Last week, the real estate statistics came out for March, and boy were there ever a lot of records broken again. Realtors can feel the market changing, but what it is changing into remains a mystery. Other top stories include things to think about before moving to a small town, friendliest towns, rules to follow when selling, the prices of cottages and a 7-day market update.
Kitchener Waterloo Real Estate Market Report
There were 993 residential homes sold in March
This is an increase of 72.7% compared to March 2020.
The previous 10-year average number of residential sales for March is 552.
In March, the average sale price for all residential properties in the Kitchener-Waterloo area was $765,393.
The average price of a detached home was $899,460.
This represents a 32.3% increase from March 2020
The number of months of inventory was 0.7.
The average number of days to sell in March was 8 days, compared to 16 days in March 2020 and a previous 5-year average of 21 days.
9 Things To Think About Before Moving To A Small Town
1 The cost of living may be lower
2 There may be fewer job opportunities
3. You’ll want to have a car if you’re moving to a small town
4 There will be less traffic and plenty of parking
5 Services and amenities may be limited
6 You’ll have more space
7 Your entertainment options may change
8 There will be a strong sense of community
9 Everything slows down
365 Rules about Real Estate
Rule #241: Allow flexible times for viewings and showings.
If you make it difficult for a potential buyer to view your house, it sends the message that you will be difficult to negotiate with.
Rule #242: If you have a qualified buyer at your door, let him in.
Rule #243: A quick sale saves you from weeks of people visiting your home, mortgage payments, taxes and other carrying cost.
Rule #244: The first week your home is on the market is the most important.
The buyers who have been looking for a while are ready to buy.
They have already seen everything else, have figured out exactly what they are looking for.
The friendliest towns in Canada
Radium Hot Springs, British Columbia
Digby, Nova Scotia
Baddeck, Nova Scotia
Saint John, New Brunswick
Thunder Bay, Ontario
Charlottetown, Prince Edward Island
Ontario cottage prices expected to increase by almost 20% this year
The aggregate price of a house in Ontario’s recreational markets, increased by 19.4% from 2019 to 2020. The aggregate price is forecasted to increase by another 17% in 2021 — up to $547,207. 87% of recreational real estate professionals said that more than half of the properties available on the market right now are selling above asking price. Another 87% of respondents said recreational regions in Ontario have seen inventory decrease compared to what is typical for their respective regions.Buyers are making 4 to 10 offers on average before success.Houses in Ontario’s recreational property markets are expected to see the highest price gains in the country in 2021.
Kitchener-Waterloo Real Estate 7-Day Market Update
New listings: 186
Homes sold: 200
Conditional Sales: 23
Average days on market: 11
Median days on market: 7
Average list price: $673,445
Average close price: $777,564
Average SP/LP: 115.98%
Median list price: $622,500
Median close price: $721,500
Median SP/LP: 115.60%
Blast from the past: April 8, 2020
How’s the KW real estate market?
Covid-19 impacts Bully Offers, Prices and Conditional Sales.