November 23, 2018 | Kitchener/Waterloo

Kitchener/Waterloo Market Update for October 2018

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 October 2018

Market Update

 

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

Sales:

This month we had 485 sales which are up 4% from last October.

Inventory:

There are 1,060 active listings on the market right now. That’s up about 12% from last October meaning there’s a bit more inventory on the market for buyers. 754 new listing hit the market, which is up 10% from 2017. That is quite a bit.

Average Sale Price:

We have an average sale price of $495,000 across all housing categories. That’s up 10% from October 2017.

Diving into more detail –

Detached houses – Up 7% with an average sale price of $565,337.

Attached houses – Up 12%

Condo-style Apartments – Up 25%

A great amount of appreciation across all the different housing categories.

List-To-Sale-Ratio:

On average right now, of the houses that are selling, they are selling for 99.7% of list price. Basically, full asking which is great. When you’re selling right now, there’s not a ton of negotiating that you have to do. We’re seeing 40% sell over asking in the month of October, which is up from 34% from 2017.  A large percentage of the properties are still going to multiple offers. Of the ones that are selling over asking, 90% of them are priced under that $600,000 price point. That price point is very active right now.

Months of Inventory:

Looking at our months of inventory which is our supply and demand for the market, there are 2.19 months of inventory on the market. Anything under five months of inventory is considered a seller’s market meaning we’re still in a good seller’s market for the KW area.

Summary:

Overall when we look at this October compared to last, it was a stronger month. We had more sales, average sale prices are up quite a bit, and more properties are going to multiple offers. There is higher inventory on the market meaning buyers have a little bit more selection. We’ll probably the number of sales drop as we go into November and then towards December. Just as we approach the holiday season, which is very normal.

 For people looking to buy, November, December are probably the two best months where you can get the best price for a home. You’ll probably get a much better price buying at the end of this year than going into 2019 because there’ll be more buyer competition on the market at that point.

From a seller’s perspective, if you’re selling a townhouse, an investment property, or a condo, November, December can be really good months because there’s still a lot of first-time buyers and investors that are out looking for properties. If you’re selling a larger family home, you probably want to wait until after the holidays. This is a very good time for you to have your realtor come in in advance so that they can talk to you about pricing, timing the market, as well as what you can do to prepare your house. When the market does pick up, in early 2019, your house will be ready, you can get it on the market right away and take full advantage.

If you have any questions about the Kitchener/Waterloo real estate market please comment below or contact us!

Neighborhood Statistics

Kitchener

Click here for Active Listings In This Area

Click here for Solds In This Area

Waterloo

Click here for Active Listings In This Area

Click here for Solds In This Area

If you have any questions about the Kitchener/Waterloo Market Update for October 2018 feel free to contact  The GoWylde Team.

If you would like a free online home evaluation click here

Photo of Waterloo

Photo of Kitchener 

GoWylde Newsletter