Below you will find a Kitchener/Waterloo Market Update for July 2019 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 July 2019

Market Update

The numbers are in for July, and this is what’s happening in our Kitchener/Waterloo Real Estate Market.

Sales:

Overall, a really good start to the Summer when we look at the number of sales. We’re up 17% from what we had July last year!

Inventory:

Active inventory is down 7% from last July. The number of new listings to hit the market in the month of July is up about 14% from what we had in 2018.

Average Sale Price:

Then our average sale price for all housing categories is up 15% from last July with an average sale price of $527,356.

Detached houses: up 10% with an average sale price of $610,837.

Attached houses: up 15% with an average sale price of $417,361.

Condo style apartments: up 54% with an average sale price of $451,907.

Now, before all you condo owners get too excited & all of a sudden, throw up a sign on your lawn, what happened this month is we had a lot of higher-end condos sell, and that really pulled up our average sale price. The market’s definitely up this year for the condo’s but 54% is an exaggeration. Overall though, looking at all of our different housing categories, we’ve got good amounts of appreciation in each category.

List-To-Sale Ratio:

We’re seeing houses sell on average for 100% of list price, meaning we’re not seeing a ton of negotiating going on. 42% of the homes that are selling are actually going above list and selling to multiple offers. Now, over 80% of those homes that are selling above list will be listed under that $600,000 price point. Mainly in that $400,000-$500,000 price point. That’s our most active market right now.

Months of Inventory:

Then looking at our months of inventory, which is our supply and demand for the market. We’re at 1.89 months of inventory. That’s down from the 2.39 months that we had in July 2018. Which does mean that we’re going into a stronger seller’s market.

Summary:

Overall, we’ve had a really active Summer so far this year, and I do believe that’s going to push through into August, and then also into September.

From a buyer’s perspective, if you’re looking to purchase, the last two weeks in August is a pretty good time to do it. A lot of people are away on holidays meaning there’s not as much buying competition. After the long weekend, you’ll see a lot more people come out and start looking, but you will also see a higher amount of inventory come on.

For sellers, after the Labor Day Weekend is probably going to be your prime time to list your house if you’re going to sell this year. Typically our market picks back up in September, and it stays strong throughout October, but sometime in November it will start to slow down as we approach the holiday season, and people start getting preoccupied.

If you have any questions about the K/W real estate market, please comment below and I’d be happy to answer them for you.