KITCHENER-WATERLOO REAL ESTATE-HOMES & CONDOS FOR SALE

Posts tagged “100 garment

Euphoria Continues in the Kitchener Waterloo Housing Market.


Hope you and your family have been doing well and everyone is staying safe. With lockdowns being lifted in many regions across Ontario, everyone is trying to get back to a normal life again. I will say that lockdowns or not, the housing market is starting to experience a little bit of euphoria from buyers in my opinion and certainly speculative buying.  With many buyers especially from the GTA looking for homes in our region, it is pushing prices up fast. 

Lets look at the stats from February…

There were 597 residential homes sold, an increase of 27.8 per cent compared to February 2020, and an increase of 66.7 per cent compared to the previous month. The previous 10-year average number of residential sales for February is 407.

Total residential sales in February included 337 detached (up 23.9 per cent from February 2020), and 101 condominium units (up 57.8 per cent). Sales also included 47 semi-detached homes (up 46.9 per cent) and 112 townhouses (up 13.1 per cent).  

In February, the average sale price of all residential properties sold in 2021 increased by 32.1 per cent to $752,289 compared to the same month last year. Meanwhile, the average price of a detached home hit yet another new milestone by exceeding 900-thousand-dollars for the first time, coming in at $910,126 an increase of 35.4 per cent. During this same period, the average sale price for an apartment-style condominium was $415,322 for an increase of 11.9 per cent. Townhomes and semis sold for an average of $609,566 (up 37.5 per cent) and $684,787 (up 41.1 per cent) respectively.

We are continuing  to see a dramatic increases in the average price in February due to the persistent and fierce competition for homes in our region combined with short supply, this is frustrating buyers in the hyper competitive market. 

The low inventory and mortgage rates are resulting in multiple offers, higher prices and creating a fear they are missing out on the chance to become homeowners in this unprecedented market.

The rise in the average price we’ve been tracking the past several months has included some exceptional sale prices. That’s why this month and going forward we will also be including the MLS® HPI to provide a clearer picture of our local housing market trends.

The MLS® HPI is a sophisticated statistical model and more stable price indicator than average or median price measures because it considers how the features of a home affects its price – such as age, number of bedrooms, and number of bathrooms.

The MLS® Home Price Index composite benchmark price for all residential properties in Kitchener-Waterloo was $709,600 in February. This represents a 27.9 per cent increase over February 2020 and a 5.6 per cent increase compared to January 2021.

The benchmark price for a detached home was $788,500. This represents a 28.8 per cent increase from February 2020 and 6.1 per cent increase compared to January 2021.

The benchmark price for an apartment-style condominium was $341,200. This represents a 13.9 per cent increase from February 2020 and a 0.1 per cent increase compared to January 2021.

The benchmark price for a townhouse is $526,700. This represents a 33.1per cent increase from February 2020 and a 6 per cent increase compared to January 2021.

There were 737 new listings added to the MLS® System in KW and area last month, an increase of 21 per cent compared to February of last year, and a 15.7 per cent increase compared to the previous ten-year average for February.

The total number of homes available for sale in active status at the end of February was 295, a decrease of 33.6 per cent compared to February of last year, and 73 per cent below the previous ten-year average of 1,096 listings for February.

The number of months of inventory was 0.5 in February and has numbered less than 1 month since October. The number of months of inventory represents how long it would take to sell off current inventories at the current rate of sales.

The average number of days to sell in February was 10 days, compared to 17 days in February 2020 and a previous 5-year average of 33 days. 

If you are thinking of buying or selling in the coming months, wonder what the neighbor sold for, or have any questions at all, give me a call, text at 519-497-4646 or shoot me an email to kevinbaker@kwhometeam.ca. 

Have a wonderful weekend and stay safe!

Kevin


It Was A Crazy January Real Estate Market in Kitchener Waterloo and Cambridge!


Hope you and your family have been doing well and everyone is staying safe. With the lockdowns in place and the kids home from school it is definitely a different winter season indeed. There is some great news though… the Waterloo Region real estate market is still on FIRE! The average price of a detached home in the region hits a new milstone… Breaking $800,000… WOW!!!

There were 351 residential homes sold in January, an increase of 24.9 per cent compared to January 2020, and an increase of 1.4 per cent compared to the previous month. The previous 10-year average number of residential sales for January is 286.

Total residential sales in January included 201 detached (up 31.3 per cent from January 2020), and 71 condominium units (up 97 per cent). Sales also included 21 semi-detached homes (unchanged) and 56 freehold townhouses (down 17.6 per cent).

In January, the average sale price of all residential properties sold in 2021 increased by 23.9 per cent to $695,582 compared to the same month last year. Meanwhile, the average price of a detached home hit a new milestone by exceeding 800-thousand-dollars for the first time, coming in at $853,945 an increase of 27.3 per cent. During this same period, the average sale price for an apartment-style condominium was $383,196 for a decrease of 1.4 per cent. Townhomes and semis sold for an average of $566,345 (up 29 per cent) and $626,512 (up 29.3 per cent) respectively.

The median price of all residential properties sold in January increased 25.9 per cent to $680,000 and the median price of a detached home during the same period increased 23.3 per cent to $801,500.

