Below you will find a market update report which will provide you with information on the local real estate market and recent sales activity in your specific area. Don’t hesitate to contact us if you have any questions or if you are ready to move forward with the next step!
Kitchener/Waterloo Market Update for May 2018
Here is what happened in the Kitchener / Waterloo Real Estate Market in May!
There were 643 sales this month, which is down 15% from the 760 sales that we had last May. Although, the number is up 8% from last month.
There are currently 1,158 active listings on the market. This is up 23% from last year and we are continuing to see inventory build month over month. However, that is common to see over the spring months. This is great for purchasers since you have more selection.
If we look at the total number of new listings, we had 1,017 in May, which is down 18% from last year. However last May was a bit of an abnormal month since we had a bunch of sellers’ rush to put their houses on the market right after the announcement of the new foreign buyer’s tax.
The average sale price in the KW is $497,737, which is still down 2% from May of last year when the average sale price was $508,004.
Let’s dive into more detail – detached houses had an average sale price of $593,775 which is down 2% from last May, but up 5% from last month.
Attached houses are down 3% from last May, with an average sale price of $368,184. Apartment style condos had an average sale price of $279,939 which is up 1% from last May.
As you can see the gap in the average sale price year over is starting to narrow as house prices are continuing to rise across the different housing categories in the KW.
Houses are selling on average for 100% of the list price. Of the houses that are selling, 44% went to multiple offers and sold over asking. Of the houses that are selling over asking 87.5% of them are listed under $600,000. This demonstrates that our market under $600,000 very active.
If we look at months of inventory, which is our supply and demand, we have 1.8 months of inventory. Anything under 5 months of inventory is considered a seller’s market meaning we are in a strong seller’s market right now. Months of inventory is continuing to drop month over month which means that our market is strengthening
If you look at our market over all its doing very well. Housing prices have continued to climb month over month. Homes are selling on average for full list and 44% of the property listed are going to multiple offers. The market under $600,000 is moving very well so this is a fantastic opportunity for someone looking to sell in this price point. I know personally with our listings we are getting a lot more offers and it appears the buyer’s confidence in the market is starting to build back up. I think we will continue to see an increase in consumer confidence over the next few months as our market builds back up. I am predicting that we are going to have a more active market in the second half of 2018 then we did in the first. This is similar to what happened in 2016.
If you have any questions about the Kitchener/Waterloo real estate market please comment below or contact us!