Below you will find a Kitchener/Waterloo Market Update For April 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 April
The Kitchen Waterloo market continues to cool but remains in a Seller Market.
One of the biggest changes in the market in April/May has been the increased months of Inventory. We are currently at 1.6 months inventory of detached homes versus 1.1 months in April. We also saw detached house prices drop by 5%. However, 80% of the homes that sold went to multiple offers.
For the Buyer this may be the perfect time to jump into the market, there are currently over 500 hundred homes that have been on the market for over 14 days. So these homes are likely not going to get multiple offers.
For Sellers, we are still in a Seller’s market, but you may not see multiple offers and your home may be on the market a little longer. . On June 1 the Boc is expected to raise the prime interest rates by a minimum of 50 basis point, so buyers would be wise to lock in prior to that.
Check out Greig Turvey’s article in Kitchener Today!