day and August long weekend behind us. Does that mean there are more houses for sale? Are prices going to drop? Are there lots of homes on the market? Answers to these questions and more below!

 

More Houses for Sale in Cambridge, Kitchener, Waterloo & Guelph Markets?

Our communities are still talking about the wild Spring market of 2017! Will prices fall? When will more inventory come? If you find yourself asking yourself these questions you are not alone. Let’s face it, we had a CRAZY spring market in 2017. A market where prices went higher and faster than previously thought possible. Since then real estate markets have been hit with mortgage regulations, rising interest rates and a real shift in how buyers and sellers view real estate markets in our community.

At Prime Properties Ontario we value statistics over opinion. We encourage everyone to do some research, ask some hard questions, and consider the underlying variables that affect your local real estate market.

 

CAMBRIDGE INVENTORY

The city of Cambridge has held above 350 Active listings since April 2018. In comparison between the active listings count from 2017 we are looking at fairly comparable number of listings. With no noticeable trends upwards, or downwards so far in 2018 we can expect our Cambridge market to remain a seller’s market for now.

 

 

 

 

KITCHENER INVENTORY

The number of active listings in Kitchener has remained close to the 500-550 active listings since March 2018. In comparison to Spring/Summer 2017 the number of active listings is not significantly different. We can also see that we have experienced a slight downward trend in the number of houses for sale since May 2018. If this trend continues, and become more rapid than the typical seasonal trends, it may put more pressure on buyers to scoop up properties quicker.

 

WATERLOO INVENTORY 

The city of Waterloo has had more than 500 active listings on the board since April 2018. This is the most in well over a year! What’s the deal?! The most likely cause is the construction of more properties. With the completion of some major condo projects and communities in the Vista Hills, Laurelwood and Uptown neighborhoods there has been more new build units on the market. Since May 2018 inventory has slid, this is expected as volume of active listings is highest in the Spring.

 

GUELPH INVENTORY 

The City of Guelph active inventory has fluctuated the most compared to the other 3 major markets in our areas. While fluctuating between 300 and 475 active listings in the Spring of 2017 the Guelph market also saw extremely low level of active listings in ealy 2017 and 2018. With the number of active listings staying below 200 units from January 2017 to May, and hitting that mark again in December 2017. 200 Active listings for a market the size of Guelph is LOW. With such little selection and demand for real estate so high it is no wonder Guelph experienced such aggressive jumps in prices.

 

Realtor Commentary

To summarize our local markets underlying statistics have not changed dramatically since 2017. Inventory in each of the largest market centers is comparable what we saw last year. What does that mean for prices though?  Stay tuned for Waterloo region and Wellington county price data! Join us on Facebook here: www.facebook.com/primepropertieson for updated market stats, the best resources an listings updates. Drop a comment if you want to see a specific topic or get connected with automatic blog or social media updates.

No Comments

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!