Hope you are enjoying this beautiful Spring weather! 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 January 2019

Market Update

 

 

The numbers are up for February, and this is what’s going on in the Kitchener/Waterloo real estate market.

Sales:

There were 325 sales which is down 11% from the number of sales we had in last February.

Active Listings:

Active inventory is up slightly. There are 843 active listings on the market. That’s a 1% increase from the 836 that we had last year. There were 559 new listings that hit the market. That’s down about 3% from what we had in 2018.

Average Sale Price:

The average sale price across all housing categories was $561,129. That’s up substantially with a 15% increase from February of 2018.  The average sale price is up in all different housing categories.

Detached houses: $601,019 which is up 5%

Attached houses: $403,199 which is up 3%

Condo style apartments:$319,538 which is up 15%. Condo style apartments have had the most growth year over year so far in February.

Sale to List Ratio:

Looking at what houses are selling for, as far as the percentage of list price right now, we’re seeing 100% of list price. On average, houses are selling for full asking price. Now, that will depend on what price point you are in. The lower price points tends to be selling for full list or sometimes even above. When you look at the higher price points ($750,000 plus) we’re seeing more negotiations going on. You have to take that with a grain of salt, that’s a blanket number for overall.

Supply & Demand:

Looking at our months of inventory right now, we’ve got 2.59 months of inventory on the market. Overall that puts us in a seller’s market. Anything under four months of inventory is considered a seller’s market. Traditionally, in a seller’s market, we do see prices continue to go up. If we’re looking at the houses that are selling right now, we’re still seeing 39%. Almost 40% of the homes are going to multiple offers. Again, almost all of these homes are priced under that $600,000 price point.

Summary:

Overall, if we look at the market, sales are down a bit from last year, but on the positive side, the average sale price is up quite a bit. Active inventory on the market is relatively flat, not a huge change so far. If you’re someone who’s looking to sell this year, right now we’re getting well into March, and we are going to be approaching April soon. That’s your peak time to put your house on the market to sell.

For someone looking to purchase, you’re going to start seeing a lot more inventory come on the market, towards the beginning of April, through to May. Traditionally, especially for the detached market, we tend to see a massive increase in inventory on the market from April to May.

For someone who’s looking to sell and buy, I always recommend you sell earlier in the Spring Market, get your house sold, whilst there’s less inventory on the market, and give yourself a 90 day closing, which gives you lots of time to purchase in that May-June market, while inventory is a bit higher.

If you have any questions about the Kitchener/Waterloo real estate market, please comment below and we’d be happy to answer any questions you have.

Neighborhood Statistics

Kitchener

Kitchener

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Waterloo

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If you have any questions about the Kitchener/Waterloo Market Update for February 2019 feel free to contact The GoWylde Team.

If you would like a free online home evaluation click here

Photo of Waterloo

Photo of Kitchener 

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