Home Sales Surge in July for Kitchener Waterloo and Cambridge
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.
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
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 kevinbaker@kwhometeam.ca Stay healthy and stay safe!
Have a great weekend!
Kevin
April Home Sales Down but Prices Remain Steady in Waterloo Region
Hope you have been staying safe during the past 2 months. It looks like things will start to open back up in stages and at some point things will be hopefully back to normal. Rest assured Yogi and I are 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 April.
There were 227 residential homes sold through the Multiple Listing System in April, a decrease of 63.6 per cent compared to the same month last year, and the lowest number of sales in a single month since December 2008.
I think it goes without saying the current pandemic has had a major impact on the number of sales we would normally see in April, with everyone doing their part to flatten the curve and doing their best to self-isolate, the buying and selling of homes have been greatly reduced.
Total residential sales in April included 145 detached homes (down 63.3 per cent), and 22 condominium apartments (down 71.1 per cent). Sales also included 44 townhouses (down 61.1 per cent) and 16 semi-detached homes (down 60 per cent).
The average sale price of all residential properties sold in April increased 7.3 per cent to $568,738 compared to the same month last year, while detached homes sold for an average price of $657,042 an increase of 7.3 per cent. During this same period, the average sale price for an apartment-style condominium was $367,230 for an increase of 8.1 per cent. Townhomes and semis sold for an average of $406,463 (up 0.4 per cent) and $491,816 (up 13.3 per cent) respectively.
The median price of all residential properties sold in April increased by 7.1 per cent to $525,000 and the median price of a detached home during the same period increased 6.3 per cent to $605,000.
There were 417 new listings added to the MLS® System in KW and area last month, a decrease of 54.8 per cent compared to April of 2019, far fewer than the previous 10-year average of 937 listings in April.
The total number of homes available for sale in active status at the end of April was 571, a decrease of 36.6 per cent compared to April of last year.
The number of Months Supply (also known as absorption rate) continues to be very low at just 1.2 months for the month of April, 36.8 per cent below the same period last year. The previous ten-year average supply of homes for April was 2.95 months, and in the past 5 years, the average supply for April was 2.12 months.
I am confident that despite the current pandemic, the slowdown in housing sales will be temporary. We are still in a strong sellers’ market and with buyers competing for a scare number of listings, now is still a great time to buy. Now for the first time in a long time, April saw some balance with a sales-to-new-listings ratio of 54 percent – well within the balanced threshold. I have talked to some buyers expecting homes to sell at greatly reduced amounts, and frankly, that’s simply not the case. Home values have remained stable which I expect will continue into 2020.
The average days to sell in April was 19 days, compared to 21 days in April 2019.
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
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 kevinbaker@kwhometeam.ca . Stay healty and stay safe!
Have a great week!
Kevin
Home Sales in Kitchener Waterloo come in Like a lion and out like a Lamb in March
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
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 kevinbaker@kwhometeam.ca . Stay healty and stay safe!
Have a great weekend
Kevin
April Home Sales Up in Kitchener Waterloo. Average price hits all time highs!!
Hope you had a chance to enjoy the great weather we had on the weekend. It seemed like a very long winter but summer is just around the corner.
Home sales were up in April and we hit an all time high for the Kitchener Waterloo Real Estate Market average home prices which is very big news!!!
There were 623 residential sales in April, an increase of 1.1 per cent versus the same month last year, and up 2.2 per cent compared to the previous ten-year average for April.
Total residential sales in April included 394 detached (up 15.2 per cent), and 75 condominium apartments (up 1.4 per cent). Sales also included 113 townhouses (down 28.9 per cent) and 41 semi-detached homes (no change).
While sales of detached homes did jump a fair bit compared to the same month last year, they were actually on par with the previous 10-year average for April, which means we are getting back to some better market conditions for both buyers and sellers.
The average sale price of all residential properties sold in April increased by 10.9 per cent to $529,800 compared to April 2018. Detached homes sold for an average price of $611,803 an increase of 7.6 per cent compared to April of last year. During this same period, the average sale price for an apartment style condominium was $339,426 for an increase of 14.3 per cent. Townhomes and semis sold for an average of $405,013 (up 5.3 per cent) and $433,949 (up 7.7 per cent) respectively.
