April Median Sale Prices - 2019 vs 2020
Hello Friends. We always say it, Real Estate is a year over year investment, don't watch the numbers too closely month by month, you will not get an accurate assessment of what is happening. That is less accurate in a time of global change, next month I will be doing the year over year and we will look at the last quarter sales. I think we will see the "slide" in values, that the buyers have been looking for in some markets. I think we can see it here in our year over year review. No doubt that after the March break traditionally we see the bulk of spring sales until the May long weekend when people start to get in vacation mode and cottage ready. With COVID 19 playing out during the spring market we have definitely not seen the bulk of the sales that we should across the board, but, some markets are alive and well....and while inventory is lower in some high demand markets, it is the perfect time to sell. There are so many factors and dynamics playing out right now, it is going to call for a completely separate blog.
For now, we are noticing the significant adjustment in the Fergus & Elora market, it is one we are watching closely to see how quickly they bounce back from the slide in sales. We think the increase in price point could be due to the lack of resale home and increase in New Build sales, which may stay steady over the summer due to lack of interest in selling in 2020, and New Build construction closings being delayed by 2-4 months. Waterloo, Kitchener both seem to be the same as last year or not too far off, I think if it is less than a $10,000 difference that it is likely because of the freeze in sales, the Buyer's are not flooding the market to inflate the prices. Guelph and Cambridge seem to be holding steady to their traditional increases. I know from shopping in the Guelph market, that the under 500,000 market is still heavy with Buyers, and over we are seeing less in the market, and even more discerning than before, oftentimes, these Buyer's need to sell something to buy something and the property has to be THE property. I think it carries to the 800+ market, once we see the flood of Buyers, especially the GTA market come back this way, we will see more houses listed in Guelph. We are already seeing it happen.
Here are the numbers, Median Sales in the month of April 2019 vs. 2020
Guelph $509,000 $543,500
Fergus $488,000 $607,500
Elora $565,000 $453,100
Cambridge $463,625 $522,000
Waterloo $536,000 $535,000
Kitchener $475,000 $498,200
Feel free to reach out anytime for more information on your specific market, we can take these numbers right down to houses like yours in your neighbourhood.
Have a great month.