Real Estate Market Heating up in May in Waterloo Region
Hope all is well with you and your family. Summer is finally here and I hope that you have been able to get out and enjoy some of the great weather we have had lately.
The market stats are out for May, lets take a look and see where things are at…
In May there were 788 homes sold representing a decrease of 10.9 per cent compared to the previous year and a decline of 12.6 per cent compared to the previous 5-year average for the month.
The spring market is in full swing with robust buyer and listing activity observed in May. It’s encouraging to witness a significant uptick in listing activity compared to April, and we remain optimistic that this positive momentum will carry into June. However, it’s worth noting that the number of listings being added continues to be historically low.
Total residential sales in May included 463 detached (down 17.6 per cent from May 2022), and 133 townhouses (down 10.7 percent). Sales also included 123 condominium units (up 17.1 per cent) and 67 semi-detached homes (up 1.5 per cent).
In May, the average sale price for all residential properties in Waterloo Region was $821,828 This represents a 5.6 per cent decrease compared to May 2022 and a 3.1 per cent increase compared to April 2023.
- The average price of a detached home was $964,130. This represents a 2.8 per cent decrease from May 2022 and an increase of 4.2 per cent compared to April 2023.
- The average sale price for a townhouse was $697,551. This represents a 2.4 per cent decrease from May 2022 and an increase of 5.0 per cent compared to April 2023.
- The average sale price for an apartment-style condominium was $482,926. This represents a decrease of 11.8 per cent from May 2022 and a decrease of 1.4 per cent compared to April 2023.
- The average sale price for a semi was $726,702. This represents an increase of 1.1 per cent compared to May 2022 and an increase of 5.8 per cent compared to April 2023.
| MLS® Home Price Index Benchmark Price | ||||||
| Kitchener-Waterloo | Cambridge | |||||
| Benchmark Type: | May 2023 | Monthly % Change | Yr./Yr. % Change | May 2023 | Monthly % Change | Yr./Yr. % Change |
| Composite | $777,500 | 2.4 | -7.7 | $791,000 | 4.2 | -5.5 |
| Detached | $887,800 | 2.5 | -5.4 | $831,100 | 4.7 | -3.1 |
| Townhouse | $634,300 | 2.7 | -13.9 | $652,200 | 1.6 | -17.5 |
| Apartment | $487,600 | 2.3 | -8.9 | $480,700 | 0.1 | -17.8 |
Waterloo Region properties remain in high demand, driven by our diverse economy and the desirability of our community, we continue to be in a seller’s market. With limited inventory and a relatively low number of new listings being added, buyers face intensified competition while sellers receive increasingly competitive offers.
There were 1,264 new listings added last month, a decrease of 32.6 per cent compared to May of last year and an 11.8 per cent decrease compared to the previous ten-year average for May.
The total number of homes available for sale in active status at the end of May was 900, a decrease of 24.9 per cent compared to May of last year and 41.0 per cent below the previous ten-year average of 1524 listings for May.
The number of months of inventory is up 13.3 per cent compared to May of last year, but still historically low at 1.7 months. The number of months of inventory represents how long it would take to sell off current inventories at the current sales rate.
The average number of days to sell in May was 15, compared to 11 days in May 2022. The previous 5-year average is 16 days.
Average Sales Price – Township
Monthly Sales By Property Type
Monthly Supply of Homes for Sale
Monthly Median Sales Price – By Property Type
Monthly Average Sales Price – By Property Type
Monthly Average Days on Market
The Real Estate market is changing very quickly, so If you are thinking of buying or selling this summer, wondering what the neighbor’s place sold for, or have any questions at all, give me a call, text at 519-497-4646 or shoot me an email to kevinbakerrealestate@gmail.com
Enjoy the great June weather!
Kevin
Home Prices Edging up in Waterloo Region
Hope all is well with you and your family. It looks like spring is here and hopefully the nicer weather will be here to stay very soon. Taking a look at the Waterloo Region Real Estate Market, sales are still down but prices are edging up mostly due to the tightening of inventory once again. The GTA buyers have returned as well which is providing increased demand for housing. Lets take a look at the stats….
Sales volume remained subdued last month, with 670 homes sold in April, representing a decrease of 22.0 per cent compared to April 2022 and 18.0 percent below the previous 5-year average for the month.
The local spring market is off to a slower than usual start with half the number of new listings hitting the market than this time last year. However, with demand continuing to outstrip supply, we saw prices increase on a month-over-month basis as total sales volume continues to waver well below historical figures for the month of April.
Total residential sales in April included 404 detached (down 22.8 per cent from April 2022), and 119 townhouses (down 20.7 per cent). Sales also included 95 condominium units (down 18.1 per cent) and 51 semi-detached homes (down 25.0 per cent).
In April, the average sale price for all residential properties in Waterloo Region was $797,716. This represents an 11.9 per cent decrease compared to April 2022 and a 2.6 per cent increase compared to March 2023.
- The average price of a detached home was $925,219. This represents a 10.7 per cent decrease from April 2022 and an increase of 1.7 per cent compared to March 2023.
- The average sale price for a townhouse was $664,519. This represents a 12.7 per cent decrease from April 2022 and an increase of 3.9 per cent compared to March 2023.
- The average sale price for an apartment-style condominium was $488,971. This represents a decrease of 18.3 per cent from April 2022 and an increase of 1.5 per cent compared to March 2023.
- The average sale price for a semi was $686,792. This represents a decrease of 10.1 per cent compared to April 2022 and a decrease of 1.9 per cent compared to March 2023.
| MLS® Home Price Index Benchmark Price | ||||||
| Kitchener-Waterloo | Cambridge | |||||
| Benchmark Type: | April 2023 | Monthly % Change | Yr./Yr. % Change | April 2023 | Monthly % Change | Yr./Yr. % Change |
| Composite | $759,600 | 2.7 | -14.7 | $774,500 | 3.8 | -12.8 |
| Detached | $865,100 | 3.0 | -13.0 | $809,300 | 4.3 | -12.0 |
| Townhouse | $611,600 | 1.9 | -20.3 | $647,000 | 0.8 | -17.1 |
| Apartment | $484,900 | 2.3 | -13.4 | $491,900 | 1.8 | -16.0 |
Waterloo Region remains a sellers’ market, and while prices have fallen in comparison to last year, we anticipate that home prices will continue to increase steadily. Some stability in mortgage rates has brought about a return of buyer activity as we begin to observe a return of multiple offer scenarios, bidding wars, and a decrease in the number of days properties take to sell.
There were 869 new listings added last month, a decrease of 49.4 per cent compared to April of last year and a 33.2 per cent decrease compared to the previous ten-year average for April.
The total number of homes available for sale in active status at the end of April was 703, a decrease of 25.9 per cent compared to April of last year and 49.7 per cent below the previous ten-year average of 1397 listings for April.
The number of months of inventory is up 8.3 per cent compared to April of last year, but still historically low at 1.3 months. The number of months of inventory represents how long it would take to sell off current inventories at the current sales rate.
The average number of days to sell in April was 16, compared to 9 days in April 2022. The previous 5-year average is 16 days.
Average Sales Price – Municipality
Average Sales Price – Township
Monthly Sales By Property Type
Monthly Supply of Homes for Sale
Monthly Median Sales Price – By Property Type
Monthly Average Sales Price – By Property Type
Monthly Average Days on Market
The Real Estate market is changing very quickly, so If you are thinking of buying or selling this spring or summer, wondering what the neighbor’s place sold for, or have any questions at all, give me a call, text at 519-497-4646 or shoot me an email to kevinbakerrealestate@gmail.com
Enjoy a wonderful May and Happy Early Mothers Day to all the Mom’s!
Kevin
Homes Sales Down while Price Inch Higher in Kitchener Waterloo and Cambridge
With spring just around the corner the Kitchener Waterloo housing market seems to be heating up once again. Sales volumes are down but prices are inching up as we are seeing more GTA buyers come back searching for homes in our area and the demand is increasing. Lets take a look at the stats…
Sales volume set another low last month, with 611 homes sold in March, representing a decrease of 38.4 per cent compared to March 2022 and 33.6 per cent below the previous 5-year average for the month.
Sales activity was well below average in March, and while the number of homes sold is down, sale prices have increased modestly month over month. With borrowing costs stabilizing and lenders promoting more appealing rates, I think we will see more buyers coming off the sidelines this spring, adding demand to our already popular Waterloo Region and pushing home prices up slightly.
Total residential sales in March included 356 detached (down 39.9 per cent from March 2022), and 126 townhouses (down 29.6 per cent). Sales also included 86 condominium units (down 32.8 per cent) and 42 semi-detached homes (down 53.3 per cent).
In March, the average sale price for all residential properties in Waterloo Region was $779,017. This represents a 18.6 per cent decrease compared to March 2022 and a 2.4 per cent increase compared to February 2023.
- The average price of a detached home was $910,152. This represents a 17.4 per cent decrease from March 2022 and an increase of 2.9 per cent compared to February 2023.
- The average sale price for a townhouse was $640,484. This represents a 19.9 per cent decrease from March 2022 and a decrease of 0.6 per cent compared to February 2023.
- The average sale price for an apartment-style condominium was $482,882. This represents a decrease of 15.2 per cent from March 2022 and an increase of 5.3 per cent compared to February 2023.
- The average sale price for a semi was $700,208. This represents a decrease of 18.2 per cent compared to March 2022 and an increase of 4.9 per cent compared to February 2023.
| MLS® Home Price Index Benchmark Price | ||||||
| Kitchener-Waterloo | Cambridge | |||||
| Benchmark Type: | March 2023 | Monthly % Change | Yr./Yr. % Change | March 2023 | Monthly % Change | Yr./Yr. % Change |
| Composite | $739,400 | 1.8 | -21.2 | $746,300 | 0.5 | -20.6 |
| Detached | $839,500 | 2.0 | -20.4 | $776,100 | 0.7 | -21.1 |
| Townhouse | $600,500 | 2.0 | -23.5 | $641,700 | 0.7 | -17.5 |
| Apartment | $474,000 | 0.1 | -18.0 | $483,000 | -1.9 | -13.5 |
This is a peculiar market. While we certainly will not have the same volume of sales as in 2022, demand remains strong. For those that were previously hesitant to sell their properties, March’s slight uptick in sales prices is a good indication of the continued pent-up demand within the Region and we do not anticipate this slowing down anytime soon.
