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WATERLOO REGION REAL ESTATE MARKET – MARCH 2020

Our local real estate market review March 2020

For the past 3-6 months our local real estate market data was very similar to the numbers we saw in late 2016/early 2017. Waterloo Region markets had historically low inventory for some time and buyer demand was increasing. With no signs of those factors changing our 2020 Waterloo Region real estate market was positioned to continue to be competitive and prices were increasing. Enter COVID-19 and our market has begun to shift. Below we will share key market stats on our local real estate market as well as our insight into how our markets are shifting and what it means for you.

Waterloo Region Real Estate Market Overview – March 2020

There were 577 total residential sales in March 2020 across all market segments. That represents a 13.1% increase in the number of sales from March 2019. Of those 577 sales 348 were detached homes, 161 were townhouse/semis and 68 were condo sales.

  • Average Sale Price was $583,752 UP 15.3% from March 2019
  • Average Days on Market was 15 Days, DOWN from 21 in March 2019
  • The Average Percentage of Listing Price Received was 106.2% UP from 101.4% in March 2019
  • Months Supply of Inventory was 1.1 DOWN from 1.6 in March 2019 

Waterloo Region Single Family Homes

Average Sale Price: $679,728 (UP 15.9% from March 2019)

Days on market: 14 Days (DOWN from 21 days in March 2019)

Months Supply – Inventory: 1.1 Months (DOWN from 1.7 in March 2019)

Waterloo Region Condos

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

Average Sale Price:  $374,112 (UP from $328,258 in March 2019)

Average Days on Market: 38 Days (UP from 35 in March 2019)

Months of Inventory: 1.7 Months (DOWN from 2.7 in March 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 $481,562 UP from $420,611 in March 2019

The average days on market for towns was 12 days and 9 days for semis

Townhouse average sale price was $461,825 UP from $387,180 in March 2019 

There was just 0.7 months of inventory in March 2020

Realtor Notes

Waterloo Region’s real estate numbers for March 2020 tell us that the average sales prices are up, listings are selling quickly, and there is still very little inventory across all market segments. That being said, the effects that COVID-19 has had on our market isn’t accurately reflected in these numbers yet.

Taking a deeper look at March 2020 data we found that there was approximately 60% drop in showing activity in the last two weeks of March compared to the first two weeks. Furthermore there was approximately a 22% decrease in showings in March 2020 compared to February 2020, and about a 77% decrease in showings in the final week of March compared to the final week of February 2020. What these figures tell us is that showing activity is declining rapidly as the significance and severity of the health pandemic develops.

To summarize some the stats above and our experience with buyers and sellers this past month we can say that there was an influx of listings that hit the market but buyer demand has cooled. Listings are getting fewer showings but buyers that are viewing homes are motivated. We will share another short blog post this coming week discussing our view of the market and comment on the future of Waterloo Region Real Estate. For now, real estate business in NOT continuing as usual.

The local and provincial real estate boards are encouraging buyers, sellers, and realtors to postpone their real estate business if possible. As Realtors we are are able to provide services for clients that require a purchase or sale like digital video tours of properties for showings, group phone calls or video chats for client meetings and utilize digital signing applications for all paperwork. That means it is very possible to purchase or sell successfully but the way in which we must do business is different.

For Buyers:

If you are in a position that you must purchase a property we advise that you view video tours and be selective of the homes you view. Contact us to learn more about how we are helping clients safely find their new homes during these market conditions. We can advise on the proper health guidelines and ensure you have access to the proper tools to find and secure the right property.

For Sellers:

Sellers rushed to get their homes on the market before the COVID-19 situation worsened. Now, many people are delaying the sale of their property but the reality is each situation is different. We advise getting a preliminary market evaluation completed by phone to establish an initial evaluation and game plan for your property sale. For those that must sell please contact us for specific selling strategies to protect you and your home, but also get the proper exposure to sell your home for top dollar.

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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 Region Real Estate Blog – August 2019

August 2019 Real Estate Review

Waterloo region real estate market provided little surprises in August 2019. Low inventory across all market segments continues to fuel competition at virtually every price point. That being said, average sale price for the waterloo region real estate markets slid for the third straight month from May highs. We speculate that this is a result of the lower inventory for freeholds and larger homes compared to condo sales that are typically in lower price points.

