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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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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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MLS Waterloo, Kitchener, Cambridge & Guelph – February 2019 Real Estate Market Review

MLS Waterloo, Kitchener, Cambridge and Guelph data show strong price growth in February of 2019 for both the freehold and condo markets. It is important to recognize that the markets for condo and freehold properties are inherently different. Reviewing and monitoring key market stats for both is vital to understanding the direction and speed in which these markets are moving.

Key Stats

  • Average freehold prices JUMP almost 25K Jan-Feb 2019
  • Average condo prices rise over $8,000 or a little more than 2% compared to January numbers
  • Both Freehold and Condo listings selling quicker in February than January
  • Condo inventory dropped from almost 3 months to slightly above 2.5 months
  • Freehold inventory held steady from January to February.

Freehold Market – February 2019
MLS Waterloo, Kitchener, Cambridge & Guelph

Average sale price for freehold listings increase from approximately $525,000 in January to $549,707 in February of this year.

The average days to sell declined slightly from 29 days in January to 27 days in February.

Months of Inventory held steady at just under 3 months for February 2019.

Condo Market – February 2019
MLS Waterloo, Kitchener, Cambridge & Guelph

Average condo prices rose about $8,000 to just over $358,000 in February from January 2019.

The average days for a condo to sell dropped for the second consecutive month to 24 days!

Months of inventory of condos also dropped for the second consecutive month to slightly over 2.5months in February.

Realtor Commentary – MLS February 2019

In review of MLS Waterloo, Kitchener, Cambridge and Guelph data for February 2019 we can confidently say that the seller market continues. Both the freehold and condo markets there is less inventory, listings are selling in fewer days, and prices have increased when compared to last month.

What does this mean for buyers? Competition. Buyers are having to compete more so now than ever in the past 12 months. This is especially apparent in most listings under $500,000 and virtually any listing that shows well, regardless of price point. Check out our last First Time Buyer Blog for expert advice on buying real estate.

For Sellers this means favorable conditions continue. On average all listings are selling in a month or less which is historically fast. That being said, tried tested and true methods of selling listings for top dollar still apply. Preparing your home for market, showing it well, and marketing aggressively to qualified buyers will get you the best offers. Stay tuned for our selling strategies blog post to learn more about how to really take advantage of the current sellers market.

Considering your options for purchasing or selling? We have extensive experience getting the best value for our clients in these competitive markets. Get in touch and ask us about out buying and listing strategies HERE or text/call direct: Zack Brittain at 519-591-8419.

Stay updated on investment property listings, valuable listings, and properties with unique features on our Facebook Page!

Want a topic covered? Looking for specific data and stats? Drop us a comment or email directly here: zack@primepropertieson.com

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The Most Important Decision When Selling Your Home

 Selling Your Home Or Buy Your Next Home First?

This is the number one question my partner and I get asked when consulting clients, and one that you should ask yourself before selling your home. I’ll start by saying that there is no perfect answer or best way that works for everyone. Below we will cover the main points to consider when selling your home to buy another property and practical strategies you can use.

Selling Your Home First

The main concern with selling your home first is “What if we can’t find a place to move to in time?”. This is the primary concern for people coordinating a sale and purchase at the same time. The benefits of selling your home first is taking advantage of opportunities (lack of competition), controlling your sale, and knowing exactly what your final sale price and conditions are. The potential downside is that you now have a set time limit on finding your new home.

First, if you have the opportunity to sell a property with no other competition in your neighborhood that is a big advantage. Second you can control your sale by having time on your side to negotiate and firm up on any conditions as offers come in. Thirdly, when you do have a firm deal in place you know exactly what the property has sold for. Any conditions have been taken care of and the closing date set. This means you can confidently shop within your budget given the sale price of your property.

Buying Your Next Property First

For most movers the main concern is being able to actually sell your home once you have purchased your new one. Being on the hook for 2 mortgages can be scary. Thankfully, we are currently in a sellers

market in Waterloo Region and Wellington County. If you price and market your home appropriately the sale should not be a major concern. That being said, if you are able to find and purchase your home before selling your you can ensure that you have purchased for the right price at the right time. Purchasing first can allow for more time to shop and negotiate offers. Furthermore purchasing first provides you with time to prepare your home for market as you shop for your new one.