While on a year-over-year basis, prices have come down close to 20 per cent, they are up compared to two years ago.
There were 859 new listings last month, a decrease of 44.1 per cent compared to March of last year and a 30.5 per cent decrease compared to the previous ten-year average for March.
The total number of homes available for sale in active status at the end of March was 716, an increase of 17.2 per cent compared to March of last year and 42.4 per cent below the previous ten-year average of 1243 listings for March.
The number of months of inventory is up 85.7 per cent compared to March of last year, but still historically low at 1.3 months. The number of months of inventory represents how long it would take to sell off current inventories at the current sales rate.
The average number of days to sell in March was 19, compared to 8 days in March 2022. The previous 5-year average is 15 days.
Average Sales Price – Municipality
Average Sales Price – Township
Monthly Sales By Property Type
Monthly Supply of Homes for Sale
Monthly Median Sales Price – By Property Type
Monthly Average Sales Price – By Property Type
Monthly Average Days on Market
The Real Estate market is changing very quickly, so If you are thinking of buying or selling this spring, wondering what the neighbor’s place sold for, or have any questions at all, give me a call, text at 519-497-4646 or shoot me an email to kevinbakerrealestate@gmail.com
Enjoy a wonderful Easter long weekend with your families!
Kevin
February Sales Down but Prices Remain Steady
I hope you and your family are enjoying a wonderful weekend and survived the house dumping of snow we received last night. The February Real Estate stats are out for Waterloo region and inventory is tight and sales continue to stay low as prices are remaining steady. Lets take a look at the numbers…
Sales volume set a new low for the month of February, with 439 homes sold, representing a decrease of 45.0 per cent compared to February 2022 and 31.5 per cent below the previous 5-year average for the month.
Once again, we experienced record low listing sales in February, Increased borrowing costs, coupled with a shortage of housing supply and strong demand, have put a strain on prospective buyers as affordability continues to be a top concern; however, home prices have remained stable for the past several months.
Total residential sales in February included 256 detached (down 45.3 per cent from February 2022), and 100 townhouses (down 33.3 per cent). Sales also included 55 condominium units (down 52.6 per cent) and 28 semi-detached homes (down 56.3 per cent).
In February, the average sale price for all residential properties in Waterloo Region was $758,698. This represents a 25.1 per cent decrease compared to February 2022 and a 0.6 per cent decrease compared to January 2023.
- The average price of a detached home was $877,884. This represents a 26.0 per cent decrease from February 2022 and a decrease 0.9 per cent compared to January 2023.
- The average sale price for a townhouse was $642,777. This represents a 25.6 per cent decrease from February 2022 and an increase of 2.7 per cent compared to January 2023.
- The average sale price for an apartment-style condominium was $461,322. This represents a decrease of 19.2 per cent from February 2022 and a decrease of 6.9 per cent compared to January 2023.
- The average sale price for a semi was $667,250. This represents a decrease of 25.8 per cent compared to February 2022 and an increase of 2.6 per cent compared to January 2023.
| MLS® Home Price Index Benchmark Price | ||||||
| Kitchener-Waterloo | Cambridge | |||||
| Benchmark Type: | February 2023 | Monthly % Change | Yr./Yr. % Change | February 2023 | Monthly % Change | Yr./Yr. % Change |
| Composite | $726,500 | 3.0 | -24.2 | $742,300 | 1.6 | -25.3 |
| Detached | $822,800 | 4.2 | -24.8 | $770,800 | 1.8 | -27.0 |
| Townhouse | $588,500 | 0.9 | -22.3 | $637,400 | -0.2 | -13.8 |
| Apartment | $473,800 | -1.6 | -14.3 | $492,100 | 0.9 | -7.6 |
Limited supply and the small number of listings coming to the market continues to be a trend within the region. There may be some hesitation for those considering selling their property due to decreased reported sale prices; however, with demand continuing to outpace supply and prices stabilizing, sellers are in a healthy position to make their move coming into a spring market.
Although prices have fallen more than 20 per cent from their peak in February 2022, they remain significantly higher than three years ago, which is great news for our local market.
There were 671 new listings added last month, a decrease of 37.1 per cent compared to February of last year and a 24.8 per cent decrease compared to the previous ten-year average for February.
The total number of homes available for sale in active status at the end of February was 692, an increase of 75.2 per cent compared to February of last year and 38.0 per cent below the previous ten-year average of 1117 listings for February.
The number of months of inventory is up 140.0 per cent compared to February of last year, but still historically low at 1.2 months. The number of months of inventory represents how long it would take to sell off current inventories at the current sales rate.
The average number of days to sell in February was 20, compared to 8 days in February 2022. The previous 5-year average is 16 days.
Average Sales Price – Municipality
Average Sales Price – Township
Monthly Sales By Property Type
Monthly Supply of Homes for Sale
Monthly Median Sales Price – By Property Type
Monthly Average Sales Price – By Property Type
Monthly Average Days on Market
The Real Estate market is changing very quickly, so If you are thinking of buying or selling this spring, wondering what the neighbor’s place sold for, or have any questions at all, give me a call, text at 519-497-4646 or shoot me an email to kevinbakerrealestate@gmail.com
Enjoy a wonderful March with your families!
Kevin
Homes Sales 2nd Lowest in Over a Decade Here is Kitchener Waterloo and Cambridge
I hope you and your family are enjoying a wonderful weekend and staying warm. This cold snap certainly has been a frigid one! The January Real Estate stats are out for Waterloo region and inventory is tight and sales are low to start the year. Lets break things down…
The number of homes sold last month totalled 297 units, a decrease of 41.9 per cent compared to January 2022 and 31.0 per cent below the previous 5-year average for the month.
Waterloo Region’s home sales in January were at their second lowest of any single month in well over a decade, home sales tend to be sluggish in January, and while we expected activity to ease to reflect economic challenges, this was a larger drop than originally anticipated.
Total residential sales in January included 176 detached (down 38.5 per cent from January 2022), and 61 townhouses (down 44.5 per cent). Sales also included 43 condominium units (down 48.2 per cent) and 17 semi-detached homes (down 46.9 per cent).
In January, the average sale price for all residential properties in Waterloo Region was $764,063. This represents a 20.1 per cent decrease compared to January 2022 and a 5.9 per cent increase compared to December 2022.
- The average price of a detached home was $888,487. This represents a 21.5 per cent decrease from January 2022 and an increase of 7.6 per cent compared to December 2022.
- The average sale price for a townhouse was $625,831. This represents a 26.1 per cent decrease from January 2022 and an increase of 2.2 per cent compared to December 2022.
- The average sale price for an apartment-style condominium was $495,753. This represents a decrease of 9.3 per cent from January 2022 and an increase of 6.1 per cent compared to December 2022.
- The average sale price for a semi was $650,588. This represents a decrease of 21.5 per cent compared to January 2022 and an increase of 5.5 per cent compared to December 2022.
| MLS® Home Price Index Benchmark Price | ||||||
| Kitchener-Waterloo | Cambridge | |||||
| Benchmark Type: | January 2023 | Monthly % Change | Yr./Yr. % Change | January 2023 | Monthly % Change | Yr./Yr. % Change |
| Composite | $705,100 | -1.2 | -23.7 | $731,000 | 2.4 | -21.3 |
| Detached | $789,900 | -1.4 | -25.9 | $757,200 | 2.9 | -23.2 |
| Townhouse | $583,100 | -1.8 | -17.6 | $638,300 | -0.2 | -8.0 |
| Apartment | $481,300 | 2.0 | -5.1 | $487,600 | -1.9 | -4.3 |
On a monthly basis, we saw the average sale price increase across all property types in January and I’m also noticing more multiple offers happening, especially on detached homes that are priced under eight hundred thousand dollars.
Meanwhile, the Bank of Canada again increased interest rates at the end of January by 25 basis points to 4.5 per cent. While not a huge increase, the continuance of interest rate hikes is an ongoing factor in the reduction of home sales within the market.
There were 579 new listings added last month, a decrease of 13.3 per cent compared to January of last year and a 28.7 per cent decrease compared to the previous ten-year average for January.
The total number of homes available for sale in active status at the end of January was 651, an increase of 167.9 per cent compared to January of last year and 34.7 per cent below the previous ten-year average of 998 listings for January.
The number of months of inventory is up 233.3 per cent compared to January of last year, but still historically low at one month. Between 2011 and 2015, January’s average months of inventory was 3.0 months. The number of months of inventory represents how long it would take to sell off current inventories at the current sales rate.
The average number of days to sell in January was 25, compared to 9 days in January 2022. The previous 5-year average is 21 days.
While the inventory levels are low, we are starting to see the GTA buyers come back to our local market after those buyers really subsided in the middle to later half of 2022. That is creating multiple offers once again and pushing prices back up in the short term.
Average Sales Price – Municipality
Average Sales Price – Township
Monthly Sales By Property Type
Monthly Supply of Homes for Sale
Monthly Median Sales Price – By Property Type
Monthly Average Sales Price – By Property Type
Monthly Average Days on Market
The Real Estate market is changing very quickly, so If you are thinking of buying or selling this spring, wondering what the neighbor’s place sold for, or have any questions at all, give me a call, text at 519-497-4646 or shoot me an email to kevinbakerrealestate@gmail.com
Enjoy a wonderful February!
Kevin
2022 Home Sales Ends Weaker Here in Waterloo Region
I hope you and your family enjoyed a wonderful holiday season. Other than the huge snow storm just before Christmas Day the weather has been quite nice and warm.
The stats are in for 2022 and it was a crazy year for sure. With interest rates rising faster than we have seen in decades it has put alot of pressure on prices here in Waterloo Region and across Canada.
