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Kitchener, Waterloo and Cambridge Real Estate Markets December 2019

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

Ask us to stay updated on pre-release specials or buyer incentives we have access to!

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.

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 $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.

Realtor Notes

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.

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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Temperatures & Inventory Dropping in Waterloo Region

November 2019 Waterloo Region Real Estate Review

Seasonal trends are a very real thing in the Waterloo Region real estate market as seen in the declining inventory numbers. Our local real estate market continue to experience growth fueled by low supply and strong buyer demand. Below we review key market stats across all market segments and briefly discuss the topic of affordability in our realtor notes.

Waterloo Region Real Estate Key Market Stats

Average sale price across all property types in Waterloo region was $550,865 in November 2019. That is up from around $532,847 in October.

All listings were on market for an average of 26 days, up from 23 days in October.

Overall market supply was 1.1 months in November, down compared to 1.4 in October.

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: $630,399 (UP from $604,355 in October)

Days on market: 26 Days (UP from 23 days)

Months Supply – Inventory: 1.1 Months (DOWN from 1.5)

The average sale price of single family homes in the Waterloo Region real estate market was $630,399 up almost $25,000 from just one month ago. The average days on market was 26 days for single-family properties. The Waterloo Region market experienced a second straight month of declining supply. With only 1.1 months of inventory there are very few single homes available.

Waterloo Region Condos

Ask us to stay updated on pre-release specials or buyer incentives we have access to!

Average Sale Price:  $339,805 (UP almost $6,000 )

Average Days on Market: 35 Days (UP 2 Days)

Months of Inventory: 2.7 Months (UP from 2.6)

The average sale price for condos in Waterloo Region was $339,805 in November, up for the second straight month. Condos were selling in 35 days on average last month matching seasonal trends. There was 2.7 months of condo inventory in November, up from 1.7 months in November 2018.

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 $435,356

The average days on market for both segments was 23 days

Townhouse average sale price was $432,082

There was just 0.6 months of inventory in November 2019

Realtor Notes

Waterloo Region continues to experience low inventory numbers across all market segments putting upwards pressure on prices and affordability. In November there was 733 total property for sale which was about 300 units less compared to the same month last year. Furthermore, there was only 283 units combined between the condo, townhouse, and semi-detached segments. That is comparable to the 247 units for sale in the same month in 2016 which was the beginning of the extremely hot 2017 real estate market.

We look at these specific segments more closing because they are traditionally seen as more affordable options compared to single family homes. As inventory remains low, and prices continue to climb, more buyers and investors will turn to these segments for affordable options. This competition will further amplify the price growth in the lower price points and more affordable market segments like condos, townhomes and semi-detached properties.

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 – 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 Real Estate Market Review – July 2019

In July, the Waterloo real estate market experienced a second straight decline in inventory. Listings continue to sell in about three weeks on average and for approximately 100% of asking price. The Waterloo real estate markets continue to be competitive signalling values should appreciate.

Waterloo Region Real Estate Key Market Stats

  • Average sale price across all property types in Waterloo region was $516,481 in July 2019
  • All listings were on the market for an average of 22 days
  • Overall market supply was 1.8 months in July 2019

Wondering how July compared to past months? View our monthly blogs to see!

Single Family Homes

For single family homes the average sale price has increased by 6.3% from July 2018. The average days on market was 20 days, and the months supply remained at 2 months for the second straight month. 

  • Average Sale Price: $594,270
  • Days on market: 21 Days
  • Months Supply – Inventory: 2.0 Months

The Waterloo real estate market continues to experience very low inventory, especially in single family homes. Low inventory is fueling competition and price appreciation in this segment.

For example, months of inventory for single family homes priced between 200-450,000 is just 0.3 months, down from 0.5 months last year. That is a decrease of about 40%. For single family homes priced above $450,000 there is just 2.4 months of inventory. This is down from 2.8 months (14.3% drop) in the same month last year.

Condos

Our Waterloo region real estate market continues to provide opportunity in the Condo segment as redevelopment of the city core’s progress. New developments from local and national organization in uptown Waterloo and downtown Kitchener continue to be the focus for local residence and investors.

