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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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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 Market Update – MLS Listings May 22nd, 2018

MLS Listings Waterloo & Wellington Region

Taking a look at real estate data for the past week there were just 347 new listings in the Waterloo and Wellington region markets. This is down from 491 in the second week of May. As noted in last weeks market update blog post a decline in new listings the week of a holiday long weekend is typical. View the market watch real estate stats and commentary below for full details!

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

New Listings: 347

Sold Pending: 251

Sold Closed: 204

Cancelled & Expired: 112

Active Conditionally Sold & Not Showing: 145

Price Increase: 19

Price Decrease: 88

Back on Market: 48

MLS Data Shows Long Weekend Slowdown in New Listings

Our real estate markets showed fewer new houses for sale in Kitchener, Waterloo, Cambridge, Guelph and surrounding markets than the previous week. With 347 new listings, compared to 491 the week before our market saw 144 less new properties hit the board. As noted in last week’s commentary a decline was expected due to the Victoria Day long weekend. It is important to note this is typical for long weekends and holidays. Expect a significant increase in more new listings coming to market this week and next as we reach the unofficial mid-point of our Spring market.

In review of other key market data there were comparable numbers of sold pending listings with 251 this past week versus 270 the week before. Note, an increase in sold closed listings from 137 two weeks ago compared to 204 this past week. This is in line with market norms of more closings happening prior to long weekends/holidays as well as at the beginning and end of each month. Finally, there were similar amounts of listings that experienced price changes and were conditionally sold compared to seasonal norms and the past few weeks.

Realtor’s Notes

There have been no real surprises in the past few weeks of MLS Listings data. Waterloo & Wellington region are experiencing low inventory but are far less competitive than this time last year. That being said, new listing and overall active listing inventory still remains low enough that we remain in a seller’s market. Until we see more new listings coming to market on a consistent basis the Waterloo and Wellington regions will remain in a sellers’ market.

Look for a flood of new listings coming to market this week and next. Typically after long weekends in the Spring and Summer sellers’ have used the extra time off to prepare their home for market.

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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.

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Real Estate Markets – Week Ending April 29th, 2018

Spring Weather Brings Inventory to Local Real Estate Markets

The newest installment of our weekly real estate markets update shows an uptick in new MLS listings! After weathering a Spring ice storm just two weeks ago we see that more houses for sale in Cambridge, Waterloo, Kitchener and Guelph have come to market. For a market hungry for more inventory buyers welcome any new listings.

Are you considering making a move? Check out our buying smart series for buyer tips: https://primepropertieson.com/real-estate/buying-smart-series-march-2018/ . Selling or wants some tips? Peak our Facebook page where we are posting great content reviewing our Spring Seller Series: https://www.facebook.com/pg/primepropertieson/posts!

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

New Listings: 411

Sold Pending: 300

Sold Closed: 200

Cancelled & Expired: 95

Active Conditionally Sold & Not Showing: 138

Price Increase: 13

Price Decrease: 90

Back on Market: 26

Sunshine Brings Few More Listings To Real Estate Markets

For the week ending Sunday April 29th, 2018 our MLS Listings stats show an overall increase in volume. The Waterloo and Wellington region real estate markets had 411 New Listings, 26 more than the previous week. In addition our real estate market had 300 Sold Pending listings, 21 fewer than the week before. Conditionally sold listings for the past week totalled 138 compared to 142 the previous seven days. The spread between sold pending listings and new listings grew this past week. This means slightly more inventory for buyers!

To summarize the other stats our real estate market had 200 listings sold closed as well as 95 expired and cancelled listings. There were 103 listings with price changes compared to 85 the previous week.

Realtor’s Notes

The real estate market stats for the past seven days are in line with seasonal expectations. It is nice to see more inventory but our market has yet to receive a significant increase in available listings. We will remain in a seller’s market until we get more inventory or buyer demand cools significantly. Overall a fairly predictable week in the Waterloo and Wellington region real estate markets.

 

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MLS Listings Stats Week Ending April 22nd, 2018

Sellers’ Market Continues to Roll!

MLS Listings stats from Waterloo and Wellington region reveal little surprises for the week ending April 22nd, 2018. Marginal increases to new listings and sold pending listings are in line with seasonal trends. Now that the sun is out, and the snow is gone until next winter (hopefully) we can expect to see a steady increase of new listings coming to market over the next month or two. With slight increases in new listings, we can expect to see comparable increases to sold pending and conditionally sold listings. THis is because there are a comparable number of buyers to sellers currently active in our markets. If we continue to see comparable increases to sold and new listings we can expect our sellers market to remain for the time being.

