KITCHENER-WATERLOO REAL ESTATE-HOMES & CONDOS FOR SALE

Posts tagged “loft

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


Another Hot Month of Home Sales in Kitchener Waterloo and Cambridge


Hope you had a wonderful long holiday weekend. The weather was absolutely perfect and looks like its going to be a hot one for August as well.

Here are the stats from the July market here in Waterloo Region and it continues to stay strong. There were 586 residential properties sold in July, representing an increase of 15.1 per cent compared to the same month last year.

Home sales in July included 322 detached (up 16.4 per cent), and 62 condominium apartments (down 6.1 per cent). Sales also included 148 townhouses (up 45.1 per cent) and 42 semi-detached homes (down 22.2 per cent). On a year-to-date basis we’re seeing sales have increased slightly over last year.

The average sale price of all residential properties sold in July increased by 9.3 per cent to $521,101 compared to July 2018. Detached homes sold for an average price of $613,244 (an increase of 5.4 per cent compared to July of last year. During this same period, the average sale price for an apartment-style condominium was $339,137 for an increase of 15.9 per cent. Townhomes and semis sold for an average of $414,062 (up 17 per cent) and $434,136 (up 11.9 per cent) respectively.

The median price of all residential properties sold last month increased 10.8 per cent to $489,450 and the median price of a detached home during the same period increased by 8.8 per cent to $575,750

There were 844 residential properties listed in K-W and area last month, an increase of 12.8 per cent compared to July of 2018, and an increase of 10.4 per cent in comparison to the previous ten-year average for the month of July The total number of homes available for sale in active status at the end of July totaled 863, a decrease of 8.7 per cent compared to July of last year, and well below the previous ten-year average of 1,467 listings for July. Months Supply of Homes for sale stood at 1.7 months in July, which is 15 percent lower than the same period last year.  That is still making it a tight market for buyers and sellers.

There is still strong consumer demand that is making for a busier than normal market for the middle of summer.

The average days it took to sell a home in June was 22 days, which is the same number of days it took in July 2018.

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 August!

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


Home Sales are down but Prices are Up here is Kitchener Waterloo Region


The hot weather is here!!  I hope you have been able to stay cool during our recent heat wave. The June stats are out and home sales in June were down but prices are up! Have a read through the stats to hear how the Residential Home market did here in Waterloo Region.

June home sales were down 12.8 per cent compared to last month and down 15.6 per cent compared to last year’s June which was the second highest on record. A total of 604 residential properties sold in June compared to 716 the same time last year. On a year-to-date basis there have been 3,096 home sales during the first half of the year, a decrease of 19.1 per cent.  After two consecutive years of extraordinary activity where we saw home sales exceeding 700 units in June, some normality has returned to the market. The approximately 600 units that sold last month is in line with the ten-year average for June.

Residential sales in June included 365 detached (down 21.2 per cent compared to June 2017), and 151 condominium units (up 6.3 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 38 semi-detached homes (down 29.6 per cent) and 43 freehold townhouses (down 15.7 per cent).

The average sale price of all residential properties sold in June increased 5.2 per cent to $489,584 compared to the same month a year ago. Detached homes sold for an average price of $575,003 an increase of 7 per cent compared to June of last year. During this same period, the average sale price for an apartment style condominium was $314,180, an increase of 13.2 per cent. Town homes and semis sold for an average of $378,562 (up 10.8 per cent) and $391,830 (up 2.9 per cent) respectively. The median price of all residential properties sold last month was up 5.9 per cent compared to June of last year at $450,000, and the median price of a detached home during the same period increased 9.5 per cent to $520,000. There were  850 residential properties listed in K-W and area last month, down 21.5 per cent compared to June of 2017, but fairly close to the historical (2007-2016) average of 859. The number of active residential listings on the MLS® System to the end of June totaled 1,030, which is 11 per cent higher than June of last year but still significantly below the historical (2007-2016) ten-year average of 1,728 listings for June.

This is a good time to sell as demand remains strong and very competitive within some price ranges. The mortgage stress-test is certainly impacting some buyers which has made some price ranges of homes even more competitive. Of course, this is also a great time to buy in Waterloo Region. I think we’ve been traditionally a little undervalued and even with the past two years of feverish activity, Waterloo Region remains an attractive area to live and homes here will remain a good investment over the long-haul.  The average days it took to sell a home  were up slightly in June to 22 days, compared to 16 days in June 2017.

If you are thinking of buying or selling please give me a call and we can sit down, grab a coffee and discuss what the best strategy is for you and your family in this current Real estate environment here in Waterloo Region. Feel free to call me at 519-497-4646 or email direct to kevinbaker@kwhometeam.ca

Enjoy your July!!

Kevin


Strong Home Sales in May for Kitchener Waterloo


Summer is here and I hope that you able to get out and enjoy the great weather that we have had the past month.

