KITCHENER-WATERLOO REAL ESTATE-HOMES & CONDOS FOR SALE

Posts tagged “kitchener

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


Covid-19 Update for Kitchener Waterloo Real Estate Market March 22-28


I hope you and your family are staying safe and home isolating during these unique and trying times. I am postive that we will come through this stronger and hopefully not take for granted that with friends or dinners out with the family.

I have had several clients and friends reach out to me on what is happening in our current real estate market, so i thought i would put together a couple of brief slides to show you what is currently happening. With everyone being asked to stay home obviously the market has seen slowing of showing activity for homes that are currently on the market. We have also seen a slow down of new listings that have hit the Mls system for Waterloo region.

In the past 10-14 days the showings have dropped off considerably which would be expected given what is happening.  Now does that mean that homes are not selling?  No, that is not true.. Homes are selling but things are taking a little bit longer than usual and not the “norm” that we have seen over the past 5 years.  There are still people that have bought a home prior to this all happening and need to sell their existing home. There are also people that have sold their home and need to buy their next one.

We are still seeing subdued showing activity and have taken strong measures to help both buyers and sellers stay safe when an in person showing is necessary.  Buyers are also using current technology such as virtural tours and facetime walk throughts etc. Our first priority is to make sure that our clients and ourselves are staying healthy and safe.

Below is a graph of last weeks activity on our Waterloo Region Real Estate Board.

You can see that there were 141 sales last week, which means homes that had offers on them firmed up or had offers come in that had no conditions. There are 37 homes that received offers with conditions that were accepted and 210 new listings hit the market. The closed sales are homes that were sold firm in the past months that closed and the buyers took posession. There were also 65 cancelations which are sellers that may have taken them off the market for now due to lack of activity or Covid 19.

I hope that you find this info helpful to answer any questions or concerns that you are been thinking about during your time at home. As always feel free to reach via text or phone at 519-497-4646, messanger on facebook or we can talk on skype etc. We are not doing an in person meetings during this time and we also utitlze electionic signatures for paperwork that is needed to be completed or for listing a home etc.

It may not be “business as usual” but as an essential service we are open for business. Luckily we can do most of our business from home and online when needed to do so. We are here to help.

Have a great weekend and stay safe.

Kevin


A Solid Year in 2019 for Kitchener Waterloo Home Sales


Hope you had a wonderful Holiday season with your family!  2020 is here and if a new home is in the plans here are the stats from last year to help with your decision making process.

Sales dipped in December, while prices continue to escalate. There were 5,925 residential homes sold in 2019, an increase of 1.6 per cent compared to 2018. Contrasted to past years, 2019’s annual sales were 2.3 per cent below the previous 5-year average, and 3 per cent above the previous 10-year average.

On a monthly basis, sales dipped 9 percent compared to last year, with 244 home sales in the month of December.

Total residential sales in 2019 included 3,590 detached (up 5.9 per cent), and 648 condominium units (down 7.8 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 421 semi-detached homes (down 0.7 per cent) and 1,266 freehold townhouses (down 3.7 per cent).

The average sale price of all residential properties sold in 2019 increased 9.3 per cent to $527,718 compared to 2018. Detached homes sold for an average price of $614,743 an increase of 7.1 per cent compared to 2018. During this same period, the average sale price for an apartment style condominium was 332,409 for an increase of 9.6 per cent. Townhomes and semis sold for an average of $409,979 (up 10 per cent) and $439,844 (up 11 per cent) respectively.

The median price of all residential properties sold last year increased 10.1 per cent to $490,000 and the median price of a detached home during the same period increased 8.6 per cent to $570,000.

In 2019, the lack of supply continued to be a hurdle for anyone who was trying to buy their first home, move-up from their current residence, or downsize. This ongoing state of the market caused further escalation of home prices in 2019. With interest rates expected to stay low in the year ahead combined with Waterloo region’s ongoing growth, I expect 2020 will see more price gains alongside a steady increase in sales.

The number of months of inventory averaged 1.5 throughout the year, hitting its highest point in May when there was 2.1 months of supply, and ending the year at 0.7 (3-4 months supply is historically normal for Waterloo region). The average days to sell in 2019 was 23 days, compared to 24 days in 2018 and a previous 10-year average of 38 days.

Dollar volume of all residential real estate sold last year increased 10.9 per cent to $3.1 Billion compared with 2018.

While the majority of residential MLS® System activity is properties for sale, REALTORS® are increasingly representing landlords and tenants. Last year 733 residential leases occurred through KWAR’s MLS® System, which is on par with last year and, 2.5 times as many as just four years ago.

Historical Sales by Property Type

Months Supply of Homes for Sale

Historical Median Sales Price – By Property Type

Average Sales Price – By Property Type

Historical Sales – By Price Range

Average Days on Market

If you have any questions or have been thinking of making a move this spring, give me a call or text at 519-497-4646 or shoot me an email to kevinbaker@kwhometeam.ca and lets sit down, grab a coffee and plan out a strategy that is best suited for your families needs.

Have a great January!

