Hope you have been staying safe during this unique time in all our lives. Rest assured Yogi and I are doing everthing we can to prevent the spread by staying home as much as posssible and limiting client interactions to phone calls, facetime, zoom meetings, etc. We are both here to help if you and your family need to make a move and we have the tools and systems in place for both buyers and sellers for proper marketing of our listings, getting buyers to view the properties, as well as ourselves to keep everyone safe.
I thought you would like an update on what is happening out there in the Waterloo Region Real Estate Market, so here are the stats for March.
There were 577 residential homes sold in March, an increase of 13.1 per cent compared to the same month last year, and 0.2 per cent below the previous 5-year average.
During the first quarter of 2020, there were 1,327 home sales, 14.6 per cent above last year’s result for the same period and 4 per cent above the previous 5-year average.
Total residential sales in March included 348 detached homes (up 7.1 per cent), and 68 condominium apartments (up 5.1 per cent). Sales also included 136 townhouses (up 17.2 per cent) and 25 semi-detached homes (up 4.2 per cent).
The average sale price of all residential properties sold in March increased 15.3 per cent to $583,752 compared to the same month last year, while detached homes sold for an average price of $679,728 an increase of 15.9 per cent. During this same period, the average sale price for an apartment-style condominium was $378,443 for an increase of 17.9 per cent. Townhomes and semis sold for an average of $457,547 (up 23 per cent) and $492,752 (up 17.4 per cent) respectively.
The median price of all residential properties sold in March increased 14.6 per cent to $544,500 and the median price of a detached home during the same period increased 16.2 per cent to $628,500.
Now of course is this not business as usual for us as Realtors or our clients. As people everywhere follow instructions to only leave their homes for essential reasons, this is impacting the number of showings, and how properties are shown.
There were a higher than average number of homes listed during the Month of March. There were 864 new listings added to the MLS® System in KW and area last month, an increase of 7.6 per cent compared to March of 2019, and the greatest number since 2015. The number of new residential listings was also 3.7 per cent higher than the previous ten-year average for March.
The total number of homes available for sale in active status at the end of March was 535, a decrease of 35.9 per cent compared to March of last year.
Despite the much-needed addition of new inventory coming to the market, the number of Months Supply (also known as absorption rate) continues to be very low at just 1.1 months for the month of March, 35.3 per cent below the same period last year. The previous ten-year average supply of homes for March was 2.73 months, and in the past 5 years, the average supply for March was 1.94 months.
There were also 51 listings last month that were suspended, which means the listing is temporarily “off-market,” and there can be no marketing, showings or offers during this period.
Trying to sell your home while in quarantine, self-isolating or worse yet, while someone in the house is sick, is not going to be in anyone’s best interest. We know many people are postponing their plans to list their home for the time being. As I mentioned earlier, if you find yourself in a situation where you need to buy or sell then rest assured Yogi and I are ready to help and have the tools in place to market, show and sell your home. The number of sales is keeping pace with the new listing inventory so there are still buyers out there looking to buy. We are doing everything we can to keep everyone safe during this time.
Historical Sales By Property Type
Months Supply of Homes for Sale
Historical Median Sales Price – By Property Type
Historical Average Sales Price – By Property Type
Historical Sales – By Price Range
Average Days on Market
If you have any questions or concerns at all, give me a call or text at 519-497-4646 or shoot me an email to firstname.lastname@example.org . Stay healty and stay safe!
