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
Happy Thanksgiving to you and your family. I hope you are able to spend some time together during this festive season and wonderful weather.
I wanted to give you a quick update on the Waterloo Region housing market so here are some latest stats and thoughts. A total of 470 residential properties changed hands in September. This was a decrease of 12.8 percent compared to the record number of sales in September of 2016, but still ahead of the previous 5-year September average of 437 sales.
On a year-to-date basis 5,357 residential units have sold compared to 5,239 during the same period in 2016, an increase of 2.3 per cent. We are seeing strong demand continue into the autumn. Residential listing inventory to the end of September totalled 843, which is ahead of September of last year, but represents just half the number of listings that were on the market in the previous five years (2011-2015) for September.
September’s sales included 285 detached homes (down 14.2 per cent), and 105 condominium units (down 19.2 per cent). Sales also included 38 semi-detached homes (up 22.6 per cent) and 37 freehold townhouses (up 12.1 per cent).
The average price of all residential properties sold last month increased 12 per cent to $455,079 compared to September 2016. The average sale price for an apartment style condominium was $261,337 for an increase of 6 per cent. Townhomes and semis sold for an average of $359,448 (up 20.9 per cent) and $372,226 (up 19 per cent) respectively. Detached homes sold for an average price of $513,873 in September for an increase of 10 per cent compared to a year ago. Our local residential real estate market continues to show solid price growth and unit sales even though year-over-year price appreciation peaked in April of this year when the average price of a detached home increased 40 percent to $594,108. Today, on a year-to-date basis, the price of a detached home has averaged $553,029, an increase of 24.7 percent compared to 2016.
Last month 32% of all residential transactions were in the $300-399,999 range; compared to just 15.6% in April. We also saw more transactions in the higher price ranges during the heat of the spring market. There were 20 sales that occurred over the one million dollar mark in April, compared to only 5 in September. The average days on market in September was 36, compared to 57 days a year ago. On a month to month basis, it took ten additional days on average from list to sale date in September compared to August. The feverish spring conditions have given way to a saner playing field, however an increase in listings would be a welcome shift for homebuyers who would benefit from increased selection across the more affordable price ranges.
If you have any questions or would like to sit down and discuss buying or selling a property please give me a call and we can work out a plan that best works for your families needs.
October 9, 2017 | Categories: Buyers, Local Kitchener Waterloo, Random thoughts, Sellers, Uncategorized | Tags: advertising, blogging, condo lofts, condos, for sale, government, hoems for sale, home, home for sale, homes, houses for sale, kitchener, kitchner, market update, marketing, mls, networking, private, real estate, sale, single detached, townhome, townhouse, waterloo, waterloo region | Leave a comment