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 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.
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.
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