KITCHENER-WATERLOO REAL ESTATE-HOMES & CONDOS FOR SALE

Posts tagged “housing update

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 

Average Days on Market

 

 

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


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 

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 kevinbaker@kwhometeam.ca . Stay healty and stay safe!

Have a great weekend

Kevin


April was showered with Home Sales in Kitchener Waterloo


I hope you and your family have been doing well and enjoying the wonderful weather we have been having over the past month despite all the rain.

It was another incredible record setting month for home sales as 766 residential transactions were recorded through MLS®  of the Kitchener-Waterloo Association of REALTORS®. That’s an  increase of 14.3 percent compared to April 2016.

Residential sales in April included 492 detached homes (up 14.7 percent compared to April 2016), 161 condominium units (down 1.2 percent). Sales also included 52 semi-detached homes (up 30 percent) and 53 freehold townhouses (up 60.6 percent). What that says is that Home buyers are out in full force!

One very encouraging sign was that we saw more listings coming onto the market last month than we’ve seen in quite a while. There were 985 residential properties listed in K-W and area last month, a 17.8 percent increase compared to April of 2016, and the first time the number of new listings put on the market in a single month has come so close to the 1,000 unit mark in two years.

However, with inventory continuing to sit at or below one month of inventory for the ninth consecutive month, there continues to be a lot of pressure on prices. By the end of April, there were only 652 residential listings still active,  that’s 48.8 percent fewer than the 1,274 available listings that were on the market at the end of April 2016.

The average sales price of all residential sales increased 39.7 percent to $512,656 compared to April 2016. Detached homes sold for an average price of $594,453 an increase of 40.1 percent, while the average sale price for an apartment style condominium was $267,455, an increase of 18.3 percent. Townhomes and semis sold for an average of $377,531 (up 39.3 percent) and $415,709 (up 47.7 percent) respectively.

Vigorous demand for homes in Waterloo region meant homes were snapped up quickly. The average days on market in April were 10, compared to 33 days a year ago. On a month to month basis, it took four fewer days from list to sale date in April compared to March.

To address the growing concern around housing affordability, the province recently announced 16 measures for home buyers and renters, called Ontario’s Fair Housing Plan.  It’s still too soon to say what kind of impact these change will have on the market, but i think its a good first step to help get more supply of homes to the market.

If you are thinking of selling or buying in this market,  it is a great idea to have a strategy and plan in place. If you would like to sit down and discuss options just give me a call at 519-497-4646 or email to kevinbakerrealestate@gmail.com

Have a fantastic May!

Kevin