Hope you enjoyed a wonderful long weekend and the beautiful summer weather we have been having.
It was another crazy month for home prices here in Waterloo Region. Competition stays very high for buyers looking to lock down a house in July. With the rules around covid relaxing and more people getting out with Phase 3 opening the demand for homes has increased for sure.
There were 734 residential homes sold in July, an increase of 25.7 per cent compared to the same month last year, and well above the previous ten-year average for July of 531.
Total residential sales in July included 464 detached homes (up 39.3 per cent from July 2019), and 65 condominium apartments (up 3.2 per cent). Sales also included 153 townhouses (up 4.8 per cent) and 52 semi-detached homes (up 23.8 per cent).
The average sale price of all residential properties sold in July increased 22.8 per cent to $639,814 compared to the same month last year, while detached homes sold for an average price of $745,149 an increase of 21.4 per cent. During this same period, the average sale price for an apartment-style condominium was $392,770 for an increase of 15.2 per cent. Townhomes and semis sold for an average of $465,756 (up 12.8 per cent) and $522,872 (up 20.4 per cent) respectively.
The median price of all residential properties sold in July increased 21.7 per cent to $595,000 and the median price of a detached home during the same period increased 17.4 per cent to $675,000.
With mortgage rates near all time lows homebuyers remain very confident about owning a home in Waterloo Region and I expect this to contunie going into the fall.
There were 888 new listings added, an increase of 4.3 per cent compared to July of last year, and 15.5 per cent more than the previous ten-year average for July.
The total number of homes available for sale in active status at the end of July was 592, a decrease of 32.6 per cent compared to July of last year.
The number of Months Supply (also known as absorption rate) continues to be very low at just 1.3 months for the month of July, 27.8 per cent below the same period last year. The previous ten-year average supply of homes for July was 3.1 months, and in the past 5 years, the average supply for July was 2.1 months.
The average days to sell in July was 17 days, compared to 22 days in July 2019.
If you are thinking of buying or selling in the coming months or have any questions at all, give me a call, text at 519-497-4646 or shoot me an email to email@example.com Stay healthy and stay safe!
Have a great weekend!
August 6, 2020 | Categories: Buyers, Local Kitchener Waterloo, Random thoughts, Sellers, Uncategorized | Tags: 2019, activa, apple butter, appraisal, arrow, assessment, August, backyard, Bank of Canada, banking practices, basketball, bauer, bee's, beechwood, being social, bird droppings, board of education, breslau, brokerage, business online, cambridge, canadian, carbon monoxide, chicopee, cibc, city center, city centre, closing costs, closing paperwork, cmhc, colonial acres, commission, condo, condo buying, condo documents, condo for sale, condo market, condo prices, condo sales, condo values, condos, corona, crafts, district, down payment, downsizing, downtown, downtown kitchener, due diligence, eastbridge, elmira, energy audit, exclusive, facebook, fall, fall market, fear, february, festival, first time home buyer, for sale, forest heights, forest hill, free home evaluation, full time realtor, fun fact, fun stuff to do., garment, gas furnace, goal setting, government, green homes, guelph, harmonized sales tax, 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 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, investment, january, june, kaufman, kevin baker, kitchen cabinets, kitchener, Kitchener waterloo, kitchner, land transfer tax, landlord, laurelwood, laurentian, lawyer, lawyers, lexington, licensing, listing your home, loft, loft for sale, loft style, lofts, mansion, march, march update, market update, market value, marketing, may, midtown, midtown lofts, mls, mortage rates, mortgage, Mortgage News, Mortgage Rates, mortgage rules, mortgages, multiple listing service, multiple offer, networking, 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, region, Remax, remax agent, rental, royal bank, sale, sale price, sales, sales agent, sales rep, sales representative, saving money, selling your home, september, single detached, special assessment, spring market, stanley park, stanleypark, summer, summer market, Survivor, tanglewood, tax credit, td canada trust, teamwork, tech savvy, to do list, toronto, townhome, townhouse, transit, twin city, twitter, union station, uptown waterloo, virus, waterloo, waterloo ontario, waterloo region, wellesley, westvale, winter market, winter sales | Leave a comment
Well its been a crazy couple of months across the globe as well as here in Waterloo Region. The Real Estate Market slowed considerably in April, but has seemed to bounce back in May. Even though we are down 40.5 percent compared to May of last year, home sales are up 80 percent compared to April 2020 with 419 Residential homes sold through the MLS system.
Total residential sales in May included 255 detached homes (down 41 per cent from May 2019), and 42 condominium apartments (down 42.5 per cent). Sales also included 79 townhouses (down 42.8 per cent) and 43 semi-detached homes (down 29.5 per cent).
The average sale price of all residential properties sold in May increased 6.5 per cent to $568,275 compared to the same month last year, while detached homes sold for an average price of $657,274 an increase of 5.4 per cent. During this same period, the average sale price for an apartment-style condominium was $330,336 for an increase of 0.6 per cent. Townhomes and semis sold for an average of $454,197 (up 13 per cent) and $482,479 (up 11.4 per cent) respectively.
The median price of all residential properties sold in May increased 10.1 per cent to $545,000 and the median price of a detached home during the same period increased 9.6 per cent to $630,000.
The demand for homes in the Kitchener-Waterloo area is still very much alive, but as the virus continued to circulate in the community many would-be sellers were reluctant to put their homes on the market. For the homebuyers who cannot wait out the pandemic, they are not finding any fire sales as homes are not only maintaining their value, but also increasing.
There were 577 new listings added to the MLS® System in KW and area last month, a decrease of 48.7 per cent compared to May of 2019, far fewer than the previous 10-year average of 1,035 listings in May.
The total number of homes available for sale in active status at the end of May was 567, a decrease of 43.9 per cent compared to May of last year.
The number of Months Supply (also known as absorption rate) continues to be very low at just 1.3 months for the month of May, 38.1 per cent below the same period last year. The previous ten-year average supply of homes for May was 3.25 months, and in the past 5 years, the average supply for May was 2.32 months.
Yogi and I have addopted all the tools and technology to help both buyers and sellers stay safe during the pandemic, while helping people keep their plans intact. Our goal first and foremost is to keep everyone safe by limiting physical contact, practicing social distancing and keeping buyers showings limited to 3 people at a time with no children present during showings. We are here to help as life moves forward.
Here are some charts to on sales by type, months of supply and average prices.
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 healthy and stay safe!
Have a great week!
June 3, 2020 | Categories: Buyers, Local Kitchener Waterloo, Random thoughts, Sellers, Uncategorized | Tags: 85 duke, arrow lofts, assessment, bauer, being social, breslau, brokerage, cambridge, cambringe, canadian, city center, condo for sale, condos, district, downtown, downtown kitchener, elimira, facebook, fall, for sale, goal setting, government, home, home ownership, home values, homes, homes for sale, house, houses for sale, january, kaufman, kaufman lofts, kitchnener, lawyers, loft, loft for sale, lofts, mansion, mansion lofts, march, market update, market value, marketing, may, midtown, midtown lofts, mls, mortgage, Mortgage Rates, mortgages, networking, new construction, newspaper, one victoria, painting, price, prices, private, rates, real estate, real estate agent, real estate investing, realtor, red, region, Remax, remax twin city, sale, sales, saving money, selling your home, summer, to do list, toronto, transit, uptown waterloo, virus, waterloo, waterloo region, waterloo school district | Leave a comment