Average sale prices hit an all-time high in April. These are the highest sale prices we’ve ever posted in a single month. It’s only the third time the overall residential sale price has exceeded half a million, and for the first time, the average price of a detached home climbed over the 600-thousand-dollar mark.
Likewise, median prices reached an all-time high in April. The median price of all residential properties sold last month increased 11.4 per cent to $490,000, and the median price of a detached home during the same period increased by 11.1 per cent to $568,500
There were 913 residential properties listed in K-W and area last month, a decrease of 6.9 per cent compared to April of 2018, and a decrease of 1.6% in comparison to the previous ten-year average for the month of April. The total number of homes available for sale in active status at the end of April totaled 884, a decrease of 6.1 per cent compared to April of last year, but still well below the previous ten-year average of 1,485 listings for April. Months Supply of Homes for sale stood at 1.8 month in April a decrease of 5.3 per cent compared to last year.
It’s still very much a seller’s market for anyone who is looking for a home under six hundred thousand. In these challenging market conditions, i believe consumers should always seek the expert advice of a local REALTOR®.
If you have any questions or have been thinking of making a move this spring, give me a call or text at 519-497-4646 or shoot me an email to kevinbaker@kwhometeam.ca and lets sit down, grab a coffee and plan out a strategy that is best suited for your families needs.
Have a wonderful Mothers Day to all the mom’s out there.
Kevin
Home Sales are down but Prices are Up here is Kitchener Waterloo Region
The hot weather is here!! I hope you have been able to stay cool during our recent heat wave. The June stats are out and home sales in June were down but prices are up! Have a read through the stats to hear how the Residential Home market did here in Waterloo Region.
June home sales were down 12.8 per cent compared to last month and down 15.6 per cent compared to last year’s June which was the second highest on record. A total of 604 residential properties sold in June compared to 716 the same time last year. On a year-to-date basis there have been 3,096 home sales during the first half of the year, a decrease of 19.1 per cent. After two consecutive years of extraordinary activity where we saw home sales exceeding 700 units in June, some normality has returned to the market. The approximately 600 units that sold last month is in line with the ten-year average for June.
Residential sales in June included 365 detached (down 21.2 per cent compared to June 2017), and 151 condominium units (up 6.3 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 38 semi-detached homes (down 29.6 per cent) and 43 freehold townhouses (down 15.7 per cent).
The average sale price of all residential properties sold in June increased 5.2 per cent to $489,584 compared to the same month a year ago. Detached homes sold for an average price of $575,003 an increase of 7 per cent compared to June of last year. During this same period, the average sale price for an apartment style condominium was $314,180, an increase of 13.2 per cent. Town homes and semis sold for an average of $378,562 (up 10.8 per cent) and $391,830 (up 2.9 per cent) respectively. The median price of all residential properties sold last month was up 5.9 per cent compared to June of last year at $450,000, and the median price of a detached home during the same period increased 9.5 per cent to $520,000. There were 850 residential properties listed in K-W and area last month, down 21.5 per cent compared to June of 2017, but fairly close to the historical (2007-2016) average of 859. The number of active residential listings on the MLS® System to the end of June totaled 1,030, which is 11 per cent higher than June of last year but still significantly below the historical (2007-2016) ten-year average of 1,728 listings for June.
This is a good time to sell as demand remains strong and very competitive within some price ranges. The mortgage stress-test is certainly impacting some buyers which has made some price ranges of homes even more competitive. Of course, this is also a great time to buy in Waterloo Region. I think we’ve been traditionally a little undervalued and even with the past two years of feverish activity, Waterloo Region remains an attractive area to live and homes here will remain a good investment over the long-haul. The average days it took to sell a home were up slightly in June to 22 days, compared to 16 days in June 2017.
If you are thinking of buying or selling please give me a call and we can sit down, grab a coffee and discuss what the best strategy is for you and your family in this current Real estate environment here in Waterloo Region. Feel free to call me at 519-497-4646 or email direct to kevinbaker@kwhometeam.ca
Enjoy your July!!
Kevin
KITCHENER WATERLOO HOMES ONLINE.com 