Realtor Considerations

From a realtor’s perspective our focus is to manage the goals and needs of the client with current market conditions. When selling your first home here are some key points to consider:

  1. How common is your home and the property you are looking to purchase? The more common, the easier it will be to either purchase or sell in a shorter time frame if need be. If the property you are selling is uncommon, or has a smaller buyer pool than most properties, selling first may be your best option.
  2. For people selling your first home that NEED to get a certain price to make your move work then selling first is your best option. If 1-2% difference either above or below your listing price is not going to kill your move then consider purchasing first.
  3. Short term financing is not a bad option. If you are concerned about matching closing dates for your move don’t panic. Bridge financing can allow you flexibility between closing dates. Ask your mortgage broker when consulting them about your moving plans. You may be surprised with your options!
  4. Prepare yourself either way! If you’re selling first, go view some options as you prepare your property for market. You can shop while it is listed too. For purchasing first, get your home ready to list so when you have locked down your next property it’s good to go. Get your place cleaned, staged, photographed and ready to sell.

There is no perfect solution for every client. Each situation and the desired goals are completely different. To make an informed decision as a buyer and seller you should consider the pros and cons of each option.

Contact Us For More!

Stay connected with us on Facebook and our blog for our future tips, resources and advice on selling your first home!

Drop us a comment below OR send us a message directly: zack@primepropertieson.com / 519-591-8419

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MLS Waterloo Region Real Estate Market Update – September 2018

MLS Waterloo Region Stats

2018 third quarter is in the books! This month in review of MLS Waterloo Region stats we are going to quickly review price trends and inventory. In addition we are going to discuss what trends we can expect for Q4 relating to buyers, sellers and investors.

 

Prices, Days on Market & Inventory Numbers


In September we saw properties move a little bit more quickly with average days on market at 17 compared to 19 in August. We will traditionally see more closings in August as those buyers and sellers will be moving before the school year. September usually has more sales compared to August as buyers and sellers that are trying to move before Winter starts will look to make that happen in early Fall.

Note the median listing price saw a slight increase from August to September hitting that $500,000 mark! In summary, we saw properties sell a little quicker and listing price was slightly higher than in August.

 

Inventory numbers saw slight increases as well. Inventory increased to just over 2.5 months. This is great news for the overall health of our markets but not enough to really “move the needle” into a more balanced market. Waterloo region is still in a sellers market and we have not seen a balanced market since 2015..

 

 

 

 

 

Realtor Remarks – Q4 Expectations

Here at Prime Properties Ontario we watch weekly and monthly market stats to keep updated on key market trends. Here are a few key points to consider:

  • Healthy number of new listings came up in September, expect some more for October
  • Prices holding steady – ticking upwards even!
  • Most listings are not holding off on offers
  • Deals to be had for buyers

September and the first few days of October we have seen an uptick in new listings as sellers push to get their home on the market and sold before buyers disappear for the Winter. Compared to the past 12-18 months we have seen more and more great deals for buyers come up in the past 30-60 days. We expect there to be good value for buyers and investors as we get into Q4. Note, average prices will continue to trend upwards so sellers can still take advantage of that. We typically see more motivated sellers, and less competition in the later months of the calendar year. This presents great opportunities for buyers and investors!

QUICK LINKS

Just browsing: Free Property Search HERE

Looking for something specific? Realtor Quality Search HERE (also free): Contact Zack 519-591-8419 / zack@primepropertieson.com

Pre-construction & Developments in Waterloo Region HERE & HERE

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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 Review June 2018: Inventory Dips – Fewer Houses For Sale in Waterloo Region

Month in Review – June 2018

As the Spring market of 2018 came to an end our markets saw fewer houses for sale in Waterloo compared to May. Inventory slipped down to 1356 active listings in June compared to 1439 in May. In Waterloo region, like most of southern Ontario, we can expect inventory to slide after the Spring primarily due to seasonal trends. In summary, we experienced a steady increase to monthly inventory leading up to May. This was followed by a slight decline in active listings in June and into July.

June 2018 brought few surprises in the Waterloo Region real estate. Low inventory and strong buyer demand continued to move our market along quickly and continue upward pressure on prices. A great tool to gauge how quickly a real estate market is moving is to review average days on market and price appreciation.

