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Real Estate Market Update – MLS Kitchener, Waterloo, Cambridge and Guelph May 27th, 2018

MLS Kitchener, Waterloo, Cambridge and Guelph Stats

Data for MLS Kitchener, Waterloo, Cambridge and Guelph shows an increase in new listings compared to last week. New listings jumped from 347 the previous week to 459 in the past 7 days. MLS Listings stats shows a total of 1355 active listings in the Waterloo Region and 562 in the Wellington region. Below is the breakdown of the past week in real estate and analysis on what we are seeing in the Waterloo and Wellington region real estate markets.

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

New Listings: 459

Sold Pending: 275

Sold Closed: 153

Cancelled & Expired: 110

Active Conditionally Sold & Not Showing: 168

Price Increase: 26

Price Decrease: 95

Back on Market: 37

MLS Listings Analysis – More Inventory But Not Enough

MLS Kitchener, Waterloo, Cambridge and Guelph experienced an increase of 112 new listings in the past week moving up from 347 to 459. As noted in previous posts this is mainly due to the May long weekend as sellers typically bring their home to market a week or two before, or after, the holiday weekend. Sold pending listings were 275 compared to 251 the week prior, an increase of just 24. This widens the gap and provides slightly more inventory for the active buyers out there but not enough to sway from our current seller’s market to a buyer’s market.

In addition to the key metrics MLS listings stats show very comparable numbers for conditionally sold listings and properties that made price changes. Last week our real estate markets had 145 conditionally sold listings compared to 168 this past week. As well, there were 107 listings that had price changes two weeks ago compared to 121 that either increased or decreased their listing price.

Realtor’s Notes

Waterloo and Wellington region real estate markets keep chugging along matching seasonal norms and expectations. We are still in a seller’s market with listings selling in 25 days on average (compared to just 17 days the same time last year). For the last 18-24 months listings have sold quicker than historical averages which makes it even more difficult for inventory to catch up and pushes prices higher. To compare, the media listing price for properties in Waterloo and Wellington region in April 2017 was $439,000 compared to $479,900 in April 2018. Average days on market is a great indication on how quickly listings are moving and overall competition for buyers. As well, median price on a month-to-month basis is a great tool for buyers and sellers to keep tabs on the overall price trends for the real estate market.

For buyers looking to get into the market review our previous Buying Smart Guide. We also discuss selling and investing in real estate regularly on our Facebook Page with great links, tips and conversation to help our friends in the community navigate our rapidly changing real estate markets. Is there a topic or question you want covered? Leave us a comment or get in touch!

 

 

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