Kitchener/Waterloo Market Update For June 2021

Below you will find a Kitchener-Waterloo Market Update For June 2021 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!

The market has been continuing to slowly cool off from the craziness of the Spring. Prices have remained fairly flat, and days on market has been slowly increasing from its low in March of 10 days (average) to 13 days.

82% of properties that sold, sold for over the asking price, however, this doesn’t take into account the number of listings that are either still for sale, or that were cancelled or expired. When you take this into account you’ll see that about 70% of listings are selling quickly and for over the asking price, whereas 30% end up taking longer to sell, or will not sell at all without a price drop.

Months of inventory remained steady month over month at 0.58 as the number of sales and number of active listings both dropped by 15%. New listings are down 23% month over month. These trends are typical for this time of year, as we transition from Spring to Summer.

Overall the market remains very hot and a very strong seller’s market. Sellers may be able to capitalize on lower inventory/competition as we progress into the Summer months. It will still be challenging for most buyers in this market, however, there are certainly many opportunities to purchase a new home without having to compete with any other offers, which was pretty much unheard of just a few short months ago.

If buyer demand continues to decline, we could see prices start to drop, however, decreasing supply is pretty much a guarantee for the rest of the Summer until September. It will be interesting to see how things go. We think it’s likely that demand will still outpace supply.