KITCHENER-WATERLOO REAL ESTATE-HOMES & CONDOS FOR SALE

Posts tagged “realty

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


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


January Home Sales Up in Kitchener Waterloo


I hope you are staying warm during this very unpredictable winter weather. I am sure the kids are loving all the snow days they have had in the past weeks. The stats are out from January and the Kitchener Waterloo Real Estate market enjoyed a great month of home sales.

January was surprisingly busy with an above average number of home sales. There were 307 residential sales in January, an increase of 14.6 percent compared to January 2018 as well as the number of units sold last month were up nearly fifteen percent compared to the previous ten-year average for January.

Total residential sales in January included 189 detached (up 26 percent), and 80 condominium units (up 19.4 percent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 20 semi-detached homes (down 28.6 percent) and 17 freehold townhouses (down 19 percent).

The average sale price of all residential properties sold in January increased 5.3 percent to $484,076 compared to January 2018. Detached homes sold for an average price of $564,718 an increase of 1.9 percent compared to January of last year. During this same period, the average sale price for an apartment style condominium was $303,379 for an increase of 22.1 percent. Townhomes and semis sold for an average of $368,227 (up 0.7 percent) and $407,852 (up 4.6 percent) respectively. The median price of all residential properties sold last month increased 5.3 percent to $455,000, and the median price of a detached home during the same period increased 7.1 percent to $530,000

It was a positive sign to see an uptick in the number of residential listings hitting market, however, the total number of homes available for sale continues to perform well below historical averages. There were 585 homes listed in K-W and area last month, an increase of 25.5 percent compared to January of 2018. The number of active residential listings at the end of January totaled 810, which is 11.4 percent more than January of last year, but still well below the previous ten-year average of 1,189 listings for January. The average days it took to sell a home in January was 26 days, which is 5 days less than the amount of time it took in January 2018.

We have a positive outlook for 2019. I think we’re going to see home prices remain steady or have small increases, sales will continue to be strong but we’re also beginning to see more homes being listed for sale to increase our inventory and provide buyers with additional options. So long as everything else remains equal Waterloo Region should remain a strong and stable market.

If you have any questions or are thinking of buying or selling in the coming months, please give me a call  at 519-497-4646 and we can sit down for a coffee and talk about some strategies that would work best for your family needs.

Have a great weekend!

Kevin


Home Sales Slip in September here in Kitchener Waterloo


The fall colors are just starting to come out and Oktoberfest festivities are in full swing here in KW. I hope that you have been able to get out and enjoy the beautiful weather that we have been having this Thanksgiving weekend!

The stats are out for the Waterloo region real estate market and I wanted to share the results.  There were 448 homes sold in September, a decrease of 4.7 per cent compared to September of last year. On a year-to-date basis 4,558 residential units have sold compared to 5,345 during the same period in 2017, a decrease of 14.7 per cent.

The stress-test that came into force on all new mortgages at the beginning of the year has taken some of the steam out of home sales activity, meanwhile home prices continue to rise as inventory levels remain rather low. Residential sales in September included 270 detached (down 6.3 per cent compared to September 2017), and 110 condominium units (up 7.8 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 30 semi-detached homes (down 18.9 per cent) and 30 freehold townhouses (down 18.9 per cent).

The average sale price of all residential properties sold in September increased 10 per cent to $492,398 compared to the same month a year ago. Detached homes sold for an average price of $574,653 an increase of 11.4 per cent compared to September of last year. During this same period, the average sale price for an apartment style condominium was $325,378 an increase of 24.1 per cent. Town homes and semis sold for an average of $377,442 (up 4.7 per cent) and $386,670 (up 4.1 per cent) respectively. The median price of all residential properties sold last month was up 10.5 per cent compared to September of last year at $453,000, and the median price of a detached home during the same period increased 8.8 per cent to $520,000.

There were 824 residential properties listed in K-W and area in last month, a 10 per cent increase compared to September of last year, and 9 per cent above the historical ten-year average of 755. The number of active residential listings on the KWAR’s MLS® System to the end of September totaled 1,005, which is 18.2 per cent higher than September of last year but 522 units short of the previous ten-year average of 1,527 listings for September.