There were 7,770 homes sold in 2022, a decrease of 24.8 per cent compared to 2021. On a historical basis, 2022 performed lower than previous years, with annual sales down 12.4 per cent compared to the previous 5-year average, and 8.2 per cent below the previous 10-year average.
On a monthly basis, there were 280 homes sold in December, a decrease of 38.7 per cent compared to December 2021, and 32.3 per cent below the previous 5-year average for the month.
The number of homes sold in December was lower than any single month in well over a decade, marking an end to a turbulent year for home sales in Waterloo Region.
Total residential sales in December included 166 detached (down 34.9 per cent from December 2021), and 56 townhouses (down 48.6 per cent). Sales also included 33 condominium units (down 47.6 per cent) and 25 semi-detached homes (down 16.7 per cent).
For 2022, total residential sales included 4,720 detached (down 23.5 per cent), and 1,430 townhouses (down 30.9 per cent). Sales also included 996 condominium units (down 21.9 per cent) and 624 semi-detached homes (down 24.4 per cent).
In December, the average sale price for all residential properties in Waterloo Region was $720,596. This represents a 15.5 per cent decrease compared to December 2021 and a 2.1 per cent decrease compared to November 2022.
- The average price of a detached home was $825,450. This represents a 17.6 per cent decrease from December 2021 and a decrease of 1.7 per cent compared to November 2022.
- The average sale price for a townhouse was $609,154. This represents a 17.0 per cent decrease from December 2021 and a decrease of 2.1 per cent compared to November 2022.
- The average sale price for an apartment-style condominium was $460,994. This represents a decrease of 7.9 per cent from December 2021 and an increase of 1.0 per cent compared to November 2022.
- The average sale price for a semi was $616,671. This represents a decrease of 18.7 per cent compared to December 2021 and a decrease of 4.0 per cent compared to November 2022.
On a year-to-date basis, the average sale price for all residential properties in Waterloo Region increased 10.2 per cent to $851,185 compared to 2021.
- The year-to-date average price of a detached home was $974,683. This represents an 8.5 per cent increase compared to 2021.
- The year-to-date average sale price for a townhouse was $717,490. This represents a 12.1 per cent increase compared to 2021.
- The year-to-date average sale price for an apartment-style condominium was $529,516. This represents a 17.8 per cent increase compared to 2021.
- The year-to-date average sale price for a semi was $736,020. This represents an increase of 10.9 per cent compared to 2021.
| Monthly MLS® Home Price Index Benchmark Price | ||||||
| Kitchener-Waterloo | Cambridge | |||||
| Benchmark Type: | December 2022 | Monthly % Change | Yr./Yr. % Change | December 2022 | Monthly % Change | Yr./Yr. % Change |
| Composite | $713,400 | 0.3 | -15.0 | $713,700 | -4.1 | -18.0 |
| Detached | $801,300 | 1.3 | -16.3 | $736,100 | -4.5 | -19.8 |
| Townhouse | $594,200 | -1.3 | -11.0 | $639,600 | -1.9 | -6.0 |
| Apartment | $472,000 | -4.2 | -0.3 | $497,000 | -1.4 | -0.1 |
| Annual MLS® Home Price Index Benchmark Price | ||||
| Kitchener-Waterloo | Cambridge | |||
| Benchmark Type: | 2022 | Yr./Yr. % Change | 2022 | Yr./Yr. % Change |
| Composite | $840,900 | 11.9 | $845,000 | 12.7 |
| Detached | $940,600 | 11.2 | $875,300 | 11.7 |
| Townhouse | $699,000 | 18 | $739,600 | 20 |
| Apartment | $536,300 | 22.5 | $553,200 | 23 |
After home prices crossed the million-dollar threshold in February of 2022, we close out the year with average and benchmark prices back to where they were prior to them surging in early 2021. It’s clear that the decline in sale prices has been a direct response to the successive interest rate hikes by the Bank of Canada throughout the past several months, however, with interest rates predicted to stabilize, we should see a steadier market in 2023.
There were 302 new listings added in the Waterloo Region last month, a decrease of 20.3 per cent compared to December of last year and a 14.9 per cent decrease compared to the previous ten-year average for December.
In 2022 a record 13,471 new listings were added to WRAR’s MLS® System, an increase of 9.5 per cent compared to 2021, and a 12.2 per cent increase compared to the previous ten-year annual average.
The total number of homes available for sale in active status at the end of December was 575, an increase of 329.1 per cent compared to December of last year and 31.3 per cent below the previous ten-year average of 837 listings for December.
The number of months of inventory is up 350.0 per cent compared to December of last year, but still historically low at 0.9 months. Between 2009 and 2015, December’s average months of inventory was 2.3 months. The number of months of inventory represents how long it would take to sell off current inventories at the current sales rate.
The average number of days to sell in December was 25, compared to 11 days in December 2021. The previous 5-year average is 24 days.
The average days to sell in 2022 was 14 days, compared to 10 days in 2021 and a previous 5-year average of 19 days.
While future homeowners should benefit from the fact that prices have come down from their extreme highs of early 2022, home affordability will continue to be a concern in 2023. The easing of home prices has not done much to help first-time buyers as soaring borrowing costs have put monthly payments out of reach for many prospective homebuyers.
Waterloo Region remains one of the tightest real estate markets in Canada as measured by months of housing supply. By no means is Waterloo Region a buyer’s market, Our community is in high demand as a sought-after place to live in. And throughout most of 2022, we were working with less than one and a half months of supply of inventory. Combined with rising interest rates, it is still a challenging market for buyers.
Average Sales Price – Municipality
Average Sales Price – Township
Monthly Sales By Property Type
Monthly Supply of Homes for Sale
Monthly Median Sales Price – By Property Type
Monthly Average Sales Price – By Property Type
Monthly Average Days on Market
If you are thinking of buying or selling this spring, wondering what the neighbor’s place sold for, or have any questions at all, give me a call, text at 519-497-4646 or shoot me an email to kevinbakerrealestate@gmail.com
Enjoy a wonderful January!
Kevin
Home Prices Continue to Cool in Kitchener Waterloo and Cambridge
I hope you and your family are starting to enjoy the holiday season. It’s wonderful that everyone can get together again and make new memories. Let’s hope that the snow stays away just a little longer but arrives just in time for Christmas!
The latest housing stats are out for Waterloo Region, lets take a look at what the numbers have to say…
There were 453 homes sold in November, a decrease of 43.7 per cent compared to November 2021 and 34.2 per cent below the previous 5-year average for the month.
Total residential sales in November included 280 detached (down 38.3 per cent from November 2021), and 78 townhouses (down 57.1 per cent). Sales also included 58 condominium units (down 49.6 per cent) and 37 semi-detached homes (down 28.8 per cent).
As they traditionally do at this time of year, home sales have decreased, at the same time, we know ever-increasing homeownership costs are contributing to the decline and putting downward pressure on sales prices which have plateaued since July.
In November, the average sale price for all residential properties in Waterloo Region was $736,024. This represents a 10.4 per cent decrease compared to November 2021 and a 3.6 per cent decrease compared to October 2022.
- The average price of a detached home was $838,609. This represents a 13.1 per cent decrease from November 2021 and a decrease of 3.5 per cent compared to October 2022.
- The average sale price for a townhouse was $618,669. This represents a 12.3 per cent decrease from November 2021 and a decrease of 2.6 per cent compared to October 2022.
- The average sale price for an apartment-style condominium was $458,384. This represents a decrease of 7.5 per cent from November 2021 and a decrease of 6.2 per cent compared to October 2022.
- The average sale price for a semi was $642,328. This represents a decrease of 9.4 per cent compared to November 2021 and an increase of 3.2 per cent compared to October 2022.
| MLS® Home Price Index Benchmark Price | ||||||
| Kitchener-Waterloo | Cambridge | |||||
| Benchmark Type: | November 2022 | Monthly % Change | Yr./Yr. % Change | November 2022 | Monthly % Change | Yr./Yr. % Change |
| Composite | $711,200 | -1.7 | -12.8 | $744,200 | 1.8 | -10.6 |
| Detached | $791,000 | -2.1 | -14.8 | $770,600 | 2.5 | -12.0 |
| Townhouse | $602,200 | -0.2 | -7.0 | $652,000 | -1.7 | -2.0 |
| Apartment | $492,600 | -0.4 | 8.0 | $504,100 | -3.1 | 3.7 |
The Waterloo Region market has been moving towards more of a balanced market throughout the latter part of the year, and November has followed that trend. We have a long way to go before the pendulum swings into it being a buyer’s market. However, if the Bank of Canada yet again raises its key interest rate on December 7, it is likely to result in fewer buyers competing for more inventory.
There were 752 new listings added last month, a decrease of 6.6 per cent compared to November of last year and a 1.3 per cent increase compared to the previous ten-year average for November.
The total number of homes available for sale in active status at the end of November was 860, an increase of 209.4 per cent compared to November of last year and 29.9 per cent below the previous ten-year average of 1227 listings for November.
The number of months of inventory is up 333.3 per cent compared to November of last year, but still historically low at 1.3 months. Between 2009 and 2015, November’s average months of inventory was 3.2 months. The number of months of inventory represents how long it would take to sell off current inventories at the current sales rate.
The average number of days to sell in November was 21, compared to 10 days in November 2021. The previous 5-year average is 21 days.
Average Sales Price – Municipality
Average Sales Price – Township
Monthly Sales By Property Type
Monthly Supply of Homes for Sale
Monthly Median Sales Price – By Property Type
Monthly Average Sales Price – By Property Type
Monthly Average Days on Market
If you are thinking of buying or selling in the next few months or into to spring of 2023, wondering what the neighbor’s place sold for, or have any questions at all, give me a call, text at 519-497-4646 or shoot me an email to kevinbakerrealestate@gmail.com
Enjoy a wonderful holiday season with your family and friends!
Kevin
Home Sales Continue to Slow in Waterloo Region
I hope you and your family enjoyed a great Halloween. Even with the rain I heard there were plenty of little ones out having fun! Fall is certainly here and the leave piles are growing although we really can’t complain about the weather, its been so nice out lately.
