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
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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)
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
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.
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.
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.