  • Average Sale Price: $320,250 
  • Average Days on Market: 29
  • Months of Inventory: 3.3 Months

Waterloo Condos increased in average sale price by almost $15,000 from June to July. Average days on market increased slightly from 19 to 21. Months of inventory increased from 2.9 in June to 3.3 in July.

Townhouses & Semi-Detached

  • Semi -Detached average sale price was $436,904
  • Townhouse average sale price was $421,378
  • The average days on market was 21 days in June for this segment
  • 1.0 months of inventory in July 2019 down from 1.2 in June

Developers and builders just can’t bring new units to market quick enough in this segment. Buyers have been hungry for affordable freehold options which townhouses and semi-detached properties have traditionally filled. What we have found, especially over the past few years, is that the price gap between smaller detached homes and this segment has continued to shrink.

We have speculated that Investor demand and a shift in buyer trend from the resale market to pre-construction has also fueled aggressive price growth in towns and semis. Check Buzz Buzz for pre-construction and upcoming developments in Waterloo Region and surrounding areas.

Realtor Notes – Buyers be ready!

Buyers, we feel your pain. There are few options out there and anything good is sold very quickly and likely above asking. We work with buyers every day and we found that education, qualification, and preparation are the best way to find great deals in any market. 

Educate yourself on the buying process and to better understand the market conditions. Qualify yourself with a mortgage pre-approval, have your deposit ready, and get comfortable with the types of offers that are going to win you the perfect home when you see it! Finally prepare yourself to actively search with the right tools. Buyers, prepare to active search and make sure you are using the best tools. Get connected on a realtor quality property search! Review any options as soon as they come to market and be prepared to search. This will help you narrow your search so you can confidently offer on the next property that matches exactly what you are looking for.

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Waterloo Region Real Estate Blog Monthly Market Review

June 2019 Real Estate Review

In this month’s waterloo region real estate blog we review key stats and comment on our market trends. June 2019 followed seasonal trends with slight decreases in average sales prices, volume of units sold, and increases to average days on market in most property types. Waterloo region real estate markets experienced a decrease in months of supply across all property types.

Waterloo Region Real Estate Key Market Stats

  • Average sale price across all property types in Waterloo region was $522,931 in June 2019
  • All listings were on market for an average of 20 days
  • Overall market supply was 1.9 months in June 2019

Single Family Homes

We cover key stats like average sale price, average days on market and months of inventory in our monthly Waterloo Region real estate blog. Below are keys stats for the single family property type as well as Condos and townhouses/semi-detached properties afterwards.

Average Sale Price: $601,604

Days on market: 19 Days

Months Supply – Inventory: 2.0 Months

For single family homes the average sale price decreased by approximately $4,000, the average days on market stayed the same at 19 days, and the months supply dropped slightly to 2 in June. Overall there are no major changes compared to May 2019 as our real estate markets follow seasonal trends. Although there were less single family homes sold from the previous month, and average sale prices fell slightly, we are still in a strong sellers market. Expect the single family market to continue to increase in value and for listings of this property type to sell quickly moving forward.

Condos

The interest in condos has gained more and more attention as redevelopment in the Waterloo, Kitchener and Cambridge transit corridor continues to make headlines. With major developments in each of these cities in Waterloo region we will continue to update our network and community on the condo market every month.

Average Sale Price:  $329,370

Average Days on Market: 26 Days

Months of Inventory: 2.9 Months

The key market stats in the Waterloo region condo market revealed little surprises. In june 2019 the average sale price of a condo in Waterloo region was virtually the same. Furthermore, there was only a 0.1 months decline in the available inventory and the average days on market was 26 (compared to 28 in May 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 $417,030
  • Townhouse average sale price was $409,387
  • The average days on market was approximately 19 days in June for these property types
  • There was just 1.2 months of inventory in June 2019 down from 1.6 in May

Realtor Notes

In review of the key market stats for June 2019 we can say that our Waterloo Region real estate markets provided little surprises this past month. Between June and July our real estate markets typically see a slight pull back or slide down in price growth and volume of properties sold. This trend continued in 2019 with average price and number of units sold for all property types declining in June.

An important announcement was made on the key topic of affordability in June 2019. The government is planning to roll out a new first-time home buyer incentive program in September of this year. You can review the announcement the the details here: First-Time Home Buyer Incentive.