Have a great weekend
April 4, 2020 | Categories: Buyers, Local Kitchener Waterloo, Random thoughts, Sellers, Uncategorized | Tags: 1 victoria, 144 park, 2019, activa, advertising, apple butter, appraisal, april update, arrow, arrow lofts, assessment, August, backyard, Bank of Canada, banking practices, basketball, bauer, bauer lofts, bee's, beechwood, being social, bird droppings, blogging, board of education, brokerage, business online, cambridge, canadian, canadian mortgage housing corporation, carbon monoxide, charlie west, chicopee, cibc, city center, city centre, closing costs, closing paperwork, cmhc, colonial acres, commission, condo, condo buying, condo documents, condo for sale, condo in kitchener, condo market, condo price, condo prices, condo sales, condo update, condo values, condos, condos in kitchener, corona, covid, covid-19, crafts, deck and pool, district, down payment, downsizing, downtown, downtown kitchener, due diligence, east ward, eastbridge, elmira, energy audit, energy rebate, exclusive, facebook, fall, fall market, fear, february, federal home buyer program, festival, first time home buyer, for sale, forest heights, forest hill, Frederick Art Walk, free home evaluation, full time realtor, fun fact, fun stuff to do., furnace efficiency, garment, gas furnace, goal setting, government, green homes, guelph, harmonized sales tax, HBTC, hoems for sale, home, home buying, Home energy audit, home for sale, home inspection, home maintenance, home ownership, home price, home prices, home sales, home selling, home staging, home upkeep, home value, home values, homes, homes for sale, hornets, house, house for sale, house price, house prices, house sales, house value, houses for sale, housing update, hst, hydro, interest rate, inventory levels, investment, january, june, june update, kaufman, kaufman lofts, kevin baker, kitchen cabinets, kitchener, Kitchener waterloo, kitchner, kwhometeam, kwrealestatelife, land transfer tax, landlord, landlord license bylaw, laurelwood, laurentian, lawyer, lawyer information, lawyers, lexington, Licensed lodging house, licensing, licensing bylaw, listing your home, loft, loft prices, loft style, lofts, lofts in kitchener, mansion, march, march update, market update, market value, marketing, may, mls, mortage brokers, mortage rates, mortgage, Mortgage News, Mortgage Rates, mortgages, multiple listing service, multiple offer, National Home Show, networking, new condo construction, new construction, newspaper, november update, older homes, Olympic gold, online advertising, ontario, open house, open houses, opportunity, options for homes, painting, pioneer park, price, prices, pricing your home, Prime rate, private, privately, rates, rbc, real estate, real estate agent, real estate investing, real estate lawyer, real estate lawyers, real estate market, real estate team, real estate update, real estate values, realtor, realty, red, red condos, region, Remax, remax agent, remax twin city, rental, royal bank, rrsp contribuitions, sale, sale price, sales, sales agent, sales rep, sales representative, saving money, seagrams, seagrams loft, seagrams lofts, selling home in winter, selling your home, september, september update, single detached, special assessment, spring market, stanley park, stanleypark, status certificate, summer, summer market, Survivor, tanglewood, tax credit, td canada trust, teamwork, tech savvy, to do list, toronto, townhome, townhouse, transit, twin city, Twin City Realty, twitter, union station, university downs, uptown waterloo, virus, waterloo, waterloo bylaw, waterloo district school board, waterloo ontario, waterloo region, waterloo region school board, wellesley, westvale, winter market, winter sales | Leave a comment
Hope you had a chance to enjoy the great weather we had on the weekend. It seemed like a very long winter but summer is just around the corner.
Home sales were up in April and we hit an all time high for the Kitchener Waterloo Real Estate Market average home prices which is very big news!!!
There were 623 residential sales in April, an increase of 1.1 per cent versus the same month last year, and up 2.2 per cent compared to the previous ten-year average for April.
Total residential sales in April included 394 detached (up 15.2 per cent), and 75 condominium apartments (up 1.4 per cent). Sales also included 113 townhouses (down 28.9 per cent) and 41 semi-detached homes (no change).
While sales of detached homes did jump a fair bit compared to the same month last year, they were actually on par with the previous 10-year average for April, which means we are getting back to some better market conditions for both buyers and sellers.
The average sale price of all residential properties sold in April increased by 10.9 per cent to $529,800 compared to April 2018. Detached homes sold for an average price of $611,803 an increase of 7.6 per cent compared to April of last year. During this same period, the average sale price for an apartment style condominium was $339,426 for an increase of 14.3 per cent. Townhomes and semis sold for an average of $405,013 (up 5.3 per cent) and $433,949 (up 7.7 per cent) respectively.
Average sale prices hit an all-time high in April. These are the highest sale prices we’ve ever posted in a single month. It’s only the third time the overall residential sale price has exceeded half a million, and for the first time, the average price of a detached home climbed over the 600-thousand-dollar mark.
