Hope you had a wonderful weekend. Back to school is here and I am sure all the kids have settled in and got the new school year underway. August was another great month for Waterloo region real estate and here are the stats to keep you right up to date.
There were 459 residential properties sold through the MLS® in August, a decrease of 9.1 per cent compared to the same month last year.
Home sales in August included 267 detached (down 11.9 per cent), and 56 condominium apartments (down 13.8 per cent). Sales also included 97 townhouses (down 4.9 per cent) and 39 semi-detached homes (up 11.4 per cent).
The number of homes sold last month was below the average for August; however, we continue to see strong price gains across all property types.
The average sale price of all residential properties sold in August increased by 6.4 per cent to $524,482 compared to August 2018. Detached homes sold for an average price of $615,568 (an increase of 5.4 per cent compared to August of last year. During this same period, the average sale price for an apartment-style condominium was $324,778 for a decrease of 3.1 per cent. Townhomes and semis sold for an average of $420,239 (up 18.3 per cent) and $441,802 (up 10.2 per cent) respectively.
The median price of all residential properties sold last month increased 8.1 per cent to $495,000 and the median price of a detached home during the same period increased by 2.8 per cent to $560,000.
There were 574 residential properties in K-W and area last month, a decrease of 14.5 per cent compared to August of 2018, and a decrease of 13 per cent in comparison to the previous ten-year average for the month of August. The total number of homes available for sale in active status at the end of August totalled 734, a decrease of 17.3 per cent compared to August of last year, and well below the previous ten-year average of 1,426 listings for August. Months Supply of Homes for sale stood at 1.5 months in August, which is 16.7 percent lower than the same period last year.
The average days it took to sell a home in August was 26 days, which is two days fewer than it took in August 2018.
We’re noting differences in market balance depending on the price range, for homes priced under $600 thousand, it is still a strong seller’s market, whereas above $600 thousand, it is a more balanced situation.
One this to look at is the month’s supply of homes, also known as the absorption rate. For homes priced at more than $600,000, the months of supply stood at 3.4 in August, compared to 0.9 months for homes prices under that amount. Months supply is the inventory of homes for sale at the end of a given month, divided by the average monthly closed sales from the last 12 months. The previous ten-year average months supply across all price ranges has been just over 3 months.
It all comes down to what the buyers can find in their price range, homes in Kitchener-Waterloo are definitely in high demand, and there is strong competition among buyers trying to find one that will suit them.
If you have any questions or have been thinking of making a move this summer or into the fall, give me a call or text at 519-497-4646 or shoot me an email to firstname.lastname@example.org and lets sit down, grab a coffee and plan out a strategy that is best suited for your families needs.
Have a great September!
September 9, 2019 | Categories: Buyers, Local Kitchener Waterloo, Random thoughts, Sellers, Uncategorized | Tags: advertising, appraisal, arrow, assessment, August, backyard, basketball, bauer, being social, blogging, board of education, brokerage, cambridge, canadian, city center, closing costs, commission, condo, condos, district, downsizing, downtown, due diligence, exclusive, facebook, fall, for sale, goal setting, government, green homes, guelph, home, home buying, home inspection, home maintenance, home ownership, home prices, home sales, home selling, homes, homes for sale, house, house for sale, houses for sale, hst, investment, january, kaufman, kitchen cabinets, kitchener, landlord, lawyer, lawyers, lexington, licensing, loft, lofts, mansion, market update, marketing, mls, mortgage, Mortgage News, Mortgage Rates, mortgages, networking, new construction, newspaper, online advertising, ontario, open house, open houses, opportunity, painting, price, prices, private, rates, real estate, real estate investing, real estate market, real estate team, realtor, realty, red, region, Remax, rental, sale, sales, saving money, september, stanley park, summer, tax credit, teamwork, tech savvy, to do list, transit, waterloo, wellesley | Leave a comment
As a Realtor, I often get the question… “where do you advertise?” Now I believe we do a great job of promoting our listings online and offline and the focus over the past years is generating more eyes online. The sellers that I talk to expect to see their homes in print, but does this really work to attract buyers? The stats say otherwise.
According to the NAR survey press-release:
“Buyers use a wide variety of resources in searching for a home: 90 percent use the Internet, 87 percent rely on real estate agents, 59 percent yard signs, 46 percent attend open houses and 40 percent look at print or newspaper ads. Although buyers also use other resources, they generally start the search process online and then contact an agent.
When asked where they first learned about the home purchased, 36 percent of buyers said a real estate agent; 36 percent the Internet; 12 percent from yard signs; 6 percent from a friend, neighbor or relative; 5 percent home builders; 2 percent a print or newspaper ad; 2 percent directly from the seller; and less than 1 percent a home book or magazine.
Eight out of 10 home buyers who used the Internet to search for a home purchased through a real estate agent, in contrast with 63 percent of non-Internet users who were more likely to purchase directly from a builder or from an owner they already knew in a private transaction.”
Let’s recap that…
How did you start your real-estate search??
According a survey conducted by the National Association of Realtors(NAR), 90 percent use the Internet. Wow! 90%. Buyers also use other resources; however, they generally start the search process online and then contact an agent.
How did you learn about the home you purchased?
36 percent of buyers said the Internet; 36 percent of buyers said a real estate agent. Only 2 percent from a newspaper.
So why do Realtors do the print ads?
Obviously it’s to keep the sellers happy! It’s an old school way of doing things that may generate a very small percentage of leads but the internet is the place to be. Focus on the online business and the business will be there in the years to come. When looking for a Realtor ask the most important question… how are you selling houses online? That is the only question that really counts!
June 15, 2010 | Categories: Buyers, Random thoughts, Sellers | Tags: being social, facebook, home buying, kevin baker, Kitchener waterloo, kwhometeam, kwrealestatelife, online advertising, real estate, real estate investing, Remax | Leave a comment
Another season is over and what a season it was. ( www.heroesvsvillains.survivor.com) As predicted the ultimate villain Russell Hantz, tried his best to manipulate and control everything and everyone around him. So after 2 season’s you would think that he should have things figured out. Listening to him during the wrap up show, it is obvious that he really doesn’t get it.
It is a social game! Like Survivor, life is a social experiment as well. Without networks of friends, family and business contacts, life can be a very lonely place and hard to navigate. By alienating people and trying to control them you become hated and outcast. Even though Russell is a master at figuring out the best course to get him to the final three, he fails to realize that once he is there it is the relationships that he has built and the “friends” he has made that will get him to the ultimate prize of “Sole Survivor”. Without those relationships, he will always come in 2nd or 3rd.
So learn from Russell’s mistakes and develop those relationships. Be social and work on building a great network of friends and business contacts. By listening to the ideas of others you will find that life will be easier to navigate and a lot more fun in the process.