Waterloo & Wellington Region Real Estate – MLS Listings Stats Breakdown

New Listings: 385

Sold Pending: 321

Sold Closed: 158

Cancelled & Expired: 70

Active Conditionally Sold & Not Showing: 142

Price Increase: 12

Price Decrease: 73

Back on Market: 29

Another Spring, Another Sellers’ Market

After braving the spring snow storm just one week ago our real estate markets experienced a slight increase in overall volume. MLS statistics showed 385 new listings this past week compared to 348 new listings the previous week, an increase of 40. This past week out markets saw 321 sold pending listings compared to 308 the previous week. These marginal increases to both key metrics are in line with seasonal trends. As well, their increases are comparable to each other meaning we are still in a sellers’ market. This is remain the case until we see a significant increase to new listings compared to sold pending and conditionally sold listings, leaving more inventory for buyers.

In review of other numbers there was a 50% increase in sold closed listings compared to the previous week. Price adjusted, cancelled and back on market listings were all fairly comparable to the previous week’s figures.

Realtor’s Notes

Overall the MLS listings stats for Waterloo, Kitchener, Cambridge, Guelph and the surrounding cities are showing that we are still in a fairly strong sellers’ market. This trend is expected to continue as inventory remains low and mortgage financing remains historically inexpensive. Inventory remains low as the development process remains slow and construction costs remain high. As for mortgage financing, we are expected to see interest rates increase this year, at least once. This will likely squeeze those that are on the fringe out of the market. Increases to interest rates will be marginal and are not expected to push a significant number of buyers completely out of the market.

For more commentary on real estate markets and how they are changing join us on Facebook www.facebook.com/primepropertieson/. Want more details, to share your opinion or talk real estate? Drop us a comment or get in touch via our contact page!

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MLS Listings Stats Week Ending April 15th, 2017

MLS Kitchener, Waterloo, Cambridge & Guelph Listings Stats Update

Real Estate stats for the week ending April 15 for the Waterloo & Wellington region show our markets are following seasonal trends. Our markets have seen more new listings and sold pending transactions then previous months. This is primarily due to weather and seasonal trends. When compared to the Spring markets over the past few years we are experiencing similar numbers of new listings in our local markets. That being said, we are still in a seller’s market with inventory in our markets remaining fairly low.

Waterloo & Wellington Region Real Estate – MLS Listings Stats Breakdown

New Listings: 348

Sold Pending: 308

Sold Closed: 103

Cancelled & Expired: 85

Active Conditionally Sold & Not Showing: 158

Price Increase: 10

Price Decrease: 72

Back on Market: 20

Spring Snow Storms Temporarily Pause New Listings Coming To Market

Southern Ontario was hit by a nasty snow and ice storm this past weekend likely putting some new listings on hold. Weather is always a significant factor to consider when analyzing market stats. The poor weather likely the main cause for almost 100 fewer new listings coming to market this week compared to last week.

We saw 348 new listings coming to market in the last 7 days compared to the 455 new listings the week prior. That is a difference of just over 100 properties. That being said, we are still comparable to the previous spring in terms of available inventory. In the past week our market had 308 sold pending compared to 256 the previous 7 days. It is important to note the “net new listings” in our market. We saw 348 new listings and 308 sold pending listings leaving only 40 net new listings. This compared to the previous week which saw 199 net new listings. Low levels of net new listings are a strong indicator that there are a comparable number of buyers to sellers in our markets. This signals we will remain in a strong seller’s market for the foreseeable future.

Additional points to note include price changes, sold closed, and conditionally sold numbers. Waterloo and Wellington real estate markets had 72 listings that price decreased and 10 listings that price increased. These numbers remain low and indicating that most listings are selling without pricing changes. There were 158 conditionally sold properties this week and 154 the week before. Finally, our markets saw a fair decrease in sold close properties this week compared to last week.

Overall, we are not seeing any major surprises in our market’s underlying stats. We can expect the number of new listings to fluctuate between 300-400 new listings on a week-to-week basis for the next few months. If that does happen, and we continue to see comparable numbers of sold pending listings, the real estate markets in Waterloo and Wellington region will continue to be strong seller’s markets.

