January Real Estate Market Report
“What a disappointment!” – said ABSOLUTELY NO Home Seller in Waterloo region in January! Continue reading this month’s Real Estate Market Report to understand why.
It did not disappoint when it came to selling homes. Homes in this real estate market continue to sell fast and prices continue to rise. This is the new norm – 5.8% more homes were sold in January 2017 vs January 2016 and were 22% above the 5-year average.
- 194 detached homes sold in January (down 5.4% vs January 2016)
- 79 condominium units sold in January (up 19.7% vs January 2016)
- 32 semi-detached homes sold in January (up 128.6% vs January 2016)
- 20 freehold townhouses sold in January (down 9.1% vs January 2016)
Supply and Demand
Helping to drive prices is the lack of supply. At the end of January there were just 327 residential listings on the market versus 1068 at the end of January 2016. Homes are lasting an average of 22 days on the market vs 47 days in January last year.
For the second month in a row the average single detached home price was above half a million dollars at $501,821 – this is an increase of 22.7% vs last year!
- AVERAGE PRICE OF ALL RESIDENTIAL PROPERTIES SOLD IN JANUARY: $421,104 (UP 19.1% VS LAST YEAR)
- Apartment style condo average sale price in January: $237,220
- Semi-detached average sale price in January: $353,295
- Townhome average sale price in January: $323,946
I just want to circle back to what I led off with: that no home seller was disappointed selling in January. For the most part this is true; there are sales that I have seen that have shocked me, BUT there have been sale prices that I have seen that REALLY disappointed me! The disappointment came from seeing homes that sold above list price – yay, but that could have really fetched a lot more money. And I’m not talking about 1 or 2% more, I’m talking about 10%+ more! The right agent will get you that 10% more – The right agent will get you into the “shocked by the sale price” category. As a seller, that is where you want to be! Take advantage of this market by hiring the best agent!
Here are some tips about selling your home right now:
- Try not to get tied up with the agent’s commission they are charging. A great agent may charge 1% more ($5000 on a $500,000 sale) but they will get you 10% more money ($50,000 on a $500,000 sale).
- Just because you set a presentation date and get 10 offers doesn’t mean you have to accept one of them. If the price doesn’t shock you – send them all back and tell them to do better.
- Your home is a product. You want to present the best you have – skipping paint touch ups, staging, skimping on virtual tours/pictures and your marketing will hurt you. Be the best and get the best money!
- Avoid pressure tactics by agents – especially those cold calling and door knocking. I appreciate the energy – but are these agents your best bet? Make sure you know what you are getting into. Once you sign, lured by discounted commissions and promises, it is very difficult to back out.
- If you’re not happy with your agent – FIRE THEM. Call their brokerage if they don’t let you cancel the listing. Call the board. And then call a great agent!
My list does go on, but I think you get the picture!