The latest housing stats are out for Waterloo Region, lets take a look at what the numbers have to say…
There were 491 residential homes were sold last month, a decrease of 39.7 per cent compared to October 2021 and 36.2 per cent below the previous 5-year average for the month.
Total residential sales in October included 310 detached (down 38.2 per cent from October 2021), and 84 townhouses (down 45.1 per cent). Sales also included 64 condominium units (down 36.0 per cent) and 31 semi-detached homes (down 47.5 per cent).
The pace of home sales continued to slow in October after the Bank of Canada’s sixth straight interest rate hike in September. Faced with higher borrowing costs, some buyers have had to re-assess what they can afford. As these buyers get moved to the sidelines, sellers question if now is the best possible time to sell.
In October, the average sale price for all residential properties in Waterloo Region was $763,630. This represents an 8.4 per cent decrease compared to October 2021 and a 1.6 per cent increase compared to September 2022.
- The average price of a detached home was $860,568. This represents a 10.6 per cent decrease from October 2021 and a decrease of 0.3 per cent compared to September 2022.
- The average sale price for a townhouse was $635,197. This represents a 9.0 per cent decrease from October 2021 and a decrease of 0.4 per cent compared to September 2022.
- The average sale price for an apartment-style condominium was $488,277. This represents an increase of 3.9 per cent from October 2021 and an increase of 7.3 per cent compared to September 2022.
- The average sale price for a semi was $624,999. This represents a decrease of 10.8 per cent compared to October 2021 and a decrease of 1.9 per cent compared to September 2022.
| MLS® Home Price Index Benchmark Price | ||||||
| Kitchener-Waterloo | Cambridge | |||||
| Benchmark Type: | October 2022 | Monthly % Change | Yr./Yr. % Change | October 2022 | Monthly % Change | Yr./Yr. % Change |
| Composite | $723,200 | -0.2 | -8.8 | $730,700 | -2.3 | -9.8 |
| Detached | $807,900 | -0.0 | -10.1 | $751,800 | -2.1 | -11.6 |
| Townhouse | $603,700 | -1.3 | -3.2 | $663,100 | -2.4 | 1.8 |
| Apartment | $494,400 | -0.1 | 6.5 | $520,100 | -6.6 | 7.3 |
While there is uncertainty in the minds of consumers about current market conditions, one thing is for certain, Waterloo region’s housing supply remains one of the tightest in the country. Buyers may be on the sidelines for now due to affordability, but the underlying demand for housing remains strong.
There were 827 new listings added last month, a decrease of 3.3 per cent compared to October of last year and a 14.3 per cent decrease compared to the previous ten-year average for October.
The total number of homes available for sale in active status at the end of October was 928, an increase of 134.9 per cent compared to October of last year and 34.9 per cent below the previous ten-year average of 1425 listings for October.
The number of months of inventory is up 160.0 per cent compared to October of last year, but still historically low at 1.3 months. Between 2009 and 2015, October’s average months of inventory was 3.6 months. The number of months of inventory represents how long it would take to sell off current inventories at the current sales rate.
The average number of days to sell in October was 22, compared to 10 days in October 2021. The previous 5-year average is 19 days.
Average Sales Price – Municipality
Average Sales Price – Township
Monthly Sales By Property Type
Monthly Supply of Homes for Sale
Monthly Median Sales Price – By Property Type
Monthly Average Sales Price – By Property Type
If you are thinking of buying or selling this fall, wondering what the neighbor’s place sold for, or have any questions at all, give me a call, text at 519-497-4646 or shoot me an email to kevinbakerrealestate@gmail.com
Enjoy the great weather while its here!
Kevin
Home Sales Decline but Prices Hold Steady in Kitchener Waterloo and Cambridge
Happy Thanksgiving! I hope you and your family are able to spend a wonderful holiday together. The weather looks great for the rest of weekend and with the leaves starting to turn fall is certainly here.
The stats are out for September and sales were down considerably over last year and the 5 year average, but prices are starting to hold these levels and have been relatively flat the last 2 months.
There were 518 residential homes were sold last month, a decrease of 25.3 per cent compared to September 2021 and 30.8 per cent below the previous 5-year average for the month.
Total residential sales in September included 313 detached (down 18.9 per cent from September 2021), and 94 townhouses (down 39.0 per cent). Sales also included 60 condominium units (down 37.5 per cent) and 51 semi-detached homes (down 8.9 per cent).
Interest rate hikes have continued to put pressure on the housing market as a whole. The property type that saw the biggest decline in sales was the townhouse segment followed closely by condos, which could indicate there are fewer entry-level buyers in the market due to the higher borrowing costs.
In September, the average sale price for all residential properties in Waterloo Region was $752,421. This represents a 4.7 per cent decrease compared to September 2021 and a 0.1 per cent increase compared to August 2022.
- The average price of a detached home was $862,435. This represents a 7.4 per cent decrease from September 2021 and an increase of 1.3 per cent compared to August 2022.
- The average sale price for a townhouse was $638,284. This represents a 2.7 per cent decrease from September 2021 and an increase of 4.4 per cent compared to August 2022.
- The average sale price for an apartment-style condominium was $455,262. This represents a decrease of 8.5 per cent from September 2021 and a decrease of 2.3 per cent compared to August 2022.
- The average sale price for a semi was $637,205. This represents a decrease of 6.5 per cent compared to September 2021 and a decrease of 2.8 per cent compared to August 2022.
| MLS® Home Price Index Benchmark Price | ||||||
| Kitchener-Waterloo | Cambridge | |||||
| Benchmark Type: | September 2022 | Monthly % Change | Yr./Yr. % Change | September 2022 | Monthly % Change | Yr./Yr. % Change |
| Composite | $724,600 | -1.3 | -6.7 | $748,000 | -0.4 | -3.7 |
| Detached | $807,700 | -0.9 | -8.4 | $768,100 | 0.4 | -5.3 |
| Townhouse | $611,600 | -1.1 | 1.8 | $679,300 | -5.0 | 5.8 |
| Apartment | $493,800 | -3.9 | 9.7 | $556,600 | -3.8 | 16.5 |
While sales were down last month, we seem to be moving towards a more balanced market; buyers now have more inventory to choose from, yet sellers can still expect their properties to sell within a reasonable timeframe. We’re also observing that sale prices are shifting closer to the asking price. Furthermore, the sales-to-new listings ratio of 56.4 per cent in September compared to 70.8 per cent in August. (According to CMHC, a sales-to-new-listings ratio above 55 per cent is associated with a sellers’ market, while an overheating market corresponds to the upper range of a sellers’ market, with a ratio exceeding 70 per cent).
There were 918 new listings added last month, a decrease of 3.6 per cent compared to September of last year and a 15.9 per cent decrease compared to the previous ten-year average for September.
The total number of homes available for sale in active status at the end of September was 978, an increase of 108.5 per cent compared to September of last year and 35.4 per cent below the previous ten-year average of 1515 listings for September.
The number of months of inventory is up 180.0 per cent compared to September of last year, but still historically low at 1.4 months. Between 2009 and 2015, the average number of months of inventory for September was 3.7 months. The number of months of inventory represents how long it would take to sell off current inventories at the current sales rate.
The average number of days to sell in September was 23, compared to 10 days in September 2021. The previous 5-year average is 20 days. Average Sales Price – Municipalit
Average Sales Price – Township
Monthly Sales By Property Type
Monthly Supply of Homes for Sale
Monthly Median Sales Price – By Property Type
Monthly Average Sales Price – By Property Type
Monthly Average Days on Market
If you are thinking of buying or selling this fall, wondering what the neighbor’s place sold for, or have any questions at all, give me a call, text at 519-497-4646 or shoot me an email to kevinbakerrealestate@gmail.com
Enjoy the fall colors and have a wonderful Thanksgiving with your family.
Kevin
Rising Rates Continues To Put Pressure On Home Prices in Kitchener Waterloo and Cambridge
I hope you and your family are doing well and enjoying the beautiful summer weather we are having. With the kids going back to school they must be so excited to reunite with friends again now that covid restrictions are easing and things seem to be back to normal.
Given that school is now back in session, buyers focus will again turn to the real estate market. Rates are continuing to rise so hopefully we will see the market bottom soon and hold steady. Please keep in mind the stats are now including cambridge board as well with the amalgamation of Kitchener Waterloo and Cambridge. Lets take a look….
There were 659 residential homes were sold in August, a decrease of 8.1 per cent compared to August 2021 and 11.2 per cent below the previous 5-year average for the month.
Total residential sales in August included 413 detached (down 0.7 per cent from August 2021), and 117 townhouses (down 24.0 per cent). Sales also included 68 condominium units (down 26.1 per cent) and 61 semi-detached homes (up 10.9 per cent).
While the number of homes sold in August was down on a year-over-year basis they were up almost 19 per cent compared to July. The decline was most pronounced in the apartment-style condo and townhouse categories which could indicate that rising borrowing costs are having a greater impact on first-time buyers and those looking for more affordable options.
In August, the average sale price for all residential properties in Waterloo Region was $750,849. This represents a 0.4 per cent decrease compared to August 2021 and a 0.2 per cent decrease compared to July 2022.
- The average price of a detached home was $851,654. This represents a 3.0 per cent decrease from August 2021 and an increase of 1.1 per cent compared to July 2022.
- The average sale price for a townhouse was $610,725. This represents a 4.2 per cent decrease from August 2021 and a decrease of 5.2 per cent compared to July 2022.
- The average sale price for an apartment-style condominium was $464,959. This represents an increase of 4.3 per cent from August 2021 and a decrease of 10.9 per cent compared to July 2022.
- The average sale price for a semi was $655,813. This represents a decrease of 1.0 per cent compared to August 2021 and a decrease of 0.8 per cent compared to July 2022.
