Brought to you by Keithmarshall.caIn this episode of ‘How’s the market?’ we look back at the last ten weeks of hyperactivity, an increasing List Price to Sales Price ratio and spend a bit of time looking at average winning Bully Offers.
In this Kitchener-Waterloo real estate market update, I show that
average list prices are down
average sale prices are going up relative to list price
we have incidences of Bully offers occurring again
overall activity is increasing again
May is very different than April, which was different than March
How’s the Kitchener-Waterloo real estate market? The impact of Covid-19 reveals contrasting activity with Bully Offer and Conditional Sales.
In this episode of “How’s the Kitchener-Waterloo real estate market we explore a lot of hyper-activity.
We look at:
The LP/SP ratios for Bully Offers vs. LP/SP for Conditional Offers in March.
Price movements
Suspensions, cancellations, re-listing and price adjustments.
Before March 15 vs. After March 15
Two client case studies
Six weeks into the year and there is either a lot of activity or not much happening depending on your budget range.
The key takeaways from this update:
1) Homes are selling for an average of 10% over list price
2) 10% of the homes selling are not waiting for offer night. They are instigating BULLY OFFERS
3) High priced homes and mid priced homes are slow to come to the market.
Other takeaways:
1) Almost everything that was listed in January is now already sold.
2) The LP/SP ratio rose by 2%. But that can be explained by seasonality.
How’s the 2020 Kitchener Waterloo Real Estate Market? A problem with inventory is one for buyers!
Key takeaways:
1) Single family homes priced below $600,000 are selling fast. Often in less than five days.
2) Bully offers are the rule not the exception as buyers don’t want to wait till offer night.
3) The list price to sale price ratio of homes that have sold so far this year (on my list) are selling for 8% over list price.
