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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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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 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. 

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

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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!

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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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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.

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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 Update – MLS Kitchener, Waterloo, Cambridge and Guelph May 27th, 2018

MLS Kitchener, Waterloo, Cambridge and Guelph Stats

Data for MLS Kitchener, Waterloo, Cambridge and Guelph shows an increase in new listings compared to last week. New listings jumped from 347 the previous week to 459 in the past 7 days. MLS Listings stats shows a total of 1355 active listings in the Waterloo Region and 562 in the Wellington region. Below is the breakdown of the past week in real estate and analysis on what we are seeing in the Waterloo and Wellington region real estate markets.

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

New Listings: 459

Sold Pending: 275

Sold Closed: 153

Cancelled & Expired: 110

Active Conditionally Sold & Not Showing: 168

Price Increase: 26

Price Decrease: 95

Back on Market: 37

MLS Listings Analysis – More Inventory But Not Enough

MLS Kitchener, Waterloo, Cambridge and Guelph experienced an increase of 112 new listings in the past week moving up from 347 to 459. As noted in previous posts this is mainly due to the May long weekend as sellers typically bring their home to market a week or two before, or after, the holiday weekend. Sold pending listings were 275 compared to 251 the week prior, an increase of just 24. This widens the gap and provides slightly more inventory for the active buyers out there but not enough to sway from our current seller’s market to a buyer’s market.

In addition to the key metrics MLS listings stats show very comparable numbers for conditionally sold listings and properties that made price changes. Last week our real estate markets had 145 conditionally sold listings compared to 168 this past week. As well, there were 107 listings that had price changes two weeks ago compared to 121 that either increased or decreased their listing price.

Realtor’s Notes

Waterloo and Wellington region real estate markets keep chugging along matching seasonal norms and expectations. We are still in a seller’s market with listings selling in 25 days on average (compared to just 17 days the same time last year). For the last 18-24 months listings have sold quicker than historical averages which makes it even more difficult for inventory to catch up and pushes prices higher. To compare, the media listing price for properties in Waterloo and Wellington region in April 2017 was $439,000 compared to $479,900 in April 2018. Average days on market is a great indication on how quickly listings are moving and overall competition for buyers. As well, median price on a month-to-month basis is a great tool for buyers and sellers to keep tabs on the overall price trends for the real estate market.

For buyers looking to get into the market review our previous Buying Smart Guide. We also discuss selling and investing in real estate regularly on our Facebook Page with great links, tips and conversation to help our friends in the community navigate our rapidly changing real estate markets. Is there a topic or question you want covered? Leave us a comment or get in touch!

 

 

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Real Estate Market Update – May 13th, 2018 More Houses for Sale!

Houses for Sale in Waterloo & Wellington Region

Spring continues to bring more houses for sale to market in Kitchener, Cambridge, Waterloo and Guelph! MLS listings stats show a notable increase in new listings for the second week of May. Additional inventory is still welcome in the Waterloo and Wellington region real estate markets, both of which have been in sellers’ markets for extended periods of time now. Even though more inventory is coming to market we can expect competition to remain tight amongst buyers. Check out the MLS listings stats breakdown and realtor commentary below for more information!

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

New Listings: 491

Sold Pending: 270

Sold Closed: 137

Cancelled & Expired: 101

Active Conditionally Sold & Not Showing: 162

Price Increase: 17

Price Decrease: 102

Back on Market: 31

Boost to New Listings Means More Houses for Sale

Comparing the second week of May 2018 to the first week, our markets had a larger net increase to inventory! MLS Listings stats show 491 new listings in the past seven days. This compared to 437 new listings that came to market the previous week. It is also important to note the number of sold pending listings which was 270 this past week. That is comparable to 283 new listings just one week prior. Reviewing these two key metrics shows that the Waterloo and Wellington real estate markets had a net increase (New listings minus sold pending listings) of 221 listings this week compared to 154 in the first week of May 2018. A net increase indicated more inventory for buyers.

To summarize other key market stats Waterloo and Wellington region real estate markets had very comparable numbers of conditionally sold listings as well as listings that made price adjustments and came back to market. Note that there was a significant drop in sold close listings. This is fairly standard as we typically see a larger volume of close listings the first week of every month between May and September.

Realtor’s Notes

More new listings means more homes for sale in Cambridge, Kitchener, Waterloo and Guelph!  Now we are in the thick of the Spring market and Sellers are rushing to list their homes. A similar story on the buyer side of the market as more and more buyers are becoming active as the spring market hits full stride. We are approaching a significant holiday in the May long weekend. Typically fewer listings come to market over the long weekend as southern ontario residence flock to cottage country and family gatherings for the first holiday of the Spring. Expect a large increase in new listings for the weeks following this coming holiday.

 

If you are navigating the spring market and have questions drop us a comment or get in touch via the contact page on our website! Let us show you how we find great value for our buyers and maximize returns for our sellers with our proven systems and models.