KITCHENER-WATERLOO REAL ESTATE-HOMES & CONDOS FOR SALE

Posts tagged “Kitchener waterloo

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 

Average Days on Market

If you have any questions or concerns at all, give me a call or text at 519-497-4646 or shoot me an email to kevinbaker@kwhometeam.ca . Stay healty and stay safe!

Have a great 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 

Average Days on Market

If you have any questions or concerns at all, give me a call or text at 519-497-4646 or shoot me an email to kevinbaker@kwhometeam.ca . Stay healty and stay safe!

Have a great weekend

Kevin


Kitchener Waterloo Real Estate Update for February 2018


Hope you are enjoying the great weather we have been having in the past few weeks.  Spring is just around the corner and I can’t wait to get out there and enjoy the warm weather again.

Here are the stats on how the Kitchener Waterloo market did in the month of February. There were 377 residential properties sold through MLS® in February which  was  an increase of 40 per cent compared to last month and a decrease of 20.5 per cent compared to home sales a year ago. When we consider market activity we have to acknowledge that sales from the previous year or two were abnormally high. If you compare last February against the ten year average of sales, it was a pretty typical February.

Residential sales in February included 212 detached (down 29.3 per cent), and 118 condominium units (up 11.3 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 25 semi-detached homes (down 21.9 per cent) and 17 freehold townhouses (down 45.2 per cent).

The average sale price of all residential properties sold in February increased 3.1 per cent to $478,801 compared to February 2017. Detached homes sold for an average price of $577,609 an increase of 5 per cent compared to February of last year. During this same period, the average sale price for an apartment style condominium was $265,144 for an increase of 6.8 per cent. Townhomes and semis sold for an average of $386,515 (up 14.1 per cent) and $391,628 (up 6 per cent) respectively. The median price of all residential properties sold last month was practically on par with February of last year at $436,143, and the median price of a detached home during the same period increased 4.8 per cent to $524,000.

The market has certainly cooled from this time last year, which is to be expected with the government’s efforts to make home ownership more difficult for home buyers.  Realtors listed 551 residential properties in K-W and area last month, an increase of 0.5 per cent compared to February of 2017. The number of active residential listings on the MLS® System to the end of February totaled 667, which is 61.5 per cent more than February of last year, but still significantly below the previous ten year average of 1445 listings for February.

Months of inventory continues to track at a low 2 months. The average days it took to sell a home in February was 22 days, compared to 18 days in February 2017. We still have some homes that are selling in short order and with multiple offers, but others are taking longer and multiple offers are no longer the rule. Sellers need to adjust their expectation in this evolving market and in order to sell quickly they must be priced and marketed appropriately. While listing inventory is increasing, this is a slow process and we expect home inventory to remain low for at least the remainder of the year.

If you are thinking of buying or selling a home this year its important to have a solid strategy moving forward. Give me a call and we can grab a coffee and sit down and discuss the best options for you and your families needs.

Have a great March!

Kevin


Kitchener Waterloo Has a Frenzy of Home Sales.


It was another very strong month of home sales in the Waterloo Region. There is seemingly no end in sight  in this brisk early spring market.

There were 474 residential sales in February through the Multiple Listing System, an increase of 4.2 percent compared to February 2016. With the nice weather in February, we experienced  volume well above what we would normally see for a typical February. That being said, the sales volume could have been much higher still if there were more listings on the market. The shortage of listings and demand continue to push up prices across the region.

Residential sales in February included 299 detached homes (up 5.7 percent compared to February 2016), 107 condominium units (up 3.9 percent) which include any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 32 semi-detached homes (down 3 percent) and 31 freehold townhouses (up 3.3 percent).

A lack of listings to satisfy the strong consumer demand is fueling multiple offers often resulting in sale prices above the actual asking price, which pushed the total residential average sale price in February up 27.5% compared to the same month last year to $463,355. Detached homes sold for an average price of $549,691 an increase of 30.7 percent, while the average sale price for an apartment style condominium was $246,736, an increase of 8.8 percent. Townhomes and semis sold for an average of $388,721 (up 20.6 percent) and $369,624 (up 31 percent) respectively.

Last month there were 427 active listings on the KWAR’s MLS® System, compared to 1,226 in February of last year. The average days on market in February were significantly shorter than a year ago: 18 days, compared to 39 days. On a month to month basis, the market was in a real frenzy in February, with it taking four fewer days from list to sale date last month compared to January.

Even though it is a challenging time to be selling or buying a home, the dream of home ownership is still very much alive and well in the region. With historically low interest rates there are still properties that are affordable for the average buyer.

If you ever have any questions on buying a home in this competitive marketplace or you are thinking of selling your home please give me a call and I would be happy to sit down and discuss the best strategy that works for you and your families situation.

Have a great day

Kevin

 

 


Another Record Breaking Month for Kitchener Waterloo Home Sales


 

The trend continues here in the Kitchener Waterloo housing market as well as many other urban centers in Ontario. It was another record breaking month for homes sales in the region mostly due to the lack of inventory.

Home sales through the Multiple Listing System (MLS® System)  totaled 535 last month, an increase of 27.1 percent compared to November of 2015, marking another record breaking month for residential properties sold. November’s sales included 352 single detached homes (up 34.4 percent compared to November 2015) and 118 condominium type units (down 22.9%) which include any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 32 semi-detached homes (up 45.5 percent) and 28 freehold townhouses (down 20 percent).

Record breaking sales are also being tallied on a year-to-date basis with 6,352 residential transactions compared to 5,341 during the same period in 2015, representing an increase of 18.9 percent. “Year-to-Date Sales to the end of November have now exceeded any previous end-of-year totals on record.

