Condos Are Now Selling Fast and Under List Price

Condos Are Now Selling Fast and Under List Price

By Condo Culture

We shared a Southern Ontario Real Estate Market Update blog article last month discussing the state of market and revealing that the unprecedented bidding wars we had been experiencing through the Spring and early Summer months were finally starting to show signs of cooling down.

At its peak in April, Waterloo condos in the area were averaging 103% to 108% of the list price depending on which area of the market you were looking at. This trend continued into June with units typically receiving above listing and an average of 101.25% of the list price.

In July, we observed these numbers starting to drop back below 100% for the first time in 3 months with units receiving 99.44% of the list price. Well, for all of you buyers out there, we have good news. The stats for the first half of August are in and the trend is continuing. In fact, so far this month units have been trading, on average, at 98.37% of their asking price which is down over 1% since we reported in July.

This shift is significant as it brings us back to levels that we haven’t seen since the beginning of the year, which is great news for buyers and investors actively looking to purchase a Kitchener-Waterloo condo. However, while we are now seeing units being purchased for less than before as a percentage of their list price, units are also selling the fastest they have all year. Median days on market for condos in the core areas of Kitchener-Waterloo is currently just 17 days through the first half of August, compared to 51 days during January of this year.

The below chart shows median days on market for Uptown Waterloo condos and Downtown Kitchener ones have been trending down steadily since January, and so far this month, the number is sitting at the lowest level we’ve seen all year.


So what does this mean for you if you’re looking to purchase a condo this month? While it may now be more possible to get a better deal off the list price than it was in the Spring. The trend towards fewer days on the market means you should also ensure you’ve done your research and are well-educated on the market so you’re ready act when the right unit (and the right deal) comes up.

See a condo listing on our website that you think could be the right one and want to make sure you’re getting the best deal? Then shoot us a message or drop into one of our Condo Culture stores anytime and we’d be happy to take you on a tour of the market, make sure you’re up to speed with the latest information, and put our specialized knowledge of Kitchener-Waterloo condos to work for you to help ensure you’re making the smartest investment possible. Happy condo hunting!

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