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.
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
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I hope you and your family are staying safe and home isolating during these unique and trying times. I am postive that we will come through this stronger and hopefully not take for granted that with friends or dinners out with the family.
I have had several clients and friends reach out to me on what is happening in our current real estate market, so i thought i would put together a couple of brief slides to show you what is currently happening. With everyone being asked to stay home obviously the market has seen slowing of showing activity for homes that are currently on the market. We have also seen a slow down of new listings that have hit the Mls system for Waterloo region.
In the past 10-14 days the showings have dropped off considerably which would be expected given what is happening. Now does that mean that homes are not selling? No, that is not true.. Homes are selling but things are taking a little bit longer than usual and not the “norm” that we have seen over the past 5 years. There are still people that have bought a home prior to this all happening and need to sell their existing home. There are also people that have sold their home and need to buy their next one.
We are still seeing subdued showing activity and have taken strong measures to help both buyers and sellers stay safe when an in person showing is necessary. Buyers are also using current technology such as virtural tours and facetime walk throughts etc. Our first priority is to make sure that our clients and ourselves are staying healthy and safe.
Below is a graph of last weeks activity on our Waterloo Region Real Estate Board.
You can see that there were 141 sales last week, which means homes that had offers on them firmed up or had offers come in that had no conditions. There are 37 homes that received offers with conditions that were accepted and 210 new listings hit the market. The closed sales are homes that were sold firm in the past months that closed and the buyers took posession. There were also 65 cancelations which are sellers that may have taken them off the market for now due to lack of activity or Covid 19.
I hope that you find this info helpful to answer any questions or concerns that you are been thinking about during your time at home. As always feel free to reach via text or phone at 519-497-4646, messanger on facebook or we can talk on skype etc. We are not doing an in person meetings during this time and we also utitlze electionic signatures for paperwork that is needed to be completed or for listing a home etc.
It may not be “business as usual” but as an essential service we are open for business. Luckily we can do most of our business from home and online when needed to do so. We are here to help.
Have a great weekend and stay safe.
March 28, 2020 | Categories: Buyers, Local Kitchener Waterloo, Random thoughts, Sellers, Uncategorized | Tags: assessment, brokerage, cambridge, canadian, city center, commission, condo, condos, corona, covid, covid-19, crafts, downsizing, downtown, exclusive, fall, fear, february, for sale, fun fact, goal setting, government, home buying, home ownership, home selling, home values, homes, house, houses for sale, kitchener, loft, lofts, mansion, march, market update, market value, marketing, mls, mortgage, Mortgage Rates, mortgages, networking, new construction, newspaper, online advertising, ontario, painting, price, prices, rates, real estate, real estate investing, real estate market, realtor, realty, red, region, Remax, rental, sale, sales, saving money, selling your home, september, summer, tax credit, teamwork, to do list, toronto, transit, twin city, virus, waterloo, waterloo region | Leave a comment