Kevin


Strong Home Sales Continue here in Kitchener, Waterloo and Cambridge


Hope you had a wonderful Halloween and here is hoping the snow stays away for a little while longer. I wanted to shoot you a quick update on how the real estate market did in November here in Waterloo Region.

There were 538 residential properties sold here in Kitchener-Waterloo in October, an increase of 4.1 per cent compared to the same month last year.

Home sales in October included 334 detached (up 11.3 per cent), and 65 condominium apartments (up 1.6 per cent). Sales also included 108 townhouses (down 6.1 per cent) and 31 semi-detached homes (down 18.4 per cent).

The average sale price of all residential properties sold in October increased by 9.1 per cent to $533,288 compared to October 2018. Detached homes sold for an average price of $610,840 (an increase of 6.2 per cent compared to October of last year. During this same period, the average sale price for an apartment-style condominium was $333,895 for an increase of 6.7 per cent. Townhomes and semis sold for an average of $434,035 (up 11.2 per cent) and $461,590 (up 14.3 per cent) respectively.

The median price of all residential properties sold last month increased 12.4 per cent to $500,000 and the median price of a detached home during the same period increased by 8.3 per cent to $568,950.

The average days it took to sell a home in October was 22 days, which is three days fewer than it took in October 2018.

There were 670 residential properties listed in K-W and area last month, a decrease of 12.4 per cent compared to October of 2018, and a decrease of 3.3 per cent in comparison to the previous ten-year average for the month of October. The total number of homes available for sale in active status at the end of October totalled 691, a decrease of 26.5 per cent compared to October of last year, and well below the previous ten-year average of 1,412 listings for October. Months Supply of Homes for sale stood at 1.4 months in October, which is 26.3 percent lower than the same period last year. The previous ten-year average months supply of homes for October was 3.03.

Seasonal strength in October is common as people to look to make moves before Winter. With a scarcity of listings, buyers continue to snap up properties in the Kitchener-Waterloo area at a fast pace.

Here are some charts….

Historical Sales by Property Type

Months Supply of Homes for Sale

Historical Median Sales Price – By Property Type

Average Sales Price – By Property Type

Historical Sales – By Price Range

Average Days on Market

If you have any questions or have been thinking of making a move this fall, give me a call or text at 519-497-4646 or shoot me an email to kevinbaker@kwhometeam.ca and lets sit down, grab a coffee and plan out a strategy that is best suited for your families needs.

Have a great November!

Kevin


August Home Sales Ease as Prices Continue to Rise in Kitchener Waterloo.


Hope you had a wonderful weekend. Back to school is here and I am sure all the kids have settled in and got the new school year underway. August was another great month for Waterloo region real estate and here are the stats to keep you right up to date.

There were 459 residential properties sold through the MLS® in August, a decrease of 9.1 per cent compared to the same month last year.

Home sales in August included 267 detached (down 11.9 per cent), and 56 condominium apartments (down 13.8 per cent). Sales also included 97 townhouses (down 4.9 per cent) and 39 semi-detached homes (up 11.4 per cent).

The number of homes sold last month was below the average for August; however, we continue to see strong price gains across all property types.

The average sale price of all residential properties sold in August increased by 6.4 per cent to $524,482 compared to August 2018. Detached homes sold for an average price of $615,568 (an increase of 5.4 per cent compared to August of last year. During this same period, the average sale price for an apartment-style condominium was $324,778 for a decrease of 3.1 per cent. Townhomes and semis sold for an average of $420,239 (up 18.3 per cent) and $441,802 (up 10.2 per cent) respectively.

The median price of all residential properties sold last month increased 8.1 per cent to $495,000 and the median price of a detached home during the same period increased by 2.8 per cent to $560,000.

There were 574 residential properties in K-W and area last month, a decrease of 14.5 per cent compared to August of 2018, and a decrease of 13 per cent in comparison to the previous ten-year average for the month of August. The total number of homes available for sale in active status at the end of August totalled 734, a decrease of 17.3 per cent compared to August of last year, and well below the previous ten-year average of 1,426 listings for August. Months Supply of Homes for sale stood at 1.5 months in August, which is 16.7 percent lower than the same period last year.

The average days it took to sell a home in August was 26 days, which is two days fewer than it took in August 2018.

We’re noting differences in market balance depending on the price range, for homes priced under $600 thousand, it is still a strong seller’s market, whereas above $600 thousand, it is a more balanced situation.

One this to look at is the month’s supply of homes, also known as the absorption rate. For homes priced at more than $600,000, the months of supply stood at 3.4 in August, compared to 0.9 months for homes prices under that amount. Months supply is the inventory of homes for sale at the end of a given month, divided by the average monthly closed sales from the last 12 months. The previous ten-year average months supply across all price ranges has been just over 3 months.

It all comes down to what the buyers can find in their price range, homes in Kitchener-Waterloo are definitely in high demand, and there is strong competition among buyers trying to find one that will suit them.

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 have been thinking of making a move this summer or into the fall, give me a call or text at 519-497-4646 or shoot me an email to kevinbaker@kwhometeam.ca and lets sit down, grab a coffee and plan out a strategy that is best suited for your families needs.

