Waterloo Region Real Estate Review December 2019
Seasonal trends are a very real thing in the Kitchener, Waterloo and Cambridge real estate markets! This is made very clear when we see declining inventory numbers over the winter months. Our local real estate market continue to experience price growth fueled by low inventory and strong buyer demand. Below we review key market stats across all market segments and briefly overall sales numbers and market conditions for buyers and sellers in the realtor notes.
Waterloo Region Real Estate Key Market Stats
Average sale price across all property types in Waterloo region was $543,786 in December 2019.
All listings were on market for an average of 29 days.
Overall market supply was 0.6 months in December 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: $645,411 (UP about $15,000 from November)
Days on market: 29 Days (UP from 26 days)
Months Supply – Inventory: 0.6 Months (DOWN from 1.1)
The average sale price of single family homes in the Waterloo Region real estate market was $645,411 in December which is up $15,000 from November and almost $40,000 from October. The average days on market was 29 days for single-family properties. Days on market rose for the third straight month which follows seasonal norms of higher days on market during Winter months. The Kitchener, Waterloo and Cambridge real estate markets experienced a second straight month of declining supply. With only 0.6 months of inventory there are very few single homes available in all of Waterloo Region.
Waterloo Region Condos
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Average Sale Price: $350,579 (UP almost $12,000 )
Average Days on Market: 40 Days (UP 5 Days)
Months of Inventory: 1.8 Months (DOWN from 2.7 months)
The average sale price for condos in Waterloo Region was $350,579 in December, up for the third straight month. Condos were selling in 40 days on average in Kitchener, Waterloo and Cambridge real estate markets. There was 1.8 months of condo inventory in December. The last time there was less than two months of condo inventory in Waterloo Region was exactly one year ago in December of 2018.
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 $473,689
The average days on market for both segments was 22 days
Townhouse average sale price was $411,097
There was just 0.3 months of inventory in November 2019
The spike in average sale price for semi-detached homes was significant in December 2019 jumping to $473,689 from $435,356 just one month ago. A main factor for this was the significant decrease in semi-detached homes listed and sold inthe month of December. We will look at this again in January to see if there is a significant trend or irregular month for this market segment.
There were a total of 332 sales across all real estate market segment in December, down from 591 in November. There were 195 Single family homes sold, 55 condos, and 82 townhomes/semi-detached properties sold. December and January are traditionally the slowest months of the year for number of sales and these figures match that trend.
Looking at the Kitchener, Waterloo and Cambridge real estate markets as a whole we noticed that more listings were selling significantly above asking price compared to just a few months earlier. This is likely a combination of timing and market conditions. Buyers and investors may be pushing to lock up properties before the end of the calendar year. That combined with the significant drop in available listings (market supply) may cause buyers to be pushing higher prices to acquire properties. The average sale price as a percentage of listing price was 102.5% this past month, up from 99.6% in December 2018.