WRAR cautions that average sale price information can be useful in establishing long-term trends but should not be used as an indicator that specific properties have increased or decreased in value. The MLS® Home Price Index (HPI) provides the best way to gauge price trends because averages are strongly distorted by changes in the mix of sales activity from one month to the next.
| MLS® Home Price Index Benchmark Price | ||||||
| Kitchener-Waterloo | Cambridge | |||||
| Benchmark Type: | August 2022 | Monthly % Change | Yr./Yr. % Change | August 2022 | Monthly % Change | Yr./Yr. % Change |
| Composite | $734,500 | -1.9 | -2.2 | $750,700 | -3.4 | 0.6 |
| Detached | $815,000 | -1.5 | -3.9 | $764,700 | -3.1 | -1.3 |
| Townhouse | $618,400 | -3.8 | 5.4 | $715,200 | -5.9 | 11.7 |
| Apartment | $513,600 | -2.1 | 16.1 | $578,500 | -1.1 | 19.0 |
The announcement by the Bank of Canada to increase its policy rate by 75 basis points to 3.25 per cent is discouraging news for borrowers as it affects their purchasing power, however, we see signs that the market is moving towards more buyer-friendly conditions. There are fewer multiple offers resulting in final sale prices being closer to the asking price or with more conditions accompanying offers. Even so, with inventory still very tight.
There were 933 new listings added last month, an increase of 19.3 per cent compared to August of last year, and a 1.2 per cent increase compared to the previous ten-year average for August.
The total number of homes available for sale in active status at the end of August was 1,003, an increase of 188.2 per cent compared to August of last year, and 31.8 per cent below the previous ten-year average of 1593 listings for August.
The number of months of inventory is up 250 per cent compared to August of last year, but still historically low. There were 1.4 months of inventory in August 2022, down from 1.8 months in July 2022. The number of months of inventory represents how long it would take to sell off current inventories at the current sales rate.
The average number of days to sell in August was 22, compared to 12 days in August 2021. The previous 5-year average is 22 days.
Average Sales Price – Municipality
Average Sales Price – Township
Monthly Sales By Property Type
Monthly Supply of Homes for Sale
Monthly Median Sales Price – By Property Type
Monthly Average Sales Price – By Property Type
Monthly Average Days on Market
If you are thinking of buying or selling this fall, wondering what the neighbor’s place sold for, or have any questions at all, give me a call, text at 519-497-4646 or shoot me an email to kevinbakerrealestate@gmail.com
Enjoy the nice weather and have a great September!
Kevin
July Home Prices and Sales Continue to Dip in Kitchener Waterloo and Cambridge
I hope you and your family are doing well and enjoying the beautiful August weather we are having. Hopefully if you are in town you have also been able to enjoy some wonderful free music at the Kitchener Blues Festival going on all weekend!
The Stats are out for July and things are still trending up on available homes for sale and trending down on average prices throughout the region. The stress of increasing mortgage rates are putting more pressure on the consumers ability to purchase a home which keeps prices from finding a bottom at this point.
There were 550 residential homes were sold in July, a decrease of 32.8 per cent compared to July 2021, and 32.3 per cent below the previous 5-year average for the month. We’re seeing a clear shift in the market and what people can afford to purchase or are willing to pay. On the bright side for buyers, it’s not the extreme sellers’ market it was.
Total residential sales in July included 337 detached (down 30.4 per cent from July 2021), and 112 townhouses (down 32.9 per cent). Sales also included 65 condominium units (down 39.3 per cent) and 36 semi-detached homes (down 41.0 per cent).
In July, the average sale price for all residential properties in Waterloo Region was $752,301. This represents a 1.2 per cent decrease compared to July 2021 and a 4.9 per cent decrease compared to June 2022.
- The average price of a detached home was $842,241. This represents a 6.0 per cent decrease from July 2021 and a decrease of 7.0 per cent compared to June 2022.
- The average sale price for a townhouse was $642,750. This represents a 3.6 per cent increase from July 2021 and a decrease of 3.3 per cent compared to June 2022.
- The average sale price for an apartment-style condominium was $521,731. This represents an increase of 20.4 per cent from July 2021 and an increase of 4.1 per cent compared to June 2022.
- The average sale price for a semi was $661,087. This represents an increase of 1.0 per cent compared to July 2021 and a decrease of 5.4 per cent compared to June 2022.
| MLS® Home Price Index Benchmark Price | ||||||
| Kitchener-Waterloo | Cambridge | |||||
| Benchmark Type: | July 2022 | Monthly % Change | Yr./Yr. % Change | July 2022 | Monthly % Change | Yr./Yr. % Change |
| Composite | $749,000 | -5.3 | 1.1 | $776,900 | -3.9 | 3.4 |
| Detached | $827,100 | -5.6 | -0.8 | $789,600 | -4.2 | 1.3 |
| Townhouse | $642,500 | -5.1 | 10.5 | $760,500 | -2.6 | 17.7 |
| Apartment | $524,800 | -2.3 | 17.4 | $584,700 | -0.0 | 20.1 |
The real estate market is cooling across the province, and we are seeing significantly fewer buyers from the GTA, which is also impacting prices, however, this is not entirely bad news since the previous market was not sustainable. The surprising thing is we are seeing rents continue to rise. The demad for rental properties has increased which is putting pressure there as well.
There were 1,174 new listings added last month, an increase of 34.0 per cent compared to July of last year, and a 9.2 per cent increase compared to the previous ten-year average for July.
The total number of homes available for sale in active status at the end of July was 1,283, an increase of 215.2 per cent compared to July of last year, and 19.5 per cent below the previous ten-year average of 1593 listings for July.
The number of months of inventory was 1.7 months in July, as it was in June. While this is still at historic lows, the last time it was near this range was September of 2019 when it was 1.6 months. The number of months of inventory represents how long it would take to sell off current inventories at the current sales rate.
The average number of days to sell in July was 18, compared to 11 days in July 2021. The previous 5-year average is 17 days.
Average Sales Price – Municipality
Average Sales Price – Township
Monthly Sales By Property Type
Monthly Supply of Homes for Sale
Monthly Median Sales Price – By Property Type
Monthly Average Sales Price – By Property Type
Monthly Average Days on Market
If you are thinking of buying or selling this summer and fall, wondering what the neighbor’s place sold for, or have any questions at all, give me a call, text at 519-497-4646 or shoot me an email to kevinbakerrealestate@gmail.com
Enjoy the nice weather and have a great rest of the summer!
Kevin
Home Prices Dip In June Here In Kitchener Waterloo
I hope you and your family are doing well and enjoyed your long holiday weekend. Summer is here so make sure you get out and enjoy the nice weather and hopefully some vacation time with the family.
The June stats are out and things are still cooling off in the housing market here in Waterloo region as expected with the threat of higher interest rates and a possible recession.
There were 561 residential homes sold in June, a decrease of 24.0 per cent compared to the same month last year, and 17.3 per cent below the previous 5-year average.
For the fourth consecutive month we’re seeing home prices moderate as the number of properties available for sale has steadily increased. In June the average price of a detached home has levelled off to where it was this time last year.
Total residential sales in June included 326 detached (down 20.7 per cent from June 2021), and 103 townhouses (down 32.2 per cent). Sales also included 84 condominium units (down 18.4 per cent) and 48 semi-detached homes (down 33.3 per cent).
In June, the average sale price for all residential properties in the Kitchener-Waterloo area was $791,674. This represents a 4.2 per cent increase over June 2021 and a 9.6 per cent decrease compared to May 2022.
- The average price of a detached home was $920,349. This represents a 0.0 per cent change from June 2021 and a decrease 9.5 per cent compared to May 2022.
The MLS® HPI composite benchmark price for all residential properties in Kitchener-Waterloo was $790,600 in June. This represents a 6.8 per cent increase over June 2021 and a 6.8 per cent decrease compared to May 2022.
- The benchmark price for a detached home was $876,600. This represents a 5.3 per cent increase from June 2021 and 7.3 per cent decrease compared to May 2022.
This time last year, sales were going through the roof, but the home buying scene is a little different this year with the recent mortgage rate hikes both long and short term as well as the possibility of a recession hitting the global economy.
While any shift in the market will result in some individuals predicting the worse, the simple reality is that the market we had been in was unsustainable. What this means for buyers is more inventory, more choices, and perhaps most importantly, potentially less stress when purchasing. For sellers, they need to ensure their properties stand out from the competition and be aware it may take more time to sell their home and for potentially less money than they were expecting.
There were 1,285 new listings added last month, an increase of 49.2 per cent compared to June of last year, and a 41.7 per cent increase compared to the previous ten-year average for June.
The total number of homes available for sale in active status at the end of June was 991, an increase of 165.0 per cent compared to June of last year, and 20.6 per cent below the previous ten-year average of 1249 listings for June.
The number of months of inventory increased to 1.8 months in June from 1.6 months in May. While inventory is still at historic lows, this is the highest it’s been since September 2019 and a return to where inventory was in the pre-pandemic June of 2019. The number of months of inventory represents how long it would take to sell off current inventories at the current rate of sales.
The average number of days to sell in June was 13 days, compared to 11 days in June 2021. The previous 5-year average is 17 days. Keep in mind though this number is skewed in my opinion due to home listings being cancelled and relisted after a week or two.
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
If you are thinking of buying or selling this summer, wondering what the neighbor’s place sold for, or have any questions at all, give me a call, text at 519-497-4646 or shoot me an email to kevinbakerrealestate@gmail.com
Enjoy the nice weather and have a great July!
Kevin
May home sales slow and inventory increases in Waterloo Region
I hope you and your family are doing well. Summer is here so make sure you get out and enjoy the nice weather. I for one am looking forward to some well deserved vacation time out of my house 🙂
May stats are out and the market continues to be a little slower than what we have been used to over the past 3-4 years. There were 661 residential homes sold in May, a decrease of 22.7 per cent compared to the same month last year, and 5.5 per cent below the previous 5-year average.
The increase by the Bank of Canada to the key interest rate in April had the predictable result of knocking some buyers down if not out of the market in May unfortunatley. While the impact to prices is small, it has had a critical impact on some buyers and what they can now afford.
Total residential sales in May included 404 detached (down 16.7 per cent from May 2021), and 115 townhouses (down 38.5 per cent). Sales also included 95 condominium units (down 12.0 per cent) and 47 semi-detached homes (down 36.5 per cent).
