What’s happening with three bedroom homes in Laurelwood?

What's happening with three bedroom homes in Laurelwood

Transcript

Well hello there. I’m Keith Marshall. 

What’s happening with three bedroom homes in Laurelwood 

Today is December 1st 2020 

Let’s start with this one. This is the general statistics for Waterloo west, single family homes, 2000 square feet, with three bedrooms. 

I want to look at the average price since the beginning of the year. The average price for 3 bedroom homes on the westside of Waterloo up to 2000 square feet is around $690,000. 

 The days on the market as you can see here from December 2019 our days on the market got really short. We’re looking at about 10, 7 and there’s 8 here’s 13, only 6 in November. So our average days on the market has been averaging about well about 10. 

Months supply of homes has been pretty consistent since October of last year we were at 1.2 months supply of homes and then we’re down to very few around a month and then in July we fell below again. Here’s point two of a month so that be like 6 days of supply. 1.4 in in October. We’re at 0.3 thats like 10 days Supply. Not a lot of homes on the market on the westside of Waterloo at any given time. 

And percentage of list price. This is a metric that I really like to look at it cuz this one shows how fast the market is moving up or down. If we look at the westside of Waterloo for three-bedroom homes less than two thousand square feet from June of this year, homes are selling for about 5% over the list price 8% a percent 6% 6 or 7% over list price which is pretty consistent with our market is a whole, maybe a little bit lower. It’s nice to see a bigger sample of homes are selling for below what my clients looking for. 

What’s happening with 3 bedroom homes in Laurelwood?

Okay, so the question of the day is what’s happening with three bedroom homes in Laurelwood. So what we have here is all of the homes that match that criteria that have sold in Laurelwood since the beginning of 2020. There’s only 14 + 2 that are currently on the market. We see a pretty aggressive start at the beginning of the with a couple of homes going more than 10% over list price. Since June things have been behaving fairly consistently. 

Average days on market 13. 

 It is December now so I expect things to slow down 

For these two, we will come back to these two in a minute because this one has been on the market long time and that one was just listed. I didn’t look at these very much detail. I noticed that this one had a pool. Pools seem to be very popular this year. 

What’s more interesting to me anyways is that the houses over in Laurelwood tend to be quite small,  so 2000 square feet is a typical home in Laurelwood. There are bigger of course but they really come in two styles over there and I broke it into a one-car garage or a two car garage. As you can see from here we’ve got one car garages come out selling in 10 days and selling for just under 4% over list price, an average sale price of $676k so this one would be a new category just added for this for today but maybe I’ll continue it in the future. This is our sales price over the average sales price of the of the house on the list. This house on Thornview came in the closest to average $680k.

Two bedroom homes tell a little bit of a different story. They’re the two that went over 10% over list price, were both on Timbercroft and both had two car garages. Consistently sale price works out to be six and a half percent over list price and comes out of $726k. This house on Barringham is the most typical representation of what’s going on over here in Laurelwood. 

I go back to this screen here we’ve got Timbercroft and Dalecroft. Now I put this together last night knowing that I would do it today and when I checked the hot sheet this morning both of these properties had been updated. This one is now sold firm with a bully offer at $675k so it came in 3% over list price but $675k is interesting to me because that’s where average sale price was. 

The other one expired without selling. It was probably listed too high. It should have sold for $740k say. I don’t know if that’s right or not. It’s probably true. My experience at things that do sell for below list price tend to sell below list price within 3% of list price and as you can see this one is more than 3% less.

What do we learn from all this?

Two things I suppose. 

If you don’t follow current pricing practices, your homes tend to stay on the market much longer than average. 

I think it’s safe to say that people prefer homes with a two-car garages. 

That’s what’s happening with three bedroom homes in Laurelwood 

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