Hope you enjoyed a wonderful Canada Day, and are staying cool during our summer heat wave! The spring market may have been delayed due to Covid 19 but it has sprung back in a big way in June.
The number of homes sold in June shot up 57.6 per cent compared to May. There were 673 residential homes sold in June 2020, an increase of 2.1 per cent compared to June 2019, and an increase of 8.5 per cent compared to the previous 10-year average for June.
Total residential sales in June included 413 detached homes (up 1.7 per cent from June 2019), and 67 condominium apartments (up 36.7 per cent). Sales also included 134 townhouses (down 15.7 per cent) and 59 semi-detached homes (up 31.1 per cent).
Total residential sales during this second quarter (April, May, June) are down 33 per cent compared to last year. On a year-to-date basis, they are down 15.6 per cent.
I expect for the remainder of 2020 will see the number of home sales returning to near historical levels. There will be some catching up to do in the coming weeks, but I don’t think you will see the market taking the summer off.
The average sale price of all residential properties sold in June increased 12.8 per cent to $601,285 compared to the same month last year, while detached homes sold for an average price of $698,736 an increase of 13.2 per cent. During this same period, the average sale price for an apartment-style condominium was $372,392 for an increase of 13.2 per cent. Townhomes and semis sold for an average of $457,851 (up 11.4 per cent) and $504,816 (up 17.3 per cent) respectively.
The median price of all residential properties sold in June increased 14.4 per cent to $564,000 and the median price of a detached home during the same period increased 11.9 per cent to $650,000.
There were 920 new listings added in KW and area last month, the most added in a single month since May of last year, and 1.9 per cent more than the previous ten-year average for June.
The total number of homes available for sale in active status at the end of June was 640, a decrease of 28.7 per cent compared to June of last year.
The number of Months Supply (also known as absorption rate) continues to be very low at just 1.4 months for the month of June, 22.2 per cent below the same period last year. The previous ten-year average supply of homes for June was 3.22 months, and in the past 5 years, the average supply for June was 2.22 months.
The average days to sell in June was 16 days, compared to 20 days in June 2019.
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 firstname.lastname@example.org Stay healthy and stay safe!
Have a great week!
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 email@example.com and lets sit down, grab a coffee and plan out a strategy that is best suited for your families needs.
Have a great August!
Happy New Year and welcome to 2019!! I hope you enjoyed a wonderful holiday season with your family full of good food, great friends and new memories. We are only 6 days into the new year and the market is already showing signs of a busy winter and spring market to come. The stats are out and below is a recap of the numbers…
The month of December proved to continue the trend of lower sales volumes but increasing prices. There were 5,823 residential homes sold through the MLS® System in 2018, a decline of 11.1 per cent compared to 2017. With 263 transactions taking place last month, December’s home sales were down 13.2 per cent from this time last year and slightly behind the previous 10-year average of 268 sales for the month of December.
The combination of rising interest rates and the mortgage stress test definitely took some steam out of the market relative to what we saw in the previous two years. These types of impediments are most impactful on first-time as well as other buyers entering the housing market.
Total residential sales in 2018 included 3,355 detached (down 16.2 per cent), and 1,553 condominium units (up 6.4 per cent) which includes any property regardless of style. Sales also included 417 semi-detached homes (down 23.6 per cent) and 431 freehold townhouses (down 7.7 per cent).
The average sale price of all residential properties sold in 2018 increased 3.4 per cent to $483,537 compared to 2017. Detached homes sold for an average price of $575,412, an increase of 4.8 per cent compared to 2017. During this same period, the average sale price for an apartment style condominium was $304,676 for an increase of 12 per cent. Townhomes and semis sold for an average of $373,307 (up 5.5 per cent) and $396,391 (up 4.7 per cent) respectively. The median price of all residential properties sold last year increased 3.6 per cent to $445,304, and the median price of a detached home during the same period increased 6.1 per cent to $525,000.
The average time it took for a home to sell in 2018 was reflective of demand continuing to outpace supply. The number of months of inventory remained at under 2 months of supply throughout the year (3-4 months is historically normal for Waterloo region) and the average days to sell in 2018 was 24 days, compared to 19 days in 2017 and a previous 10-year average of 40 days.
While we may be seeing fewer buyers coming down the 401, they are still a component of the Waterloo region real estate market, just not as speculative as what we saw in the previous two years. 2018 continued to be a seller’s market in the region with stable sales activity and homeowners realizing solid gains in their property values.
Even though prices increased more moderately overall compared to the last two years, they continue to respond to strong demand and the desirability of our area. For those would-be buyers who have been sitting on the fence these past two years, home prices are only getting further out of reach, as supply remains low and demand strong.
Dollar volume of all residential real estate sold last year decreased 8 per cent to $2.8 Billion compared with 2017. 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, an increase of 22 per cent compared to 2017 and, a 40% increase compared to 2016.
If you have any questions or are thinking of buying or selling in the coming months, please give me a call and we can sit down for a coffee and talk about some specific strategies that would best suit your families needs.
Have a great 2019!