In May, the average sale price for all residential properties in the Kitchener-Waterloo area was $875,194. This represents a 18.3 per cent increase over May 2021 and a 3.5 per cent decrease compared to April 2022.
- The average price of a detached home was $1,016,834. This represents a 17.0 per cent increase from May 2021 and a decrease 4.2 per cent compared to April 2022.
- The average sale price for a townhouse was $708,722. This represents a 17.7 per cent increase from May 2021 and a decrease of 7.2 per cent compared to April 2022.
- The average sale price for an apartment-style condominium was $545,825. This represents an increase of 19.7 per cent from May 2021 and a decrease of 9.1 per cent compared to April 2022.
- The average sale price for a semi was $730,768. This represents an increase of 10.7 per cent compared to May 2021 and a decrease of 7.0 per cent compared to April 2022.
KWAR cautions that average sale price information can be useful in establishing long-term trends but should not be used as an indicator that specific properties have increased or decreased in value. The MLS® Home Price Index (HPI) provides the best way to gauge price trends because averages are strongly distorted by changes in the mix of sales activity from one month to the next.
The MLS® HPI composite benchmark price for all residential properties in Kitchener-Waterloo was $848,600 in May. This represents a 15.1 per cent increase over May 2021 and a 4.7 per cent decrease compared to April 2022.
- The benchmark price for a detached home was $945,800. This represents a 14.6 per cent increase from May 2021 and 4.9 per cent decrease compared to April 2022.
- The benchmark price for a townhouse is $728,300. This represents a 22.6 per cent increase from May 2021 and a 5.1 per cent decrease compared to April 2022.
- The benchmark price for an apartment-style condominium was $550,100. This represents a 26.9 per cent increase from May 2021 and a 1.8 per cent decrease compared to April 2022.
With the announcement from the Bank of Canada about another interest rate hike this week we may see a resurgence of buyers who have locked in at a lesser rate, but as borrowing costs continue to increase, we should expect demand will continue to soften, particularly in the more entry-level segment of the market.
There were 1,422 new listings in KW and area last month, an increase of 33.9 per cent compared to May of last year, and a 40.4 per cent increase compared to the previous ten-year average for May.
The total number of homes available for sale in active status at the end of May was 902, an increase of 98.2 per cent compared to May of last year, and 28.8 per cent below the previous ten-year average of 1267 listings for May.
The number of months of inventory increased to 1.6 months in May from 1.2 months in April. While inventory is still at historic lows, this is the highest it’s been since September 2019. The number of months of inventory represents how long it would take to sell off current inventories at the current rate of sales.
The average number of days to sell in May was 11 days, compared to 9 days in May 2021. The previous 5-year average is 16 days. This number can show as a bit skewed though as many homes are listing, not receiving offers and then cancelled and reslisted a few weeks later showing up as a new listing and keeping the days on market lower than what truely is happening.
I think what you have to remember is that even though the market is starting to pull back and its taking a little longer to sell homes, we are still in a historically great market for buying and selling. Don’t let all the negative news hype out there affect your bias on things.
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
If you are thinking of buying or selling this summer, wondering what the neighbor’s place sold for, or have any questions at all, give me a call, text at 519-497-4646 or shoot me an email to kevinbakerrealestate@gmail.com
Enjoy the nicer weather and have a great June!
Kevin
Home sales slow and Inventory Increases in Kitchener Waterloo
I hope you and your family are doing well and you had a nice Easter. Looks like the spring weather if finally here as well which is great news for Mothers day weekend!
The market stats are out for April and the market is still showing signs of a slight pull back compared to what we seen earlier in the year. Last month introduced a small measure of relief especially for buyers and we’re seeing fewer multiple offers and more conditions on offers making their way back into the market
There were 633 residential homes sold in April 2022 which is a decrease of 25.0 per cent compared to April 2021. On a month-over-month basis, sales in April were down 13.4 per cent compared to March 2022. The previous ten-year average number of residential sales for April is 608 (650 if not including April 2020 when home sales came to a short-term pause due to the beginning of the Covid-19 pandemic).
Total residential sales in April included 361 (down 25.4 per cent from April 2021), and 107 condominium units (down 2.7 per cent). Sales also included 48 semi-detached homes (down 29.4 per cent) and 117 townhouses (down 35.7 per cent).
In April, the average sale price for all residential properties in the Kitchener-Waterloo area was $907,205. This represents a 19.6 per cent increase over April 2021 and a 5.5 per cent decrease compared to March 2022.
- The average price of a detached home was $1,060,992. This represents a 18.0 per cent increase from April 2021 and a decrease 6.4 per cent compared to March 2022.
The MLS® HPI composite benchmark price for all residential properties in Kitchener-Waterloo was $929,300 in April. This represents a 24.5 per cent increase over April 2021 and a 3.2 per cent decrease compared to March 2022.
- The benchmark price for a detached home was $998,400. This represents a 23.4 per cent increase from April 2021 and 4.6 per cent decrease compared to March 2022.
The trajectory the market was on was simply not sustainable, however, I want to emphasize it would be premature to draw any conclusions on just a single month’s activity. The housing market in Waterloo Region is still very much a sellers’ market, but sellers may need to adjust their expectations. We noticed this shift after the Bank of Canada’s recent rate increase reinforcing that it has been cheap money empowering too many buyers to chase after too few listings driving the market rather than anything else.
There were 1,277 new listings added to the MLS® System in KW and area last month, an increase of 16.2 per cent compared to April of last year, and a 40.2 per cent increase compared to the previous ten-year average for April.
The total number of homes available for sale in active status at the end of April was 703, an increase of 48.6 per cent compared to April of last year, and 39.9 per cent below the previous ten-year average of 1,169 listings for April. This is the first time since September 2019 that the total number of homes for sale metric has been over 700.
The number of months of inventory increased to 1.2 months in April from 0.7 months in March. This is the first time since September 2020 that inventory has nudged above the one-month mark. The number of months of inventory represents how long it would take to sell off current inventories at the current rate of sales.
The average number of days to sell in April was 9 days, the same as it was in April 2021. The previous 5-year average is 16 days.
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
If you are thinking of buying or selling this spring, wondering what the neighbor’s place sold for, or have any questions at all, give me a call, text at 519-497-4646 or shoot me an email to kevinbakerrealestate@gmail.com
Enjoy the nicer weather and Happy Mothers Day to all the Mom’s out there!
Kevin
March Homes Sales up but Prices Dip in Waterloo Region
I hope you and your family are doing well. Looks like spring is here and Easter is just around the corner. The March stats are out and home sales are up over February, but prices have taken a small dip from the february average as well. Lets take a look at the numbers…
There were 725 residential homes sold in March 2022 is a decrease of 27.1 per cent compared to March 2021, which continues to hold the record for most home sales in a single month. On a month-over-month basis, sales in March were up 19.4 per cent compared to February 2022. The previous ten-year average number of residential sales for March is 599.
The skyrocketing prices of the last two months took a bit of a breather in March, with the overall average price dipping five per cent compared to what we saw in February. While it is too soon to draw conclusions from just one month of home sales, I know many will be comforted to see a leveling off on the average price, no matter how incremental.
Total residential sales in March included 416 detached (down 29.7 per cent from March 2021), and 114 condominium units (down 9.5 per cent). Sales also included 64 semi-detached homes (down 17.9 per cent) and 131 townhouses (down 33.8 per cent).
In March, the average sale price for all residential properties in the Kitchener-Waterloo area was $960,181. This represents a 25.5 per cent increase over March 2021 and a 4.6 per cent decrease compared to February 2022.
- The average price of a detached home was $1,132,637. This represents a 25.9 per cent increase from March 2021 and a decrease 6.4 per cent compared to February 2022.
The MLS® HPI composite benchmark price for all residential properties in Kitchener-Waterloo was $960,100 in March. This represents a 29.6 per cent increase over March 2021 and a 1.5 per cent decrease compared to February 2022.
- The benchmark price for a detached home was $1,046,200. This represents a 28.1 per cent increase from March 2021 and 4.0 per cent decrease compared to February 2022.
Even though the average price decreased across all property types on a month-to-month basis, the MLS® HPI showed continued monthly gains for both townhouse and apartment property types. As the province feels its way out of the pandemic, we are beginning to see some very preliminary signs of a potential cooling. We are not seeing quite as many multiple offers and some offers are coming in with conditions. Of course, when we say cooling, we’re talking about a market that has been scorching hot which is why we are pleased to see this happening.
There were 1,131 new listings added last month, a decrease 16.8 per cent compared to the record topping number of listings added in March of last year, and a 28.0 per cent increase compared to the previous ten-year average for March.
The total number of homes available for sale in active status at the end of March was 441, an increase of 1.1 per cent compared to March of last year, and 59.0 per cent below the previous ten-year average of 1,072 listings for March.
The number of months of inventory nudged up to 0.7 months in March from 0.5 months in February. Inventory has been under the one-month mark since October 2020. The number of months of inventory represents how long it would take to sell off current inventories at the current rate of sales.
The average number of days to sell in March was 8 days, the same as it was in March 2021. The previous 5-year average is 16 days.
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
If you are thinking of buying or selling this spring, wondering what the neighbor’s place sold for, or have any questions at all, give me a call, text at 519-497-4646 or shoot me an email to kevinbakerrealestate@gmail.com
Enjoy the nicer weather and have a wonderful Easter with your family!
Kevin
Sales Up, Inventory Up and Prices Up in Kitchener Waterloo
I hope you and your family are doing well. Looks like this weekend we will have some nice weather in Waterloo Region so hopefully spring is around the corner. The February stats are out and the market is still moving higher. Lets take a look at the numbers…
The 600 residential homes sold last month is almost on par with February 2021, and an increase of 48.5 per cent compared to the previous month. The previous ten-year average number of residential sales for February is 424.