In 2007, sales to the end of the year exceeded 6,000 units for the first time, and haven’t hit that high-water mark again, until now, an entire month earlier. Inventory levels on the other hand, remain stubbornly low. In their October release, the Canadian Real Estate Association stated that, “the tight balance between housing supply and demand in Ontario’s Greater Golden Horseshoe region is without precedent (including the GTA, Hamilton-Burlington, Oakville-Milton, Guelph, Kitchener-Waterloo, Cambridge, Brantford, the Niagara Region, Barrie and nearby cottage country).” As of the end of November, the KWAR’ MLS® System only had 565 active residential listings on the market, down 23.1 percent compared to the previous month, and 60.8 percent below the same period last year.

The average price of all residential properties sold in November was $411,602 a 15.5 percent increase over 2015. Detached homes sold for an average price of $473,104, an increase of 13.9 percent compared to November 2015. During this same period, the average sale price for an apartment style condominium was $209,360, a decrease of 8 percent. Townhomes and semis sold for an average of $310,151 (up 14.8 percent) and $330,534 (up 27.7 percent) respectively.

With a notable shortage of inventory, many properties are selling above list price and  this is because you have many buyers competing for fewer properties, and this is pushing up the average price. The median price of all residential properties sold in November increased 18 percent to $377,500, and the median price of a detached home during the same period increased 16.4 percent to $425,000.

In my opinion those are some staggering numbers and there is no sign of it slowing down in the near future.

If you have any questions on the information or are thinking of buying or selling your home now or in the spring please give me a call and we can sit down and discuss the best options and strategies for you and your family.

 

Have a wonderful December and Holiday Season!

Kevin


The Strong Housing Market Continues here in Kitchener Waterloo


 

It was another healthy month here in Waterloo region for home sales with prices continuing to rise and many Buyers being left to wonder if they will ever be able to finally buy that elusive home. The Multiple offers continue to show up everywhere. Demand is certainly far outweighing supply at this point. A strong appetite for home ownership combined with slimmer inventory levels means it’s a sellers market and its here to stay for the foreseeable future.

Here are some stats:

Last month a total of 577 residential properties sold in KitchenerWaterloo and area though the Multiple Listing System (MLS®), an increase of 24.4 percent compared to October of 2015, and an all-time high for the month. October’s sales included 359 single detached homes (up 18.9% compared to October 2015) and 130 condominium type units (up 28.7%) which include any property regardless of style. Sales also included 41 semi-detached homes (down 105 percent) and 39 freehold townhouses (up 2.6 percent).

Record breaking sales are also being tallied on a year-to-date basis with 5,818 residential transactions compared to 4,920 during the same period in 2015, representing an increase of 18.3 percent. Conversely, inventory levels are low with only 729 active residential listings on the market to the end of October, a decline of 11 percent compared to the previous month, and 53.9 percent below the same period last year.

The average price of all residential properties sold in October was $408,067 a 12.7 percent increase over 2015. Detached homes sold for an average price of $478,685, an increase of 14.3 percent compared to October 2015. During this same period, the average sale price for an apartment style condominium was $225,221, an increase of 5.6 percent. Town homes and semis sold for an average of $307,294 (up 17.6 percent) and $329,966 (up 23.9 percent) respectively.

The median price of all residential properties sold in October increased 17.2 percent to $375,000, and the median price of a detached home during the same period increased 16.8 percent to $438,000.

New measures by the federal government which introduced a mortgage rate “stress test” on all new insured mortgages took effect on October 17, 2016. While the overall impact of these changes is yet to be fully understood, It is likely that some first-time homebuyers rushed to purchase prior to the stress test coming into effect.

If you have been thinking of selling or have any questions on things give me a call  and we can  sit down  and discuss some different options and strategies for your family to be competitive in the new housing market that we are experiencing.

You can contact me at 519-497-4646 or  email direct to kevinbaker@kwhometeam.ca

Thanks and enjoy the fall weather.

Kevin


Another Hot Month for Kitchener Waterloo Home Sales


Hi there and hope you had a fantastic summer!

The housing market here in Kitchener Waterloo is as hot as the weather has been this past summer!  There were a total of 598 home sales in KitchenerWaterloo and area though the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) in August. This represents a 26.4% increase in sales compared to August of 2015. It also ranks as the most active August on record and 37.6% above the 5-year average for the month. That is simply amazing.

Year-to-date sales also climbed to new heights with 4,703 residential sales so far in 2016. Again, this is the highest on record for this period and 23.4% above the 5-year average.

We are still experiencing a lower than normal listing number with active listings almost half of what they were last year at this time. Active listings through the  MLS® System to the end of August sat at 863, which is 46.6% lower compared to same period last year’s 1,616 homes that were on the market. That means we are still experiencing a very tight market in terms of availability of homes which continues to push up home prices in the region.

August’s sales included 353 single detached homes (up 19.7% compared to August 2015) and 151 condominium type units (up 36.0%) which include any property regardless of style (ie. semis, townhomes, apartment, detached etc). Sales also included 40 Semi-detached homes (up 14.3%) and 49 freehold townhouses (up 69.0%).

The average sale price of all residential sales in August increased 15.2% to $402,000 compared to August 2015.  Its clear that as a result of the strong residential activity  that buyers remain confident about home values here in the region.

Single detached style homes sold for an average price of $487,050 an increase of 20.9% compared to last year. The average sale price for an apartment style condominium was $233,302, an increase of 7.9%. Townhomes and semis sold for an average of $298,148 (up 10.2%) and $299,353 (up 5.5%) respectively.

Overall. the market is extremely competitive and if you are thinking of selling your home now is a great time to take advantage of the strong home prices. If you have any questions or would like to get together for a coffee and discuss how we can help with your housing needs please give me a call or text  at 519-497-4646. You can also email me at kevinbaker@kwhometeam.ca