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March 2019 Real Estate Market Review

Waterloo, Kitchener, Cambridge and Guelph

The March 2019 real estate market review will cover the freehold and condo markets for Waterloo, Kitchener, Cambridge and Guelph. We review key stats you need to know about in local real estate markets!

Key Stats

  • The average price of freeholds up approx $21,000 from March 2018
  • Average days on market and inventory numbers drop matching seasonal norms
  • Average price of condos increased about $1,000 from February of this year and almost $15,000 from March 2018

Freehold – Waterloo, Kitchener, Cambridge and Guelph

Average sale price for freeholds in Waterloo, Kitchener, Cambridge and Guelph real estate markets increased for the fourth straight month to $555,403 in March 2019. Compared to the average price for freeholds in March 2018 ($534,272) that is just under a $21,000 increase in average sale price.

Freeholds continue to move quickly with an average days on market of 20 in March. This is down from the 12 month high in December 2018 of 33 days. March 2019 marks the fourth straight month that the average days on market has declined. This follows seasonal trends as we are in the Spring season.

Freeholds in Waterloo, Kitchener, Cambridge and Guelph saw the most significant one month drop of inventory in over a year. With just under two months of inventory in march 2019 the freehold market is in an extremely strong seller’s market. March 2018 saw similar numbers with less than two months of inventory then experience steady increases to available inventory in the coming months.

Condo – Waterloo, Kitchener, Cambridge and Guelph

Average price for condos in Kitchener, Waterloo, Cambridge and Guelph markets rose about $1,000 from February to $359,636 in March 2019. Looking back the average sale price in March 2018 was $344,323 in the same markets.

The average days on market dropped from around 35 days in December/January to 27 days in March 2019, but up from 25 days in February. Expect the average days on market to stay in and around 25-30 days or decrease in April.

Condo Inventory numbers for Waterloo, Kitchener, Cambridge and Guelph real estate markets continued to drop. There was just over 2 months of condo inventory in March 2019. This marks the third straight month of decline in condo inventory. The Condo market is still a seller’s market and this trend will continue for the foreseeable future.

March 2019 Real Estate Market Review Realtor Notes

After review of the March 2019 real estate market numbers inventory is down, average days on market down and prices up for another. This signals that we are still in a seller’s market and that this trend will continue. The market is tough for buyers in virtually every price point with sellers listing properties and setting offer review date to generate multiple offers. This means that most buyers are competing directly with other offers on most properties listed in the area.

What does that mean for sellers? It is a great time to sell! You can command a premium because there is a significant shortage of available options for buyers. Properties that show well are commanding even more of a premium than ever.

Buyers, we feel your pain. We work hard for both sellers and buyers to create value no matter the market circumstances. For buyers we preach education, preparation and speed. The market is tight but not impossible to find value. The more you monitor the market, view properties and how quickly you can move on a good deal is the difference between scoring the right property and getting burned with a bad deal.

Stay tuned for upcoming blog post on tips for buyers in a hyper-competitive market. Drop us a comment or contact directly at Zack@primepropertieson.com with questions or a free consultation for all your real estate needs.

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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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MLS Listings Stats Week Ending April 1st, 2018

MLS Listings in the Waterloo and Wellington regions took a step back this week, primarily due to the Easter long weekend. With most people off work travelling and enjoying quality family time Easter is traditionally slower in terms of new inventory coming to market. New MLS listings totaled 280, just over 100 less when compared to the previous week (392). Is this the calm before the storm that is the Spring real estate markets of Waterloo and Wellington?

Waterloo & Wellington Region Real Estate – MLS Listings Stats Breakdown

New Listings: 280

Sold Pending: 258

Sold Closed: 186

Cancelled & Expired: 84

Active Conditionally Sold & Not Showing: 150

Price Increase: 9

Price Decrease: 64

Back on Market: 30

Summary & Commentary

With another great Easter weekend in the books let’s compare houses for sale in Waterloo and Wellington regions to our first few weeks of Spring! MLS listings stats show that there were just over 100 fewer listings coming to market but had 7 MORE homes sold pending compared to the previous week. This differential between New Listings and Sold Pending shows that our markets had a large chunk of available listings purchased in the past week! This is largely due to the seasonality of our markets and the Easter long weekend. We can expect to see a significant increase in active listings this time next week and likely the week after.

Some additional noteworthy points are the large increase in sold closed (188 compared to just 80 the previous week), this is mainly due to the long weekend. It’s fairly common for many sellers and buyers to move the week of a long weekend to give them more time and flexibility to handle their move. Another interesting number to monitor is the amount of conditionally sold properties (“Active -NS” and “Active -CS”). There were 150 conditionally sold listings last week, an increase of 30 compared to the previous week (120). If this number continues to grow this can seriously change the buying and selling strategy compared to how our markets have been in the past year or two.

Stay tuned or ask us how an increasing number of conditional offers affects your buying or selling strategy! As always stay connected with us on social and leave us a comment or question below.

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Waterloo & Wellington Region MLS Listing Stats – March 11, 2018

MLS Listing Stats Week Ending March 11th, 2018

MLS listings stats for the week ending March 11th, 2018 there are almost the exact same number of houses for sale in Kitchener, Waterloo, Cambridge and Guelph as the previous 7 days in the market. Real estate martket data showed very similar numbers as the previous week, see below for breakdown and comments!

Waterloo & Wellington Region Real Estate – Listings Breakdown

New Listings: 331

Sold Pending: 241

Sold Closed: 88

Cancelled & Expired: 77

Active Conditionally Sold & Not Showing: 116

Price Increase: 14

Price Decrease: 73

Back on Market: 28

 

Summary

Our markets saw just one less new listing (331) in the past 7 days compared to the previous week (332) but far less closings. 241 properties sold pending and another 116 listings conditionally sold in the past week leaves little inventory in the Waterloo, Kitchener, Cambridge and Guelph real estate markets.