In January we reported that the average price of a detached home crossed the million-dollar mark for the first time in December. Now in February, we have reached a new milestone with the average sale price of all residential property types coming in at just over one million dollars in the Kitchener-Waterloo and area. While I think it’s premature to suggest this is the new norm, it does reflect the continued appeal of Waterloo Region to buyers. We also need to be aware and recognize the impact this has on affordability for a growing number of people.
Total residential sales in February included 331 detached (down 2.1 per cent from February 2021), and 110 condominium units (up 7.8 per cent). Sales also included 44 semi-detached homes (down 4.3 per cent) and 115 townhouses (up 2.7 per cent).
In February, the average sale price for all residential properties in the Kitchener-Waterloo area was $1,007,109. This represents a 33.6 per cent increase over February 2021 and a 5.6 per cent increase compared to January 2022.
- The average price of a detached home was $1,214,067. This represents a 33.1 per cent increase from February 2021 and an increase of 5.3 per cent compared to January 2022.
- The average sale price for an apartment-style condominium was $572,731. This represents an increase of 37.4 per cent from February 2021 and an increase of 6.9 per cent compared to January 2022.
- The average sale price for a townhouse was $862,994. This represents a 41.6 per cent increase from February 2021 and an increase of 2.1 per cent compared to January 2022.
- The average sale price for a semi was $917,535. This represents an increase of 33.8 per cent compared to February 2021 and an increase of 8.0 per cent compared to January 2022.
The MLS® HPI composite benchmark price for all residential properties in Kitchener-Waterloo was $974,600 in February. This represents a 36.8 per cent increase over February 2021 and a 5.4 per cent increase compared to January 2022.
- The benchmark price for a detached home was $1,090,000. This represents a 38.2 per cent increase from February 2021 and 5.0 per cent increase compared to January 2022.
- The benchmark price for an apartment-style condominium was $ 464,400. This represents a 33.8 per cent increase from February 2021 and a 6.1 per cent increase compared to January 2022.
- The benchmark price for a townhouse is $729,900. This represents a 41.9 per cent increase from February 2021 and a 7.0 per cent increase compared to January 2022.
The low listing inventory is not because people are not selling their homes, in fact we saw a spurt in the number of new listings in February, but with homebuying demand still going strong, competition remains high, and homes were snapped up quickly.
There were 806 new listings added to the MLS® System in KW and area last month, an increase of 9.5 per cent compared to February of last year, and a 24.3 per cent increase compared to the previous ten-year average for February.
The total number of homes available for sale in active status at the end of February was 290, a decrease of 2.7 per cent compared to February of last year, and 70.3 per cent below the previous ten-year average of 975 listings for February.
The number of months of inventory nudged up to 0.5 months in February from 0.3 months in January. Inventory has been under the one-month mark since October 2020. The number of months of inventory represents how long it would take to sell off current inventories at the current rate of sales.
The average number of days to sell in February was 8 days, compared to 10 days in February 2021 and a previous 5-year average of 19 days.
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
If you are thinking of buying or selling this spring, wondering what the neighbor’s place sold for, or have any questions at all, give me a call, text at 519-497-4646 or shoot me an email to kevinbakerrealestate@gmail.com
Enjoy the nice weather this weekend and have a great March!
Kevin
Waterloo Region’s 2021 Real Estate Year in Review
Happy New Year! I truely hope that you and your family enjoyed a wondeful holiday season and 2022 brings you a renewed sense of normal that we are all certainly looking forward too after the last couple of years.
2021 was another crazy year for Real Estate here in Waterloo Region. We blew away records in sales volume and the average price for a single detached home surpassed the 1 million dollar mark for the first time ever.
Lets look at all the numbers…
The 7,581 residential homes sold in 2021 represent an increase of 18.3 per cent compared to last year’s record-setting number of sales that ended the year 2020.
On a monthly basis, there were 344 residential homes sold last month, a decrease of 1.7 percent compared to the same month last year.
Home sales in 2021 have absolutely smashed last year’s record by more than 1,000 units. While this is a good time to sell your home, it remains a tremendously difficult market for buyers. Affordability for all types of housing within our community continues to be a concern which we expect to continue throughout 2022.
Total residential sales in December included 177 detached (down 12.4 percent from December 2020), and 56 condominium units (down 11.1 percent). Sales also included 23 semi-detached homes (up 9.5 percent) and 88 townhouses (up 37.5 percent).
For 2021 total residential sales included 4,272 detached (up 10.8 percent), and 1,127 condominium units (up 43.4 percent). Sales also included 578 semi-detached homes ( up 31.1 percent) and 1,602 townhouses ( up 20.9 percent).
In December, the average sale price for all residential properties in the Kitchener-Waterloo area was $842,014. This represents a 32.5 per cent increase over December 2020 and a 2.5 per cent increase compared to November 2021.
- The average price of a detached home was $1,021,353. This represents a 34.7 per cent increase from December 2020 and an increase of 3.4 percent compared to November 2021.
- The average sale price for an apartment-style condominium was $500,352. This represents an increase of 30.6 percent from December 2020 and an increase of 1.0 percent compared to November 2021.
- The average sale price for a townhouse was $717,475. This represents a 39.4 per cent increase from December 2020 and an increase of 2.1 percent compared to November 2021.
- The average sale price for a semi was $770,246. This represents an increase of 33.5 percent compared to December 2020 and an increase 7.3 percent compared to November 2021.
On a year-to-date basis, the average sale price for all residential properties in the Kitchener-Waterloo area increased 25.8 per cent to $770,596 compared to 2020.
- The year-to-date average price of a detached home was $920,726. This represents a 28.0 percent increase compared to 2020.
- The year-to-date average sale price for an apartment-style condominium was $448,208. This represents an increase of 17.3 compared to 2020
- The year-to-date average sale price for a townhouse was $632,875. This represents an increase of 34.9 percent compared to 2020.
- The year-to-date average sale price for a semi was $673,543. This represents an increase of 29.4 percent compared to 2020.
KWAR cautions that average sale price information can be useful in establishing long-term trends but should not be used as an indicator that specific properties have increased or decreased in value. The MLS® Home Price Index (HPI) provides the best way to gauge price trends because averages are strongly distorted by changes in the mix of sales activity from one month to the next.
The MLS® HPI composite benchmark price for all residential properties in Kitchener-Waterloo was $851,700 in December. This represents a 32.1 per cent increase over December 2020 and a 3.2 per cent increase compared to November 2021.
- The benchmark price for a detached home was $945,600. This represents a 33.5 per cent increase from December 2020 and 3.3 percent increase compared to November 2021.
- The benchmark price for an apartment-style condominium was $412,700. This represents a 21.1 percent increase from December 2020 and a 3.7 percent increase compared to November 2021.
- The benchmark price for a townhouse is $647,000. This represents a 40.0 percent increase from December 2020 and a 3.0 per cent increase compared to November 2021.
There were 291 new listings added in KW and area last month, an increase of 1.7 percent compared to December of last year, and a 14.6 percent increase compared to the previous ten-year average for December.
On a year-to-date basis, there were 9,040 new listings added in KW and area in 2021, an increase of 11.5 percent compared to 2020, and a 3.8 percent increase compared to the previous ten-year annual average.
The total number of homes available for sale in active status at the end of December was 104, a decrease of 45.3 percent compared to December of last year, and 85.7 percent below the previous ten-year average of 727 listings for December.
The number of months of inventory touched an all-time low of 0.2 in December. Inventory has settled at under 1 month for fourteen consecutive months. The number of months of inventory represents how long it would take to sell off current inventories at the current rate of sales.
Supply not keeping up with demand was the new normal in 2021, and unfortunately I expect that will continue to be the case in the year ahead. We need all levels of government working together to bring more supply into the housing market.
The average number of days to sell in December stayed at 10 days, compared to 16 days in December 2020 and a previous 5-year average of 28 days.
The average days to sell in 2021 was 10 days, compared to 16 days in 2020 and a previous 5-year average of 22 days.
If you are thinking of buying or selling in the coming months, wonder what the neighbor sold for, or have any questions at all, give me a call, text at 519-497-4646 or shoot me an email to kevinbaker@kwhometeam.ca.
Have a wonderful January and enjoy all the winter activities the region has to offer.
Kevin
Record High Sales and Low Inventory Levels for Waterloo Regions Real Estate Market
I hope you and your family are doing well. Looks like winter is here and christmas is just around the corner.
The stats are out for November and it was another crazy month in the Waterloo region’s real estate market. Lets look at the numbers…
There were 597 residential homes sold last month setting a new record high for November. Compared to the same month last year, November sales were up 4.4% and on par with last month. The previous ten-year average number of residential sales for November is 446.
The elevated pace of home sales we’ve seen for the past year and a half showed no sign of slowing down in November, despite some speculation of there being a housing market correction in store for Waterloo Region.
Total residential sales in November included 324 detached (down 3.9 per cent from November 2020), and 106 condominium units (up 27.7 per cent). Sales also included 30 semi-detached homes (down 25 per cent) and 136 townhouses (up 21.4 per cent).
In November, the average sale price for all residential properties in the Kitchener-Waterloo area was $821,969. This represents a 28.9 per cent increase over November 2020 and a 2 per cent decrease compared to October 2021.
- The average price of a detached home was $990,447. This represents a 31 per cent increase from November 2020 and a decrease of 0.6 per cent compared to October 2021.
- The average sale price for an apartment-style condominium was $494,548. This represents an increase of 23.5 per cent from November 2020 and an increase of 7.1 per cent compared to October 2021.
The MLS® HPI composite benchmark price for all residential properties in Kitchener-Waterloo was $825,000 in November. This represents a 34.1 per cent increase over November 2020 and a 2.6 per cent increase compared to October 2021.
- The benchmark price for a detached home was $915,800. This represents a 35.8 per cent increase from November 2020 and 3.2 per cent increase compared to October 2021.
- The benchmark price for a townhouse is $627,900. This represents a 45.5 per cent increase from November 2020 and a 4.0 per cent increase compared to October 2021.
Lack of supply continues to be the driver in November, with inventory hitting an all time low, it is a tough time to be house hunting right now.