We will be releasing more information and commentary on how this will affect our local real estate markets as well as you, the buyers and sellers, as more specific information is released.

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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Real Estate and Technology Trends – Kitchener-Waterloo Associations of Realtors Technology Show 2019

The 2019 Kitchener-Waterloo Associations of Realtors (KWAR) Technology Show was a great opportunity to learn about how technology and real estate continue to change the business of real estate for both sales representatives and consumers. If you are all about cool technology, marketing, interested in the real estate industry or even in the industry yourself this blog post is for you! Below you can find the key takeaways in real estate and technology trends from this powerful conference.

The Real Estate Technology Industry: Big Money & Big Tech!

The real estate industry itself has changed dramatically in the past five years and we can expect this trend to continue. From the top down we have big players coming to the table from tech giants to angel investors pouring over 10 BILLION dollars of investment dollars into the real estate tech space in 2017 alone. What was once a fragmented mom and pop style business with brokerages moving the needle of change we are seeing massive investment from big time players.

What does this mean for agents, buyers, and sellers?

Well, for agents we can expect more tools and better systems to communicate and connect with clients at a larger scale and more efficiently. That being said, tools are only as useful as the person using them. For consumers the avalanche of big money coming into the business will likely yield more clarity, power, and options. Access to data, increased transparency, and technology disrupting the status quo will only provide more options and value to consumers in the long run.

Technology – All the buzz..

The new technologies coming into real estate will focus heavily on social media, artificial intelligence and virtual reality. Now, none of these are technologies new BUT they have not been applied to the real estate industry in mass yet.

Social media messaging, marketplace platforms and marketing capabilities are already being utilized by sales representatives to drive traffic, attract buyers and expand their network (expect this trend to continue).

AI technologies are great way to help interested consumers get the right information on their schedule too! From website and social media chat bots to database and market analysis tools there are endless opportunities to add value for both agents and consumers.

Virtual reality technology is probably the closest to being used commercially with the masses.

Consider this: you and your partner are selling the first condo you bought together to get a house with a yard for your dog Tonto, exciting! Problem is you’re busy people and don’t both work the exact same hours (welcome to 2019). Second problem, you live in southern Ontario, maybe even Waterloo Region, where your market is a super competitive seller’s market and all the listings in your area are selling in two weeks or less. So the chance that you see the right house, at the right price and you can both go see it at the same time BEFORE is sells is slim.

How much easier would it be if you didn’t have to physically be there to decide if it is worth a look or not? How frustrating is it when you can’t get a good indication of the property because the pictures suck? This way, your agent can send a virtual tour to their clients to see if it is even worth a look or if you’re swiping left on that house. Time. Saver.

The short of it – Real estate technology is good for all!

The technology boom in real estate has just begun. As real estate agents ourselves we expect consumers to be more educated, more critical, and more open minded as information and tools are more easily available. As a consumer you can expect to have access to more data, choices, and ultimately more power in the decision making process for your real estate dealings. That being said, real estate is, and will continue to be, a relationship business between humans that rely on trust and expertise to get the deal done.. We are just going to have more, better toys to use along the way!

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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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Selling And Buying A House In The Winter

Is It A Good Idea? Selling and Buying a House In The Winter

Every year we see realtors and people in real estate discussing the topic of selling and buying a house in the Winter. Typical comments and opinions range from “The market is hot, it’s a great time to sell” to “Never sell in the winter, you won’t get top dollar” and even “buyers can low-ball sellers because any seller listing in the winter HAS to sell”. All the contradicting information can be super confusing for prospective buyers and sellers.

So is it a good idea to be selling and buying a house in the winter? It’s important to acknowledge that selling and buying a house is very situational. Below we will hit the key points you need to consider for both selling and buying a house in the Winter.

 

Selling A House In The Winter

When considering selling your house in the winter you have to consider these points:

  1. Are you buying AND selling? If you are buying and selling in the same timeframe then it’s a wash (refer to our blog post on buying or selling first here).
  2. Just Selling a House:  If you are just selling then dig deep on the market for your property. If there is a severe shortage in available listings like yours then it’s a good idea to list. For sellers that are flexible on when they can list, on average listing in the spring yields the highest average sale prices. We would recommend preparing your home for market in late February/early March.
  3. Competition: There are fewer listings in the Winter months! This means that it is less likely that another property similar to yours lists in the same neighborhood. There can also fewer active buyers. It is important to note that buyers that are active in the Winter are typically motivated buyers.
  4. Closing Date: Selling your house in the Winter doesn’t always mean you have to move in the Winter. You can always try to get a longer closing date to have your move date in late February or early March. Just remember the more flexible you are on closing dates the more options you have to work out a favorable deal with a buyer.

