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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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Real Estate Market 2019 Waterloo Region Annual Report

Waterloo, Cambridge, Kitchener Real Estate Market 2019 Overview

The Waterloo Region real estate market 2019 experienced another year of growth in many key stats. This blog post will review the key market statistics for the entire Waterloo Region. From there we will compare the performance of the Kitchener, Waterloo and Cambridge markets in 2019 to the past years’ numbers. Furthermore we will comment on important trends and metrics that may help indicate what we can expect in the coming months in the Waterloo region real estate market.

You can view and download the annual reports on our Facebook page here:
https://www.facebook.com/primepropertieson/menu/

Waterloo Region Real Estate Overall Market Review 2019

There were 8,106 total sales in 2019 throughout Waterloo Region across all market segments. That represents a 3.6% increase in the number of sales from 2018. Of those 8,106 sales 62.6% were single family homes and 37.4% were townhouse/condo sales. Below are the key market stats for the entire Waterloo Region.

  • Median sale price $490,00 UP 10.1% from $445,00 in 2018
  • Average sale price $527,699 UP 9.2% from $483,037 in 2018
  • Average Days on Market 23 Days DOWN 4.2% from 24 in 2018
  • Percentage of Listing Price Received 101.5% UP from 100.9% in 2018
  • Months Supply of Inventory was 1.5 UP from 1.4 in 2018 *Rolling 12 month average across all market segments

Cambridge Real Estate Market 2019

There were 2,187 total sales in Cambridge in 2019, up 9.8% from 2018. Median sale price increased to $475,00 in 2019 from $440,00 in 2018. The average sale price in Cambridge increased to $500,422
(rolling 12 month average) in 2019 from $470,129 in 2018.

The percentage of listing price received increased to 101.1% in 2019, up from 100.4% in 2019. In Cambridge there was just 0.5 months supply of inventory at the end of 2019 and the average days on market was 21 days.

Kitchener Real Estate Market 2019

There were 3,704 total sales in Kitchener over 2019, up 3.6% from 2018. Median sale price across all market segments in Kitchener was $475,00 in 2019, up 10.5% from 2018. The average sale price was $499,282
(rolling 12 month average) in 2019 up 9.3% from 2018.

In Kitchener the average percentage of listing price in 2019 was 101.9%, up from 101.4% in 2018. There was 0.6 months of supply in Kitchener at the end of 2019 compared to 1 month of supply one year ago. Listings in the Kitchener real estate market experienced an average of 21 days on market throughout 2019.

Waterloo Real Estate Market 2019

There were 1,601 sales in Waterloo during 2019, down 4.9% from 2018. The median sale price was $525,00 in 2019, up 11.7% from 2018. In Waterloo the average sale price in 2019 was $562,088 (rolling 12 month average), up 11.1% from 2018.

Waterloo listings sold for 101.2% of listing price on average throughout 2019, up from 100.1% in 2018. There was 0.7 months supply of inventory at the end of 2019 and the average days on market was 25 days throughout 2019.

Realtor Notes
2019 Review & 2020 Thoughts

  • Very strong buyer competition below $600,000
  • Low supply and high demand market-wide
  • Development and redevelopment continue
  • Parking supply in city centres starting to diminish
  • Sustained interest rates

A significant trend we noticed in 2019 was a significant drop in available listings priced at $600,000 and under across all market segments. This is partly because of the aggressive price growth in Waterloo Region over the past few years pushing average prices higher. This trend, and aggressive price growth in the lower price ranges is fueled by strong buyer demand and lack of new inventory coming to market. Pre-construction options under under $600,00 in Waterloo region typically consist of townhomes or condo options, not single detached properties. Low market supply and high buyer demand is expected to continue in Waterloo region.

Development in Waterloo region continues but buyer demand continues to outpace new supply. Intense redevelopment in the downtown Kitchener and Uptown Waterloo areas has continued and gotten more aggressive throughout 2019. Expect this trend to continue in the coming years. With that we have notice parking in the city centres of Waterloo, Kitchener and Cambridge has increasingly become a problem for local businesses and for buyers moving into condos in these locations.

Finally, interest rates have remained low for another year. Throughout 2019 key interest rates and mortgage rates remained fairly steady. Additional regulations we not introduced in 2019 to help cool buyer demand either. If interest rates remain low, and additional regulations are not introduced, expect the financing side of the market to continue to support strong buyer demand.