While the mortgage stress was intended to prevent home buyers in overheated markets like Vancouver and Toronto from borrowing more than they could afford, it has had the unintended consequence of putting the goal of owning a home further out of reach for buyers across all housing markets, including in Waterloo region. This is particularly impactful for first time home buyers where every penny counts.

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 sit down, grab a coffee and discuss the best way to make it a smooth move for your family.

Happy Thanksgiving!

Kevin


Over 800 Homes Sales in May Sets Record For Kitchener Waterloo


I hope you and your family have been doing well and enjoying the wonderful weather we have been having over the past month!! Summer certainly seems to be here.

Well May was another record setting month here in Waterloo region. There were 816 Residential properties sold through the  MLS® System in May, an increase of 8.2 per cent compared to May 2016, and a 6 per cent increase compared to the previous month. This is the second consecutive month unit sales have hit an all-time high.

Home sales in May included 493 detached homes (up 3.8 per cent compared to May 2016), 180 condominium units (up 7.8 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 64 semi-detached homes (up 39.1 percent) and 70 freehold townhouses (up 22.8 per cent).

With the persistent buyer demand that we’ve been experiencing these past several months, it was great to see that spike in residential listings. It certainly helped to give buyers more choice. There were 1,271 residential properties listed in K-W and area last month, a 38.6 per cent increase compared to May of 2016, and a 29 per cent increase compared to the previous month. It’s the first time in two years that the number of new listings put on the market has exceeded the 1,000 unit mark. The five-year average for new listings in May is 989.

While more homes were listed in May, it continues to be a seller’s market in Waterloo region and across the Greater Golden Horseshoe (GGH) as inventories remain tight at near or less than one month of inventory.

The average sales price of all residential sales increased 31 per cent to $496,664 compared to May 2016. Detached homes sold for an average price of $594,047 an increase of 35.3 per cent, while the average sale price for an apartment style condominium was $293,158, an increase of 25.8 per cent. Townhomes and semis sold for an average of $361,198 (up 30 per cent) and $383,819 (up 29.3 per cent) respectively. Ongoing demand for homes in Waterloo region has resulted in a shorter sales cycle.

The average days on market in May was 12, compared to 24 days a year ago. On a month to month basis, it took two additional days on average from list to sale date in May compared to April.

Looking at the Fair Housing Plan that was announced by the Ontario government in April, we think it is still too soon to know if the measures will have the intended cooling effect on the market.  For now, home sales are still booming, and prices are going strong. While we continued to see big year-over year price gains in May, the overall residential average price did dip 3 per cent compared to April. Keep in mind that one month does not make a trend but the spike in listings last month may have contributed to the flatter prices. Looking forward to the summer will help gauge where the market is headed going into the last half of this year.

If you have any questions or are thinking of buying or selling a home in the next few month feel free to give me a call  at 519-497-4646 or email to baker_kevin@rogers.com and we can sit down and discuss some options that best suit your families needs.

Have a great June!
Kevin


January Home Sales Cool Off Slightly in Kitchener Waterloo – Market Update


After a busier than normal December, home sale in the Kitchener Waterloo region have cooled off slightly.  Sales were down in January compared to January of 2014, with 290 residential properties being sold last month. A 9.9 percent decrease compared to the same month last year. This isn’t unexpected as the winter months are typically not as active leading up to the busy spring market.

January’s residential sales included 188 detached homes (down 9.6 percent compared to January 2014) 57 condos (down 24 percent), 18 semis (up 5.9 percent), and 25 freehold townhouses (up 31.6 percent).

The average sale price of all homes sold in January was $318,075, a decrease of 1.6 percent compared to the same time last year. Single detached homes sold for an average price of $357,018, a decrease of 4.6 percent compared to January 2014.

In the condominium market the average sale price in January was $230,216, a 6.6 percent increase compared to the same month a year ago.

With the recent interest rate cuts and the positive economic predictions for the region by a number of outside sources, this should continue to draw people looking to live and invest in Waterloo Region. The general consensus is that the spring market will again be a very active one.

If you have any questions or are thinking of buying or selling this spring please give me a call and we can discuss how to get started.

Have a great family day weekend everyone!