May was another strong month for home sales in the Waterloo region. Here are the stats for the month of May.

Last month home sales were up 12.5 per cent compared to last month and down 15.3 per cent compared to last year’s record-setting May. A total of 692 residential properties sold in May compared to 817 the same time last year. Although unit sales were down substantially compared to last year’s manic market, May was still a strong month of home buying and selling in Kitchener-Waterloo and area.

The ten-year average number of home sales in Kitchener-Waterloo and area for the month of May is 625. Residential sales in May included 414 detached (down 15.7 per cent compared to May 2017), and 169 condominium units (down 7.1 per cent). Sales also included 46 semi-detached homes (down 28.1 per cent) and 53 freehold townhouses (down 24.3 per cent).

The average sale price of all residential properties sold in May decreased 2.4 per cent to $482,873 compared to the same month a year ago. Detached homes sold for an average price of $572,206 a decrease of 3.4 per cent compared to May of last year. During this same period, the average sale price for an apartment style condominium was $301,052, an increase of 2.7 per cent. Townhomes and semis sold for an average of $365,715 (up 1.3 per cent) and $393,616 (up 2 per cent) respectively. The median price of all residential properties sold last month was down 0.9 per cent compared to May of last year at $445,000, and the median price of a detached home during the same period decreased 2.8 per cent to $520,000.

There were 1,068 residential properties listed in K-W and area last month, down 15.8 per cent compared to May of 2017, but up 14.4 per cent compared to the historical (2007-2016) average. The number of active residential listings at the end of May totaled 1,062, which is 27.9 per cent higher than May of last year but still significantly below the historical (2007-2016) ten-year average of 1,719 listings for May.

With interest rates expected to increase in July, we’re seeing strong demand for homes in Waterloo region. Sales are strongest in the four to five hundred thousand price range, and while we’re certainly seeing activity cool from the past two years, once you eliminate those you quickly realize that sales volume and prices remain ahead of the ten-year averages. The average days it took to sell a home in May was 20 days, compared to 11 days in May 2017.

If you have any questions or are thinking of buying or selling a property in the coming months, please give me a call at 519-497-4646 or email to kevinbaker@kwhometeam.ca and we can grab a coffee and discuss the best way to make it a smooth move for your family.

Have a great June!

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


January Home Sales Snowed Under in Kitchener Waterloo


Hope you are enjoying the winter so far.. I personally can’t wait for the warmer weather of spring to arrive.  Here are the stats on how the Kitchener Waterloo market did in the month of January.
There were 270 residential sales in January through the Multiple Listing System (MLS® System), a decrease of 18 per cent compared to January 2017. On the surface, activity appears to be somewhat sluggish in January, however if we set aside the past two years, it was a very typical January in terms of the number of sales. What is less typical is that listing inventory is still at historic low levels, and we continue to see multiple offers on properties putting upward pressure on prices.
Total residential sales in January included 149 detached (down 23.6 per cent), and 70 condominium units (down 11.4 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 27 semi-detached homes (down 18.2 per cent) and 22 freehold townhouses (up 10 per cent).
The average sale price of all residential properties sold in January increased 9 per cent to $458,750 compared to January 2017. Detached homes sold for an average price of $554,857 an increase of 10.7 per cent compared to January of last year. During this same period, the average sale price for an apartment style condominium was $246,821 for an increase of 4 per cent. Townhomes and semis sold for an average of $371,095 (up 14.5 per cent) and $388,974 (up 9.7 per cent) respectively. The median price of all residential properties sold last month increased 6.8 per cent to $431,143, and the median price of a detached home during the same period increased 4.2 per cent to $495,000.
While the tougher mortgage rules that came into play on Jan. 1 have sidelined some home buyers, the reality is we’re still experiencing more demand than supply right now, there were  486 residential properties listed in K-W and area last month, an increase of 10.45 per cent compared to January of 2017. The number of active residential listings  the end of January totaled 588, which is 56 per cent more than January of last year, but still well below the previous ten-year average of 1507 listings for January. Months of inventory continues to track at a low 2 months.
The average days it took to sell a home in January was 32 days, compared to 23 days in January 2017. While the majority of MLS® System activity is properties for sale, REALTORS® also represented landlords and tenants in 51 residential leases in January, an 18.6 per cent increase compared to January 2017. There is no question that the expansion of the stress test on mortgages is going to be hard on consumers. For those entering the market, the stress test combined with higher borrowing costs is going to push some buyers out of their desired market. Some home buyers will be looking to other areas, and more affordable housing types, which is a vicious circle. For some home hunters, Waterloo region is still seen as one of the more affordable markets.
If you have any questions on the stats or are thinking of buying or selling a property in the coming months please give me a call and we sit down, grab a coffee and discuss the best strategy to fit your families needs. Give me a call at 519-497-4646 or email direct to baker_kevin@rogers.com
Have a great Valentines Day!
Kevin