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

Market Update

The numbers are in and this is what’s happening in the Kitchener/Waterloo Real Estate market.

Sales

We had an increased number of sales by 7% with 612 sales.

Inventory

Active inventory is 12% from what we had last year. Under a thousand active listings on the market. New listings to come to market is 7% with 850. I think a large reason for that being up is just because we had such a horrible spring market. It delayed a lot of people in getting their house on the market this year.

Average Sale Price

For average sale price across all housing categories, we’re up 7%.

Detached houses: up 5%

Attached homes: up 9%

Condo style apartments: up 5%

We’re up in all different housing categories, which is excellent.

List-To-Sale-Price

Right now on average, we’re seeing houses sell for 100% of list price which is the same as last year. Now take that with a grain of salt. It depends on what price point you’re in. If you’re in the lower price points, you’re a lot more likely to sell for full asking or maybe even above. Then when you go over that $600,000 price point into that $600,000 to a million, you’re seeing a little more negotiation. A million-plus, we’re seeing a fair bit of negotiation going on. Of the houses that are selling, 50% of them are going to multiple offers, and again, the majority of those will be under that $600,000 price point.

Months of Inventory

As far as months of inventory go right now, we’re at 1.61 months of inventory, which is down from last year, meaning we’re going into a stronger seller’s market.

Summary

Overall, when we look at the numbers from June they are very positive. Sales are up, inventory is down. Average sale price is up, meaning we’re in a good strong market. I think our market’s going to stay strong throughout the Summer because we did have that delay in our spring market with the poor weather. We’ll likely see things pick up even more in September, and the market will continue strong through till October. Usually, then after October, we start to see things slow down into November and towards December.

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.