Here we can view the green portion of the chart and see that the media days to sell increased over April, May and June. In bother April and May the media days to sell was 13 compared to 15 in June meaning the market moved a little quicker over April and May. To put into perspective, historical averages for average days on market is around 21-25 days for most medium to large sized markets in southern Ontario. Also note, that in our market days to sell will be lower in freehold properties under $550,000 compared to freehold properties in a higher price point.

The blue line represents the median list price for houses for sale in waterloo region. In May the media list price was $474,900 compared to $489,900 in June.

 

 

 

Are Houses for Sale in Waterloo Going in Multiples?

We get a lot of questions from both buyers and sellers asking about bidding wars. Are they still happening? The short answer is: sometimes. For properties in more competitive price points (typically below $550,000) and sellers that intentionally list their property under market value we do still see some bidding wars. That being said the majority of listings sell very close to asking price.

Close price to list price is the ratio between what a seller listed their home for, and the final price it actually sold for. Since Feb 2018, on average, this ration has been 100%. That means that properties have sold for 100% of their asking price on average for the last 5 months. This compare to the historical average of 98%, and 111% that we experienced last Spring.

Overall June 2018 yielded few surprises. Prices have increased consistently over 2018 even with rising interest rates and tightening mortgage regulations. Well priced houses for sale in Waterloo Region move very quickly and occasionally get multiples. However, listings typically sell within 2 weeks and around asking price.

If you are looking for more information or advanced stats on specific neighborhoods/properties send your inquiries to zack@primepropertieson.com. Want more information on where we see opportunities in our local real estate market? Drop a comment or contact us directly!

 

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Real Estate Market – May 2018

Month in Review – More Homes For Sale

This week we will review the real estate market for the past week and the month of May 2018, spoiler, there are more homes for sale! On a week-to-week basis tracking new listings, sold pending and conditionally sold listings gives great insight into the current state of the market. Reviewing monthly numbers helps give perspective on how our current market compares to previous season or months. Below are the weekly stats followed by some additional numbers and commentary to help you stay in touch with our local real estate markets.

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

New Listings: 418

Sold Pending: 348

Sold Closed: 439

Cancelled & Expired: 159

Active Conditionally Sold & Not Showing: 175

Price Increase: 8

Price Decrease: 121

Back on Market: 40

MLS Listings Weekly Review

MLS Data shows fewer new listings and more sold pending listings that the previous week. There were 418 new listings and 348 sold pending listings last week compared to 459, and 275 the previous week. In addition, there were 439 sold closed last week compared to 153 the previous week. This is fairly common to see significantly more closings at the end of the month, especially in the Spring and Summer months. It is also important to note that there were 121 price decreases, up from 95 last week. Heads up bargain shoppers! We can expect more and more price decreases in June/July as motivated sellers try and get a done deal prior to the end of the Summer.

May 2018 Monthly Review & Realtor’s Notes

 

Reviewing weekly numbers is a great way to stay in-tune with our real estate markets. We also want to help our community gain perspective as well. Below is a overview of the inventory of active listings in Waterloo and Wellington region for the past 5 years.

 

Taking a quick look at the graph we can see the sharp decline in active listings in July 2016. This was the last time our markets had over 2,500 active listings. This was the beginning of the wild market that was 2017..

In May 2018 our markets had 2,533 active listings which is the most we have seen since Jun 2016 (2,698 active listings) and almost 500 more active listings than May 2017 (2,071). This is an encouraging sign and is pointing towards a more balanced market than we have seen in almost 2 years. If there are homes for sale in Kitchener, Waterloo, Cambridge and Guelph will reduce the competition between buyers.

A question we get a lot is “Are prices going to decrease?”. The short answer is “We don’t have a crystal ball”. Our view on the market is that there are always opportunities available, sometimes it is just harder to find them. In the short term will prices decrease? Not likely. We expect prices to continue to slowly increase throughout 2018. Inventory has increased but there are not enough available listings to meet buyer demand in our regions.

Have some real estate questions? Want to see other stats? Let us know what we can share to help you! Drop us a comment or contact us.

 

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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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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.