Looking forward to 2020 we expect these trends to continue. There is low inventory across all market segments, especially under $600,000. New units can’t reach market quick enough to catch up with buyer demand. Financing rates are still historically low as well. Our market conditions support the trend that competition will continue to be strong and prices are likely to continue to rise.

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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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Real Estate Market Review – MLS Waterloo and Wellington November 2018

MLS Waterloo and Wellington November 2018

MLS Waterloo Region and Wellington County data shows growth in both number of listings and prices. Our real estate markets in Waterloo Region and Wellington County followed seasonal trends as winter approaches. Below we will share sales volume and price data for MLS Waterloo and MLS Wellington.

MLS Waterloo Region – Stronger Than 2017?!

 

MLS Waterloo Region data shows that our residential real estate markets had more active listings and a higher average sale price compared to 2017! The Waterloo Region real estate market in November 2017 had  1,405 active listings and an average sale price of just over $488,000. This year, MLS Waterloo data shows healthy growth with 1,509 active listings and an average sale price of $504,673 in the month of November.  When compared to October, Waterloo region saw slight decreases in active listings but almost the exact same average sale price.

 

MLS Wellington County – Steady Growth

Wellington County experienced comparable growth in both active listings and average sale prices to Waterloo Region. November 2018 average sale price was $517,829 compared to $487,456 in 2017. Wellington County real estate markets also had more active listings with 517 this year and 463 in 2017. When compared to October numbers, Wellington county saw a decrease in active listings but a increase in average sale price as shown on the graph. These number are in line with seasonal trends.

 

Realtor Notes

Price and inventory numbers for both Waterloo and Wellington real estate markets show steady growth in both categories. This is encouraging as it supports a more stable real estate market. Slight increases in inventory numbers provides buyers with a little more opportunity. We typically see average prices slide in the winter months but overall steady increases to average sale prices through 2018 signals a more predictable market and steady growth.

Looking forward to December we can expect average prices to stay fairly similar in both Waterloo Region and Wellington County real estate markets. Inventory of active listings will likely decrease as investor and sellers push to sell and close before the new year. We typically see a few more motivated sellers in November and December as sellers push to get deals done before the year end. This does NOT mean it is a bad time to sell or buy. Each individual situation is completely different. We report on averages and general market trends as this represents overall market best. Get in touch with any specific questions HERE or connect with us on Facebook.

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MLS Listings Review October 2018

MLS Listings Review October 2018

In review of MLS listings numbers for October 2018 we will share what prices and inventory are doing the Waterloo, Kitchener, Cambridge and Guelph real estate markets. To compare similar numbers to earlier this year and the same time last year check the visuals below and our previous blog post.

Real Estate Inventory Numbers

Months of inventory is the number of active listings on the market in the previous month divided by the number of sales that month. This metric is key to determining the amount of available listings there are in our local real estate markets. October 2018 had just under 2.5 months of inventory in the major market centers Kitchener, Waterloo, Cambridge and Guelph. This is still about half of the amount of available listings we would need to even see a balanced market. Low inventory signals that buyers do not have a lot of options and the seller’s market will continue. Low inventory levels also supports price growth.

 

MLS Listings Price Numbers

Are prices going down? What prices does this type of place sell for? Are listings still selling in multiple offers? Comments and questions on prices are the most common things we hear from our network.

Prices are not going down and yes some listings are still selling in multiples. We are still in a competitive market for buyers, especially anything in the lower 400’s and under. As you can see in the graphic here the average price of residential listings in Kitchener, Waterloo, Cambridge and Guelph was $475,268. The average sale price has fluctuated around 1-2.5% of October’s average sale price for the better part of the last 5 months.

The average of the monthly prices for residential listings was $461,967 in 2017 and $479,908 so far in 2018. This is a 3.58% increase compared to 2017 prices.

What You Need to Know as a Buyer – Realtor Notes

For buyers we encourage looking at opportunities to purchase within the next three months for two main reasons. First, interest rates are likely to increase again in 2019. Get in before it becomes more expensive for you. Check out how interest rate increases can affect your mortgage HERE. Second, Although inventory is historically low we have noticed that competition has softened slightly. This is fairly common for this time of the year but recent increases to interest rates and media/market sentiment shifting towards price uncertainty is revealing more opportunities for savvy buyers than usual. Contact me directly or check out our Facebook page for buyer resources, search tools and updated listings.

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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.