With demand for homes in the region very strong, the consumer preference is leaning predominantly toward single detached homes. In January we saw buyers paying a premium for this property type, Conversely, even as condo sales were increasing in January, we saw prices for this style of housing soften by comparison.

Supply is just not able to keep up with continuing demand, much of it coming from the GTA, for the strong increases in home prices in Waterloo Region and in many other parts across the province. The number of months of inventory in Waterloo region has numbered less than 1 month since October. The number of months of inventory represents how long it would take to sell off current inventories at the current rate of sales.

There were 432 new listings added to the MLS® System in KW and area last month, a decrease of 7.4 per cent compared to January of last year, and 37.6 per cent decrease compared to the previous ten-year average for January.

The average number of days to sell in January was 16 days, compared to 22 days in January 2020 and a previous 5-year average of 30 days

If you are thinking of buying or selling in the coming months, wonder what the neighbor sold for, or have any questions at all, give me a call, text at 519-497-4646 or shoot me an email to kevinbaker@kwhometeam.ca. 

Have a wonderful weekend and stay safe!

Kevin


Recap of 2020 Housing Market in Kitchener Waterloo


How was your Christmas and New years? Mother nature was nice enough to give us a white christmas and since then we have had some great weather to get outside and do some hiking or other winter activites.   I know with covid  it was a very different year for all of us but i trust you were able to get some time with family and friends in some form.

The stats are out and thought i would share them to keep you up to date on our crazy housing market.  It was a year of fast paced upward movement in home and condo prices here in Waterloo Region. Have a look below to see the stats….

There were 6,492 residential homes sold in 2020, an increase of 9 per cent compared to 2019. Compared to previous years, 2020’s annual sales were 5 per cent above the previous 5-year average, and 11.6 per cent above the previous 10-year average.

On a monthly basis, there were 42 per cent more home sales compared to last year, with 351 home sales in the month of December.

December’s home sales were the highest on record for the month. This marks the sixth consecutive month of record home sales in Kitchener-Waterloo and helps propel 2020’s annual number of transactions over the 6,000-unit threshold for only the third time in our history.

Total residential sales in December included 204 detached (up 46.7 per cent), and 63 condominium units (up 34 per cent) which includes any property regardless of style (i.e., semis, townhomes, apartment, detached etc.). Sales also included 20 semi-detached homes (down 9.1 per cent) and 64 freehold townhouses (up 68.4 per cent).

For 2020, total residential sales included 3,899 detached (up 8.1 per cent), and 804 condominium units (up 18.9 per cent) which includes any property regardless of style (i.e., semis, townhomes, apartment, detached etc.). Sales also included 450 semi-detached homes (up 6.8 per cent) and 1,346 freehold townhouses (up 7 per cent).

In December, the average sale price of all residential properties sold in 2020 increased by 14.4 per cent to $634,545 compared to 2019. Detached homes sold for an average price of $755,618 an increase of 11.9 per cent compared to 2019. During this same period, the average sale price for an apartment-style condominium was $383,196 for an increase of 5.4 per cent. Townhomes and semis sold for an average of $514,760 (up 27.7 per cent) and $574,659 (up 20.2 per cent) respectively.

On a year-to-date basis, the average sale price of all residential properties sold in 2020 increased by 16.1 per cent to $612,521 compared to 2019. Detached homes sold for an average price of $719,203 an increase of 16.9 per cent compared to 2019. During this same period, the average sale price for an apartment-style condominium was $391,698 for an increase of 13.7 per cent. Townhomes and semis sold for an average of $468,891 (up 14.6 per cent) and $520,753 (up 18.3 per cent) respectively.

The median price of all residential properties sold last year increased 17.3 per cent to $575,000 and the median price of a detached home during the same period increased 15.7 per cent to $660,000.

With more people working from home, some permanently, space has become a greater concern than ever before. When you combine this with all the other great attributes of our region, it is no surprise that Waterloo Region is putting up these kinds of numbers. 

Like many other parts of Ontario, low inventory has become a defining factor of Waterloo Region’s housing market and the new normal. The number of months of inventory remained at just 1 month or less throughout most of 2020.

For historical context, the number of months inventory in Kitchener-Waterloo between 2011 and 2015 averaged 4. Between 2016 and 2020 it was a monthly average of 1.5 months. The number of months of inventory represents how long it would take to sell off current inventories at the current rate of sales.

The average number of days to sell in 2020 was 16 days, compared to 23 days in 2019 and a previous 5-year average of 27 days.

Dollar volume of all residential real estate sold last year increased 26.5 per cent to $3.9 billion compared with 2019.

Looking to the year ahead, we should expect more of the same. Real estate continues to be one of the shining lights supporting the Ontario economy, so we do not expect to see any significant efforts to try to cool the market. Buyers should continue to expect stiff competition in Waterloo Region, and for sellers, there will continue to be a strong interest for all properties entering the market.

If you are thinking of buying or selling in the coming months, wonder what the neighbor sold for, or have any questions at all, give me a call, text at 519-497-4646 or shoot me an email to kevinbaker@kwhometeam.ca. 