Likewise, median prices reached an all-time high in April. The median price of all residential properties sold last month increased 11.4 per cent to $490,000, and the median price of a detached home during the same period increased by 11.1 per cent to $568,500
There were 913 residential properties listed in K-W and area last month, a decrease of 6.9 per cent compared to April of 2018, and a decrease of 1.6% in comparison to the previous ten-year average for the month of April. The total number of homes available for sale in active status at the end of April totaled 884, a decrease of 6.1 per cent compared to April of last year, but still well below the previous ten-year average of 1,485 listings for April. Months Supply of Homes for sale stood at 1.8 month in April a decrease of 5.3 per cent compared to last year.
It’s still very much a seller’s market for anyone who is looking for a home under six hundred thousand. In these challenging market conditions, i believe consumers should always seek the expert advice of a local REALTOR®.
If you have any questions or have been thinking of making a move this spring, give me a call or text at 519-497-4646 or shoot me an email to email@example.com and lets sit down, grab a coffee and plan out a strategy that is best suited for your families needs.
Have a wonderful Mothers Day to all the mom’s out there.
May 7, 2019 | Categories: Buyers, Local Kitchener Waterloo, Random thoughts, Sellers, Uncategorized | Tags: april update, assessment, brokerage, city center, condos, downtown, for sale, government, home, home ownership, home prices, home value, house, house prices, house value, kitchener, kwhometeam, lawyers, lofts, mansion, market update, marketing, mls, mortgages, networking, newspaper, ontario, prices, rates, real estate, real estate investing, realtor, realty, red, region, Remax, sale, sales, sales agent, saving money, teamwork, to do list, transit, twin city, waterloo | Leave a comment
Hope you are enjoying the great weather we have been having in the past week and it looks like summer is just around the corner.
Here are the stats from April and sales have picked up. In April, there was 616 residential properties sold which was up 13.7 per cent compared to last month and down 19.6 per cent compared to home sales a year ago. Home sales in April were as brisk as the temperatures. While down from last year’s record breaking number of sales, it was a slightly more active April than average historically speaking.
Residential sales in April included 343 detached (down 30.7 per cent compared to April 2017), and 185 condominium units (up 12.8 per cent). Sales also included 41 semi-detached homes (down 22.5 per cent) and 46 freehold townhouses (down 13.2 per cent).
The average sale price of all residential properties sold in April decreased 6.6 per cent to $478,578 compared to the same month a year ago. Detached homes sold for an average price of $569,159 a decrease of 4.2 per cent compared to April of last year. During this same period, the average sale price for an apartment style condominium was $296,958, an increase of 10 per cent. Townhomes and semis sold for an average of $386,072 (up 2.5 per cent) and $402,842 (down 3.3 per cent) respectively. The median price of all residential properties sold last month was down 7.4 per cent compared to April of last year at $440,000, and the median price of a detached home during the same period decreased 3.9 per cent to $511,750.
There were 974 residential properties listed in K-W and area last month, down 2.2 per cent compared to April of 2017. The number of active residential listings on the KWAR’s MLS® System to the end of April totaled 993, which is 78.6 per cent more than April of last year but still significantly below the historical (2007-2016) ten-year average of 1,637 listings for April. When you look closer at how the forces of supply and demand were at work last month, it becomes really clear that the question of it being a buyer’s or seller’s market really depends on which price range you’re in. Last month 71 per cent of all residential sales were for less than half a million dollars, but the number of homes listed in that price range right now is a little less than half of all the inventory. I believe the new stress test introduced earlier this year is fueling demand for lower priced homes and making it more difficult for prospective move-up buyers to get financing. The average days it took to sell a home in April was 21 days, compared to 11 days in April 2017.
If you have any questions or are thinking of buying or selling a home or condo in the coming months, give me a call at 519-497-4646 or email to firstname.lastname@example.org and we can sit down for a coffee and discuss the best strategy for your family.
Have a great May!
May 3, 2018 | Categories: Buyers, Random thoughts, Sellers, Uncategorized | Tags: april update, assessment, condo for sale, condo prices, condos, for sale, home, home prices, house, house for sal, kitchener, lawyers, lofts, mls, mortgages, rates, real estate, real estate market, sale, toronto, waterloo, waterloo region | Leave a comment