There were 605 new listings added to the MLS® System in KW and area last month, an increase of 3.2 per cent compared to November of last year, and a 14.6 per cent decrease compared to the previous ten-year average for November.
The total number of homes available for sale in active status at the end of November was 207, a decrease of 40.2 per cent compared to November of last year, and 80.7 per cent below the previous ten-year average of 1,071 listings for November.
The number of months of inventory reached an all time low of 0.3 in November. Inventory has settled at under 1 month for thirteen consecutive months. The number of months of inventory represents how long it would take to sell off current inventories at the current rate of sales.
The average number of days to sell in November stayed at 10 days, compared to 14 days in November 2020 and a previous 5-year average of 24 days.
The housing market typically slows down around the holiday season, but we are seeing a busier than normal December. There is growing anxiety out there among buyers caused by the fear of missing out against rumblings of interest rates eventually going up in the year ahead.
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
If you are thinking of buying or selling in the coming months, wonder what the neighbor sold for, or have any questions at all, give me a call, text at 519-497-4646 or shoot me an email to kevinbaker@kwhometeam.ca.
Have a wonderful holiday season with your family and a prosperous 2022!
Kevin
The Trend Continues for the Kitchener Waterloo Real Estate Market
I hope you and your family are doing well. The kids are back in school and fall seems to be here. Thanksgiving is next weekend and Halloween will be here before we know it.
I wanted to give you a quick update on the housing numbers for last month. A total of 506 residential homes sold last month, a decrease of 32.1 per cent compared to last September and a decrease of 5.9 per cent compared to August. While the total number of homes sold last month was down considerably compared to last September, it can still be considered an above average month of activity when we remember that last September smashed any previous September for number of sales. In fact, I would say we are on track for setting a record number of annual sales in 2021.
Total residential sales in September included 267 detached (down 37.3 per cent from September 2020), and 83 condominium units (down 11.7 per cent). Sales also included 41 semi-detached homes (down 21.2) and 115 townhouses (down 33.5 per cent).
In September, the average sale price for all residential properties in the Kitchener-Waterloo area was $792,599. This represents a 24.2 per cent increase over September 2020 and a 5.7 per cent increase compared to August 2021.
- The average price of a detached home was $963,646. This represents a 24.9 per cent increase from September 2020 and an increase of 7.9 per cent compared to August 2021.
- The average sale price for an apartment-style condominium was $497,949. This represents an increase of 28.6 per cent from September 2020 and an increase of 12.4 per cent compared to August 2021.
- The average sale price for a townhouse was $646,026. This represents a 35.7 per cent increase from September 2020 and an increase of 3.7 per cent compared to August 2021.
- The average sale price for a semi was $686,316. This represents an increase of 26.1 per cent compared to September 2020 and an increase of 0.5 per cent compared to August 2021.
The MLS® HPI composite benchmark price for all residential properties in Kitchener-Waterloo was $784,200 in September. This represents a 33.0 per cent increase over September 2020 and a 3.5 per cent increase compared to August 2021.
- The benchmark price for a detached home was $869,220. This represents a 34.2 per cent increase from September 2020 and 3.8 per cent increase compared to August 2021.
- The benchmark price for an apartment-style condominium was $392,600. This represents a 21.5 per cent increase from September 2020 and a 3.1 per cent increase compared to August 2021.
- The benchmark price for a townhouse is $581,700. This represents a 40.0 per cent increase from September 2020 and a 2.4 per cent increase compared to August 2021.
There were 698 new listings added last month, a decrease of 23.4 per cent compared to September of last year, and a 13 per cent decrease compared to the previous ten-year average for September.
The total number of homes available for sale in active status at the end of September was 345, a decrease of 35.3 per cent compared to September of last year, and 73.2 per cent below the previous ten-year average of 1,285 listings for September.
Home prices reached all new highs in September, and while there is a growing call to add more transparency to how real estate is traded in Ontario —the brutal reality of this market is that supply is simply not keeping up with demand and that is what is driving up prices.
The number of months of inventory nudged up slightly from August’s 0.4 months to half a month in September. Inventory has settled at under 1 month for the past 11 consecutive months. The number of months of inventory represents how long it would take to sell off current inventories at the current rate of sales.
If you are thinking of buying or selling in the coming months, wonder what the neighbor sold for, or have any questions at all, give me a call, text at 519-497-4646 or shoot me an email to kevinbaker@kwhometeam.ca.
Have a wonderful rest of your week and Happy Thanksgiving!
Kevin
Home Buying Demand Continues to Overwhelm Supply in Kitchener Waterloo
I hope you and your family are enjoying the last few days of summer before back to school starts. The weather the past week has been beautiful and I bet the kids must be so excited to be back with their friends again.
I thought with fall approaching you would like a quick update on the Waterloo region housing market. A total of 535 residential homes sold last month, a decrease of 22.1 per cent compared to last August’s record-smashing month, and a decrease of 12.3 per cent compared to July.
While sales were down relative to last month and last August, they remained well above average. The main reason for the decrease is simply that last month was the first full month in Step 3 of the reopening, and people are tired of being locked down. They got out and enjoyed their summer and shifted their real estate needs to the back burner for a much-needed change of focus.
Total residential sales in August included 299 detached (down 30.6 per cent from August 2020), and 80 condominium units (down 1.2 per cent). Sales also included 38 semi-detached homes (down 2.6) and 118 townhouses (down 13.2 per cent).
In August, the average sale price for all residential properties in the Kitchener-Waterloo area was $753,296. This represents a 19.3 per cent increase over August 2020 and a 0.3 per cent decrease compared to July 2021.
- The average price of a detached home was $895,756. This represents a 22.5 per cent increase from August 2020 and a decrease of 1.3 per cent compared to July 2021.
- The average sale price for an apartment-style condominium was $445,280. This represents an increase of 18.2 per cent from August 2020 and an increase of 3.7 per cent compared to July 2021.
- The average sale price for a townhouse was $623,767. This represents a 26.1 per cent increase from August 2020 and an increase of 0.1 per cent compared to July 2021.
- The average sale price for a semi was $683,048. This represents an increase of 26.5 per cent compared to August 2020 and an increase of 2.3 per cent compared to July 2021.
The MLS® HPI composite benchmark price for all residential properties in Kitchener-Waterloo was $757,900 in August. This represents a 29.5 per cent increase over August 2020 and a 1.2 per cent increase compared to July 2021.
- The benchmark price for a detached home was $837,100. This represents a 31.5 per cent increase from August 2020 and 1.8 per cent increase compared to July 2021.
- The benchmark price for an apartment-style condominium was $380,700. This represents a 11.7 per cent increase from August 2020 and a 1.3 per cent decrease compared to July 2021.
- The benchmark price for a townhouse is $568,000. This represents a 37.3 per cent increase from August 2020 and a 0.6 per cent increase compared to July 2021.
There were 590 new listings added to the MLS® System in KW and area last month, a decrease of 27.6 per cent compared to August of last year, and a 13 per cent decrease compared to the previous ten-year average for August.
The total number of homes available for sale in active status at the end of August was 255, a decrease of 53.6 per cent compared to August of last year, and 79.5 per cent below the previous ten-year average of 1,252 listings for August.
The number of homes coming to market continues to be overwhelmed by the number of homebuyers we have wanting to purchase in Waterloo Region.
The number of months of inventory persisted from the July level of 0.4 months in August. Inventory has numbered less than 1 month since October. The number of months of inventory represents how long it would take to sell off current inventories at the current rate of sales.
The average number of days to sell in August was 12 days, compared to 17 days in August 2020 and a previous 5-year average of 26 days.
If you are thinking of buying or selling in the coming months, wonder what the neighbor sold for, or have any questions at all, give me a call, text at 519-497-4646 or shoot me an email to kevinbaker@kwhometeam.ca.
Have a wonderful rest of the long weekend and stay safe!
Kevin
Record Home Sales in Waterloo Region once again.
Hope you enjoyed a wonderful long weekend and are ready for the back to school season. Be mindful on the roads in the coming weeks with the little ones out and about.
It was another record setting month for home sales here in Waterloo Region. The market continues to be a serious sellers market with many mulitple offers on properly priced homes and condos. Here are some stats below to bring you up to date.
There were 686 residential homes sold through the Multiple Listing System (MLS® System) in August, the most ever recorded for the month. August’s home sales represented an increase of 48 per cent compared to the same month last year, and a decrease of 8 per cent compared to the previous month. The previous ten-year average number of residential sales for August is 470.
The market has been hot all summer after a slower spring market where most people were observing physical distancing guidelines, sales in August continued to be very active with demand continuing to outstrip supply forcing buyers to act quickly once again.
Total residential sales in August included 433 detached homes (up 61.5 per cent from August 2019), and 79 condominium apartments (up 38.5 per cent). Sales also included 138 townhouses (up 40 per cent) and 39 semi-detached homes (no change).
The average sale price of all residential properties sold in August increased 21 per cent to $634,409 compared to the same month last year, while detached homes sold for an average price of $734,427 an increase of 18.9 per cent. During this same period, the average sale price for an apartment-style condominium was $386,972 for an increase of 16 per cent. Townhomes and semis sold for an average of $495,932 (up 18.3 per cent) and $535,330 (up 21.1 per cent) respectively.
The median price of all residential properties sold in August increased 20.8 per cent to $597,955 and the median price of a detached home during the same period increased 17.4 per cent to $675,000.
There were 833 new listings added to the MLS® System in KW and area last month, an increase of 43.8 per cent compared to August of last year, and 26.4 per cent more than the previous ten-year average for August.
The number of Months Supply (also known as absorption rate) continues to be very low at just 1 month for the month of August. The previous ten-year average supply of homes for August was 3.3 months, and in the past 5 years, the average supply for August was 2.2 months.
The average days to sell in August was 16 days, compared to 26 days in August 2019.
If you are thinking of buying or selling in the coming months, wonder what the neighbor sold for, or have any questions at all, give me a call, text at 519-497-4646 or shoot me an email to kevinbaker@kwhometeam.ca.
Enjoy your September!
Kevin
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
KITCHENER WATERLOO HOMES ONLINE.com 