Cambridge, Kitchener, & Waterloo Housing Market Stats – March 2020
This video provides a summary of the Cambridge, Kitchener, and Waterloo housing market stats for March of 2020. The stats for this month are interesting, as all three of these markets are still quite active despite recent measures taken as a result of COVID-19. With that said, below are some of the key market metrics:
Cambridge (Mar 2020 vs. Mar 2019):
- Median Sales Price was $529,950 – ↑ 9.3%
- Median Days on Market now at 8 days – ↓ 5 days
- Total Number of Sales was 188 – ↑ 20.5%
- Total Number of Listings was 279 – ↑ 23.5%
Kitchener (Mar 2020 vs. Mar 2019):
- Median Sales Price was $525,000 – ↑ 14.9%
- Median Days on Market now at 8 days – ↓ 4 days
- Total Number of Sales was 380 ↑ 18.8%
- Total Number of Listings was 547 – ↑ 16.9%
Waterloo (Mar 2020 vs. Mar 2019):
- Median Sales Price was $615,000 – ↑ 26.8%
- Median Days on Market now at 8 days – ↓ 4 days
- Total Number of Sales was 138 – ↓ 4.8%
- Total Number of Listings was 234 – ↓ 3.7%
The numbers clearly indicate that we are still experiencing a seller’s market, in which the median sales price is up significantly and days on market is down by a considerable margin for all three markets. And only Waterloo showed a slight decline in sales and new listings.
The effect COVID-19 has on the Real Estate market will first be seen at the end of April. It is difficult to know how sales prices will be affected, but I can confidently tell you that the number of listings and sales will be down considerably next month.
For now, the most important thing is that we are enjoying the safety and security of our own homes during these difficult times. I wish you the very best, and would be happy to answer any questions you may have about the state of the market. Please feel free to reach out to me any time.
