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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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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.