In summary, selling a house in the winter can be a great idea for you depending on your situation. If you HAVE to sell for financial reasons, personal reasons, or even because you found your next dream home that is ok. For your own sake just do your homework to prepare, market and sell your home for the most money given the market conditions.

Buying A House In The Winter

You never know when your dream home will hit the market! For people buying in the Winter here are the top things you need to know:

  1. Inventory: There are fewer homes on the market in the Winter months, fact. In Waterloo Region and Wellington County there are always fewer listings to pick from this time of year. Regardless if you are looking for a fairly common property or something with unique features just be aware that there are fewer listings to choose from this time of year.
  2. Competition: There are fewer listings available but there are also typically fewer active buyers. Usually this means that there are little changes to the competitive landscape for properties to buy but every winter we see a larger percentage of homes sell conditionally and fewer properties sell in multiple offers. This means as a buyer you can have a better opportunity to buy a place without competing!
  3. Motivation: We have all heard “They’ll selling in the winter they HAVE to sell”. That isn’t always true, don’t assume anything. That being said, a larger percentage of sellers in the Winter are more motivated compared to other seasons. This is usually people relocating for a new job or investors selling off assets before year’s end. If you find a motivated seller there can be great opportunity to get a great deal!

When buying a house in the Winter it is vital to make sure that you are finding the right opportunity for you and your situation. You can find a great property that has everything you need for the price you want regardless of the season.

Realtor Commentary

Selling and buying a house is situational. Regardless of the season you can sell your home for top dollar or find a great deal to purchase your next one. In order to pull that off the buyers and sellers that are active in the market, using the right tools, and prepared will be rewarded. Comment below or contact us directly to connect with Zack and get started with your moving strategy.

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Real Estate Market Review – MLS Waterloo and Wellington November 2018

MLS Waterloo and Wellington November 2018

MLS Waterloo Region and Wellington County data shows growth in both number of listings and prices. Our real estate markets in Waterloo Region and Wellington County followed seasonal trends as winter approaches. Below we will share sales volume and price data for MLS Waterloo and MLS Wellington.

MLS Waterloo Region – Stronger Than 2017?!

 

MLS Waterloo Region data shows that our residential real estate markets had more active listings and a higher average sale price compared to 2017! The Waterloo Region real estate market in November 2017 had  1,405 active listings and an average sale price of just over $488,000. This year, MLS Waterloo data shows healthy growth with 1,509 active listings and an average sale price of $504,673 in the month of November.  When compared to October, Waterloo region saw slight decreases in active listings but almost the exact same average sale price.

 

MLS Wellington County – Steady Growth

Wellington County experienced comparable growth in both active listings and average sale prices to Waterloo Region. November 2018 average sale price was $517,829 compared to $487,456 in 2017. Wellington County real estate markets also had more active listings with 517 this year and 463 in 2017. When compared to October numbers, Wellington county saw a decrease in active listings but a increase in average sale price as shown on the graph. These number are in line with seasonal trends.

 

Realtor Notes

Price and inventory numbers for both Waterloo and Wellington real estate markets show steady growth in both categories. This is encouraging as it supports a more stable real estate market. Slight increases in inventory numbers provides buyers with a little more opportunity. We typically see average prices slide in the winter months but overall steady increases to average sale prices through 2018 signals a more predictable market and steady growth.

Looking forward to December we can expect average prices to stay fairly similar in both Waterloo Region and Wellington County real estate markets. Inventory of active listings will likely decrease as investor and sellers push to sell and close before the new year. We typically see a few more motivated sellers in November and December as sellers push to get deals done before the year end. This does NOT mean it is a bad time to sell or buy. Each individual situation is completely different. We report on averages and general market trends as this represents overall market best. Get in touch with any specific questions HERE or connect with us on Facebook.