Have a great September!

Kevin


Strong Home Sales for June here in Waterloo Region


Hope you had a wonderful long Canada Day weekend. The weather was absolutely perfect and looks like its going to be a hot one for July.

Here are the stats from the July and the market here in Waterloo Region continues to stay strong. There were 658 residential properties sold through the Multiple Listing System (MLS® System) in June, representing an increase of 8.8 per cent compared to the same month last year.

Home sales in June included 404 detached (up 8.9 per cent), and 50 condominium apartments (down 28.6 per cent). Sales also included 159 townhouses (up 27.2 per cent) and 45 semi-detached homes (up 15.4 per cent).

A total of 3,154 homes have sold in Kitchener-Waterloo and area during the first half of this year, an increase of 1.4 per cent compared to 2018.

The average sale price of all residential properties sold in June increased by 8.9 per cent to $533,619 compared to June 2018. Detached homes sold for an average price of $618,186 an increase of 7.9 per cent compared to June of last year. During this same period, the average sale price for an apartment style condominium was $332,716 for an increase of 4.4 per cent. Town homes and semis sold for an average of $411,126 (up 10.7 per cent) and $430,427 (up 9.9 per cent) respectively.

The median price of all residential properties sold last month increased 9.9 per cent to $494,500, and the median price of a detached home during the same period increased by 11.7 per cent to $581,500

There were 888 residential properties listed in K-W and area last month, an increase of 4.3 per cent compared to June of 2018, and a slight increase of 0.5 per cent in comparison to the previous ten-year average for the month of June. The total number of homes available for sale in active status at the end of June totaled 890, a decrease of 10.8 per cent compared to June of last year, and well below the previous ten-year average of 1,581 listings for June. Months Supply of Homes for sale stood at 1.8 months in June, which is 14.3 percent lower than the same period last year.

We’re still in a solid seller’s market situation heading into the summer months, while more new listings are coming onto the market, strong buying demand is keeping supply tight.

The average days it took to sell a home in June was 20 days, compared to 22 days in June 2018.

Here are some charts to compare different parts of the market over the last 10 years.

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

Historical Average Days on Market

If you have any questions or have been thinking of making a move this summer or in the fall, give me a call or text at 519-497-4646 or shoot me an email to kevinbaker@kwhometeam.ca and lets sit down, grab a coffee and plan out a strategy that is best suited for your families needs.

Have a great July!

Kevin


April Home Sales Up in Kitchener Waterloo. Average price hits all time highs!!


Hope you had a chance to enjoy the great weather we had on the weekend. It seemed like a very long winter but summer is just around the corner.

Home sales were up in April and we hit an all time high for the Kitchener Waterloo Real Estate Market average home prices which is very big news!!!

There were 623 residential sales in April, an increase of 1.1 per cent versus the same month last year, and up 2.2 per cent compared to the previous ten-year average for April.

Total residential sales in April included 394 detached (up 15.2 per cent), and 75 condominium apartments (up 1.4 per cent). Sales also included 113 townhouses (down 28.9 per cent) and 41 semi-detached homes (no change).

While sales of detached homes did jump a fair bit compared to the same month last year, they were actually on par with the previous 10-year average for April, which means we are getting back to some better market conditions for both buyers and sellers.

The average sale price of all residential properties sold in April increased by 10.9 per cent to $529,800 compared to April 2018. Detached homes sold for an average price of $611,803 an increase of 7.6 per cent compared to April of last year. During this same period, the average sale price for an apartment style condominium was $339,426 for an increase of 14.3 per cent. Townhomes and semis sold for an average of $405,013 (up 5.3 per cent) and $433,949 (up 7.7 per cent) respectively.

Average sale prices hit an all-time high in April. These are the highest sale prices we’ve ever posted in a single month. It’s only the third time the overall residential sale price has exceeded half a million, and for the first time, the average price of a detached home climbed over the 600-thousand-dollar mark.

Likewise, median prices reached an all-time high in April. The median price of all residential properties sold last month increased 11.4 per cent to $490,000, and the median price of a detached home during the same period increased by 11.1 per cent to $568,500

There were 913 residential properties listed  in K-W and area last month, a decrease of 6.9 per cent compared to April of 2018, and a decrease of 1.6% in comparison to the previous ten-year average for the month of April. The total number of homes available for sale in active status at the end of April totaled 884, a decrease of 6.1 per cent compared to April of last year, but still well below the previous ten-year average of 1,485 listings for April. Months Supply of Homes for sale stood at 1.8 month in April a decrease of 5.3 per cent compared to last year.

It’s still very much a seller’s market for anyone who is looking for a home under six hundred thousand. In these challenging market conditions, i believe consumers should always seek the expert advice of a local REALTOR®.

If you have any questions or have been thinking of making a move this spring, give me a call or text at 519-497-4646 or shoot me an email to kevinbaker@kwhometeam.ca and lets sit down, grab a coffee and plan out a strategy that is best suited for your families needs.

Have a wonderful Mothers Day to all the mom’s out there.

Kevin