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
Uncluttering your Life!
Are you thinking of downsizing to a condo but stuck on what to do with all that extra stuff? Well you’re not alone. The downsizing population has enjoyed living in their large spacious homes that offer plenty of storage options. Over the years we can certainly collect a lot of things that don’t serve any purpose today. The biggest step for most of us is to be able to emotionally detach ourselves from our collection!
When moving to a condo you know that you will be able to live a lifestyle of freedom from all that hard outdoor work. So with that in mind you can easily step into your garage to target those snow shovels, snow blower, lawnmower, and collection of tools and trinkets that are adorning the shelves. Imagine the relief of purging all that extra stuff by donating or selling all the unneeded items.
Next is your basement, I am sure it has seen its collection of boxes and totes filled with different items that more than likely only serve as a reminder that you need to dust again.
Do we really need that second set of living room furniture? The extra end tables or set of 6 chairs from the old kitchen set? Let it go… it will be happy that it’s in a new home where it will be loved and used. The great feeling of donating to the less fortunate is another gratifying feeling of downsizing.
Have a garage sale, stop by the donation centres or pass it down to your children.
The magazine Style at Home offers 10 great tips for downsizing. Here are the Top5
- 1. Write a list of all the items you love and can’t live without
- 2. Start thinning out your belongings at least three months before the move.
- 3. Get a feel for the size of your new rooms by comparing them to rooms of similar dimensions in your present home.
- 4. Heavily edit areas with items that don’t have as much sentimental value.
- 5. Don’t throw anything in the garbage. Recycle, reuse,
So whether you are just thinking of downsizing or have already purchased that condo and getting ready for the upcoming move, hopefully these tips will save you time and stress!
Visit the link to view the complete list.
March 21, 2012 | Categories: Buyers, Random thoughts, Sellers | Tags: condo, condo buying, downsizing, home buying, home value, Kitchener waterloo, kwhometeam, kwrealestatelife, loft, market update, real estate investing, Remax, waterloo ontario | Leave a comment