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!
KW Market Update for March
The numbers are in for March and here is what is happening in the Kitchener/Waterloo Real Estate Market!
There were 490 sales this month which are down 30% from the 701 sales that we had last March. However, it is up 39% from last month.
There are currently 931 active listings on the market. This is up 65% from last year. Although, we had abnormally low inventory in the first quarter of 2017. This is still a normal amount of inventory for us to have.
If we look at the number of new listings we had 813 which is basically flat from March last year.
The average sale price in the KW is $484,213 which is down 2 % from March last year which was $496,132. However, this stat is not necessarily a fair representation since we are seeing many more houses in the low-end price points selling than the higher price points. This is lowering the average sale price. If you look at the average sale price per sqft in the KW we are actually up 2%
Let’s dive into some more detail. Detached houses had an average sale price of $576,383 which is flat from last March. This is really good considering that detached houses in Guelph and Cambridge are down year over year meaning they are performing better in the KW than the surrounding cities.
Attached houses are down 1% from last year with an average sale price of $376,916 which is not a major change.
Condo-apartments had an average sale price of $289,537 which is up 8% from last March meaning condos performed extremely well this month.
Right now, houses are selling on average for 100% of asking price. Of the houses that are selling 52% are going to multiple offers. This is up 6% from last month which is a good indication that our market is getting busier. 78 % of the listings that are selling over asking have been listed under $500,000. Which shows that our lower end market is very active.
If we look at months of inventory which is our supply and demand, we have 1.9 months of inventory. Anything under 5 months of inventory is considered a seller’s market so overall we are still in a strong seller’s market. Now if we look at months of inventory over different price ranges this gives us a better idea of what is going on in the market. Right now houses listed under $500,000 have less than 1 month of inventory on the market which means it is a very hot market. Between $500,000 -$750,000 there are 2 months of inventory, between 750,000 -$1,000,000 there are 3 months of inventory which is still a seller’s market but closer to a balanced market. Once you go over $1,000,000 there are 11 months of inventory which means that the luxury market right now is very much a buyers market.
If you are looking to upsize to a larger and more expensive home this is a great time to do it. You can sell your lower priced home in a very hot market and buy a more expensive home in a less competitive market with more selection. If you are someone looking to downsize and buy a cheaper home then you are better to sell first and buy second. All and all we are still in a very healthy market. Houses are selling within 23 days for very close to asking. Prices have stabilized and will continue to increase as we remain in a sellers market. The number of sales continues to be down from last year so it is important when selling that you are going to market with the right strategy and you have a good agent advising you. This is not the market where you can just throw a sign on your lawn and expect it to sell.
If you have any questions about the Kitchener/Waterloo real estate market please comment below or contact us!