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MLS Listings Stats Week Ending April 8th, 2017

Houses For Sale in Cambridge, Kitchener, Waterloo & Guelph!

A welcome boost to real estate inventory means more houses for sale in Cambridge, Kitchener, Waterloo and Guelph. This signals unofficial beginning of Spring market! MLS listings stats show a big jump in new listings with more and more sellers coming to market (455 this week compared to 258 the week before). This brings much more selection to buyers but due to the seasonality of our real estate market you can expect the amount of active buyers have increased as well. Regardless, the real estate markets in the major market centres of Waterloo, Kitchener, Cambridge, and Guelph are still in strong sellers markets. This signals that it is still a great time for sellers to list.

Waterloo & Wellington Region Real Estate – MLS Listings Stats Breakdown

New Listings: 455

Sold Pending: 256

Sold Closed: 201

Cancelled & Expired: 107

Active Conditionally Sold & Not Showing: 154

Price Increase: 5

Price Decrease: 75

Back on Market: 17

Significant Increase to Inventory Kicks of Spring Real Estate Market

The Waterloo and Wellington regions experience a welcome increase in new listings coming to market with 455 new listings in the last 7 days. This compared to just 280 new listings the previous week shows that our spring market has arrived! Houses for sale in Cambridge, Waterloo, Kitchener and Guelph increased primarily due to the seasonality, as well as the timing of national holidays which typically causes sellers to push listing dates. It is important to note that inventory has been particularly low for the first three months of 2018 coming off new regulation changes and an extended Winter. This has maintained the region’s strong seller’s market that is extending into two, almost three years dating back to 2015.

To summarize the other notable stats we had a comparable number of sold pending and conditionally sold listing to the previous week. Sold pending listings for the last 7 days was 256 compared to 258 the previous week. Conditionally sold listings were 154 this past week compared to 150 the previous 7 days. Additional numbers for Cancelled, sold closed, back on market and price decreases remained similar to the previous week with nothing significant to report.

Overall we expect the seasonal trends to continue through the coming weeks. With more inventory and more pleasant weather we can expect more available inventory and more active buyers. Stay updated on market trends, newest listings, and the best buying and selling strategies with us on Facebook and our website! Comment and share what you would like to see and stay tuned for more great content.

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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 Listings Stats – March 25th, 2018

MLS Listing Stats Week Ending March 25th, 2018

In review of MLS listings stats in Waterloo and Wellington Region increased in the past seven days. Spring has arrived and sellers are starting to come to market in larger volumes. New listings increased by 101 compared ot the previous 7 days, hello inventory! That is 392 New listings compared to 291. That accompanied by only 251 listings sold pending in the same time frame (an increase of only 1 from the week prior). This is a much welcome increase for buyers as we head into the spring!

Waterloo & Wellington Region Real Estate – MLS Listings Stats Breakdown

New Listings: 392

Sold Pending: 251

Sold Closed: 80

Cancelled & Expired: 72

Active Conditionally Sold & Not Showing: 120

Price Increase: 8

Price Decrease: 73

Back on Market: 25

Summary – Spring Inventory Starting Strong

The week ending March 25, 2018 saw the first day of Spring and a welcome increase of new listings. Houses for sale in cambridge, kitchener, waterloo and guelph markets increase by 101 units over the past seven days. This should provide some more options for active buyers. When looking at sold pending numbers there was only one more unit sold (251 sold pending) compared to 250 just one week ago. This along with the significant increase in new listings is a great sign for buyers looking to scoop something up early this Spring. Comparing other metrics such as sold closed, price decreases, active CS/NS and cancelled listings to previous weeks there is nothing noteworthy.

Seasonal moving trends in southern Ontario are likely playing the biggest role in the increase of inventory in local markets. MLS listings in Waterloo and Wellington region traditionally see significant increases around the end of March and beginning of April, as this marks the beginning of Spring. With Easter coming up this weekend we will likely see a larger increase in new listings one week from now. Typically buyers and sellers are more active the week following major holidays, mainly due to travel, time off work and family vacations.

If you’re hoping to do some house hunting this long weekend stay tuned for our open house update and houses for sale in Waterloo, Kitchener, Cambridge and Guelph! If you’re looking for resources to help with your property search send us a message we would love to get you set up with the best free tools.