Waterloo Region Real Estate Key Market Stats

  • Average sale price across all property types in Waterloo region was $515,842 in August
  • All listings were on market for an average of 26 days
  • Overall market supply was 1.6 months

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: $589,071

Days on market: 19 Days

Months Supply – Inventory: 1.7 Months

The average sale price of single family homes in the Waterloo Region was just under $590,00, down from its peak of about $604,000 in May. The average days on market increased from 21 days in July to 24 in august. The months supply dropped to 1.7 months in August.

Condos

Waterloo condos continue to come to market as new developments continue to come to market. Overall there is a healthy demand for affordable, centrally located condos in the Waterloo Region real estate market.

Average Sale Price:  $315,000

Average Days on Market: 45 Days

Months of Inventory: 2.7 Months

Average sale price for condos in waterloo region slid almost $5,000 from July to August. The average days on market jumped from 29 days in July to 45 in August. This may be skewed at the time of writing as conditional and firms sales will continue to be processed in the first few days of each month. We will review this figure in the coming weeks. Finally, inventory numbers for condos in waterloo region dropped from 3.3 months, to 2.9 months in August.

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 $436,904

Townhouse average sale price was $421,378

The average days on market was approximately 22 days

There was just 1.0 months of inventory in August 2019

Realtor Notes

The end of July and August are traditionally slower months for sales in Waterloo Region. This held true with dropped in number of sales and inventory across most market segments. Look for inventory to bounce back up and buyer demand to slow down slightly in the coming months.

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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March 2019 Real Estate Market Review

Waterloo, Kitchener, Cambridge and Guelph

The March 2019 real estate market review will cover the freehold and condo markets for Waterloo, Kitchener, Cambridge and Guelph. We review key stats you need to know about in local real estate markets!

Key Stats

  • The average price of freeholds up approx $21,000 from March 2018
  • Average days on market and inventory numbers drop matching seasonal norms
  • Average price of condos increased about $1,000 from February of this year and almost $15,000 from March 2018

Freehold – Waterloo, Kitchener, Cambridge and Guelph

Average sale price for freeholds in Waterloo, Kitchener, Cambridge and Guelph real estate markets increased for the fourth straight month to $555,403 in March 2019. Compared to the average price for freeholds in March 2018 ($534,272) that is just under a $21,000 increase in average sale price.

Freeholds continue to move quickly with an average days on market of 20 in March. This is down from the 12 month high in December 2018 of 33 days. March 2019 marks the fourth straight month that the average days on market has declined. This follows seasonal trends as we are in the Spring season.

Freeholds in Waterloo, Kitchener, Cambridge and Guelph saw the most significant one month drop of inventory in over a year. With just under two months of inventory in march 2019 the freehold market is in an extremely strong seller’s market. March 2018 saw similar numbers with less than two months of inventory then experience steady increases to available inventory in the coming months.

Condo – Waterloo, Kitchener, Cambridge and Guelph

Average price for condos in Kitchener, Waterloo, Cambridge and Guelph markets rose about $1,000 from February to $359,636 in March 2019. Looking back the average sale price in March 2018 was $344,323 in the same markets.

The average days on market dropped from around 35 days in December/January to 27 days in March 2019, but up from 25 days in February. Expect the average days on market to stay in and around 25-30 days or decrease in April.

Condo Inventory numbers for Waterloo, Kitchener, Cambridge and Guelph real estate markets continued to drop. There was just over 2 months of condo inventory in March 2019. This marks the third straight month of decline in condo inventory. The Condo market is still a seller’s market and this trend will continue for the foreseeable future.

March 2019 Real Estate Market Review Realtor Notes

After review of the March 2019 real estate market numbers inventory is down, average days on market down and prices up for another. This signals that we are still in a seller’s market and that this trend will continue. The market is tough for buyers in virtually every price point with sellers listing properties and setting offer review date to generate multiple offers. This means that most buyers are competing directly with other offers on most properties listed in the area.

What does that mean for sellers? It is a great time to sell! You can command a premium because there is a significant shortage of available options for buyers. Properties that show well are commanding even more of a premium than ever.

Buyers, we feel your pain. We work hard for both sellers and buyers to create value no matter the market circumstances. For buyers we preach education, preparation and speed. The market is tight but not impossible to find value. The more you monitor the market, view properties and how quickly you can move on a good deal is the difference between scoring the right property and getting burned with a bad deal.

Stay tuned for upcoming blog post on tips for buyers in a hyper-competitive market. Drop us a comment or contact directly at Zack@primepropertieson.com with questions or a free consultation for all your real estate needs.

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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 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!