Have a wonderful weekend and stay safe!

Kevin


4th Straight Month of Record Home Sales in Kitchener Waterloo.


Hope you had a great week and are looking forward to the nice weekend weather coming up. Enjoy them while you can as i am sure the snow is coming sooner than we would like.

It was the 4th record month in a row for monthly home sales in Kitchener Waterloo. The market is a very heated sellers market for sure with record prices seeminly coming up everyday. 

There were 691 residential homes sold in October, the most ever recorded for the month. October’s home sales represented an increase of 28 per cent compared to the same month last year, and a decrease of 9.6 per cent compared to the previous month. The previous ten-year average number of residential sales for October is 471.

Total residential sales in October included 417 detached homes (up 25.6 per cent from October 2019), and 94 condominium apartments (up 34 per cent). Sales also included 134 townhouses (up 26.4 per cent) and 46 semi-detached homes (up 48.3 per cent).

The average sale price of all residential properties sold in October increased 19.4 per cent to $635,301 compared to the same month last year, while detached homes sold for an average price of $742,596 an increase of 21.7 per cent. During this same period, the average sale price for an apartment-style condominium was $395,627 for an increase of 14.8 per cent. Townhomes and semis sold for an average of $499,641 (up 15.6 per cent) and $539,434 (up 16.6 per cent) respectively.

The median price of all residential properties sold in October increased 19.2 per cent to $595,000 and the median price of a detached home during the same period increased 20.5 per cent to $686,000.

Real Estate continues to be one of the few shining lights to help Ontario’s economy recover from the pandemic. We’re continuing to see more buyers than sellers, including additional buyers migrating here from out of the region looking for the quality of life this region offers.

There were 783 new listings added last month, an increase of 16 per cent compared to October of last year, and 11.5 per cent more than the previous ten-year average for October.

The number of Months Supply (also known as absorption rate) continues to be very low at just 1 month for the month of October. The previous ten-year average supply of homes for October was 3.2 months, and in the past 5 years, the average supply for October was 1.8 months.

I can say unequivocally we are seeing strong demand from GTA buyers. What people want and need in a home, and where they want to be located has been redefined in a very short period. Waterloo region is quite rightly, a highly desirable place to own a home.

The average days to sell in October was 13 days, compared to 23 days in October 2019.

If you are thinking of buying or selling in the coming months, wonder what the neighbor sold for, or have any questions at all, give me a call, text at 519-497-4646 or shoot me an email to kevinbaker@kwhometeam.ca. 

Have a wonderful weekend and stay safe!

Kevin


Another Record Setting Month for Home Sales In Kitchener Waterloo


Hope you are having a great week and looking forward to the long weekend coming up. It will certainly be a different Thanksgiving for families this year.  I hope that are you are able to spend some time quality with them 🙂

The stats are out for September and the market is still incredibly strong!

There were 758 residential homes sold in September, the most ever recorded for the month. September’s home sales represented an increase of 41.6 per cent compared to the same month last year, and an increase of 8 per cent compared to the previous month. The previous ten-year average number of residential sales for September is 460.

This is far more home sales then what we would normally see in September as buyers seem to continue to play catch up from the COVID-19 hindered spring market. While the pandemic has had devastating impacts on many aspects of our lives it has only solidified the importance of home and homeownership.

Total residential sales in September included 431 detached homes (up 28.6 per cent from September 2019), and 93 condominium apartments (up 127 per cent). Sales also included 178 townhouses (up 43.5 per cent) and 54 semi-detached homes (up 59 per cent).

The average sale price of all residential properties sold in September increased 17.5 per cent to $637,691 compared to the same month last year, while detached homes sold for an average price of $768,762 an increase of 25 per cent. During this same period, the average sale price for an apartment-style condominium was $390,690 for an increase of 13 per cent. Townhomes and semis sold for an average of $ 476,636 (up 8.7 per cent) and $544,874 (up 16.5 per cent) respectively.

The median price of all residential properties sold in September increased 13.7 per cent to $580,250 and the median price of a detached home during the same period increased 16.5 per cent to $676,000.

There has been more new listings coming to the market which is fantastic but buyer demand continues to outpace the supply and driving prices up. 

There were 929 new listings added last month, an increase of 13 per cent compared to September of last year, and 17.7 per cent more than the previous ten-year average for September.

The number of Months Supply (also known as absorption rate) continues to be very low at just 1 month for the month of September. The previous ten-year average supply of homes for September was 3.3 months, and in the past 5 years, the average supply for September was 2.2 months.

The year-to-date number of residential sales has increased 2.6% over 2019 indicating that the decreased activity in April and May has been more than made up in the past four months.

We are seeing more and more people moving out of the core areas of Kitchener and Waterloo to the suburbs. This has put small pressure on condo sales and increased demand for single detached and townhomes in the region. 

The average days to sell in September was 14 days, compared to 23 days in September 2019.

If you are thinking of buying or selling in the coming months, wonder what the neighbor sold for, or have any questions at all, give me a call, text at 519-497-4646 or shoot me an email to kevinbaker@kwhometeam.ca. 

Enjoy your Thanksgiving with your families!

Kevin