Homes Sales 2nd Lowest in Over a Decade Here is Kitchener Waterloo and Cambridge
I hope you and your family are enjoying a wonderful weekend and staying warm. This cold snap certainly has been a frigid one! The January Real Estate stats are out for Waterloo region and inventory is tight and sales are low to start the year. Lets break things down…
The number of homes sold last month totalled 297 units, a decrease of 41.9 per cent compared to January 2022 and 31.0 per cent below the previous 5-year average for the month.
Waterloo Region’s home sales in January were at their second lowest of any single month in well over a decade, home sales tend to be sluggish in January, and while we expected activity to ease to reflect economic challenges, this was a larger drop than originally anticipated.
Total residential sales in January included 176 detached (down 38.5 per cent from January 2022), and 61 townhouses (down 44.5 per cent). Sales also included 43 condominium units (down 48.2 per cent) and 17 semi-detached homes (down 46.9 per cent).
In January, the average sale price for all residential properties in Waterloo Region was $764,063. This represents a 20.1 per cent decrease compared to January 2022 and a 5.9 per cent increase compared to December 2022.
- The average price of a detached home was $888,487. This represents a 21.5 per cent decrease from January 2022 and an increase of 7.6 per cent compared to December 2022.
- The average sale price for a townhouse was $625,831. This represents a 26.1 per cent decrease from January 2022 and an increase of 2.2 per cent compared to December 2022.
- The average sale price for an apartment-style condominium was $495,753. This represents a decrease of 9.3 per cent from January 2022 and an increase of 6.1 per cent compared to December 2022.
- The average sale price for a semi was $650,588. This represents a decrease of 21.5 per cent compared to January 2022 and an increase of 5.5 per cent compared to December 2022.
| MLS® Home Price Index Benchmark Price | ||||||
| Kitchener-Waterloo | Cambridge | |||||
| Benchmark Type: | January 2023 | Monthly % Change | Yr./Yr. % Change | January 2023 | Monthly % Change | Yr./Yr. % Change |
| Composite | $705,100 | -1.2 | -23.7 | $731,000 | 2.4 | -21.3 |
| Detached | $789,900 | -1.4 | -25.9 | $757,200 | 2.9 | -23.2 |
| Townhouse | $583,100 | -1.8 | -17.6 | $638,300 | -0.2 | -8.0 |
| Apartment | $481,300 | 2.0 | -5.1 | $487,600 | -1.9 | -4.3 |
On a monthly basis, we saw the average sale price increase across all property types in January and I’m also noticing more multiple offers happening, especially on detached homes that are priced under eight hundred thousand dollars.
Meanwhile, the Bank of Canada again increased interest rates at the end of January by 25 basis points to 4.5 per cent. While not a huge increase, the continuance of interest rate hikes is an ongoing factor in the reduction of home sales within the market.
There were 579 new listings added last month, a decrease of 13.3 per cent compared to January of last year and a 28.7 per cent decrease compared to the previous ten-year average for January.
The total number of homes available for sale in active status at the end of January was 651, an increase of 167.9 per cent compared to January of last year and 34.7 per cent below the previous ten-year average of 998 listings for January.
The number of months of inventory is up 233.3 per cent compared to January of last year, but still historically low at one month. Between 2011 and 2015, January’s average months of inventory was 3.0 months. The number of months of inventory represents how long it would take to sell off current inventories at the current sales rate.
The average number of days to sell in January was 25, compared to 9 days in January 2022. The previous 5-year average is 21 days.
While the inventory levels are low, we are starting to see the GTA buyers come back to our local market after those buyers really subsided in the middle to later half of 2022. That is creating multiple offers once again and pushing prices back up in the short term.
Average Sales Price – Municipality
Average Sales Price – Township
Monthly Sales By Property Type
Monthly Supply of Homes for Sale
Monthly Median Sales Price – By Property Type
Monthly Average Sales Price – By Property Type
Monthly Average Days on Market
The Real Estate market is changing very quickly, so If you are thinking of buying or selling this spring, wondering what the neighbor’s place sold for, or have any questions at all, give me a call, text at 519-497-4646 or shoot me an email to kevinbakerrealestate@gmail.com
Enjoy a wonderful February!
Kevin
July Home Prices and Sales Continue to Dip in Kitchener Waterloo and Cambridge
I hope you and your family are doing well and enjoying the beautiful August weather we are having. Hopefully if you are in town you have also been able to enjoy some wonderful free music at the Kitchener Blues Festival going on all weekend!
The Stats are out for July and things are still trending up on available homes for sale and trending down on average prices throughout the region. The stress of increasing mortgage rates are putting more pressure on the consumers ability to purchase a home which keeps prices from finding a bottom at this point.
There were 550 residential homes were sold in July, a decrease of 32.8 per cent compared to July 2021, and 32.3 per cent below the previous 5-year average for the month. We’re seeing a clear shift in the market and what people can afford to purchase or are willing to pay. On the bright side for buyers, it’s not the extreme sellers’ market it was.
Total residential sales in July included 337 detached (down 30.4 per cent from July 2021), and 112 townhouses (down 32.9 per cent). Sales also included 65 condominium units (down 39.3 per cent) and 36 semi-detached homes (down 41.0 per cent).
In July, the average sale price for all residential properties in Waterloo Region was $752,301. This represents a 1.2 per cent decrease compared to July 2021 and a 4.9 per cent decrease compared to June 2022.
- The average price of a detached home was $842,241. This represents a 6.0 per cent decrease from July 2021 and a decrease of 7.0 per cent compared to June 2022.
- The average sale price for a townhouse was $642,750. This represents a 3.6 per cent increase from July 2021 and a decrease of 3.3 per cent compared to June 2022.
- The average sale price for an apartment-style condominium was $521,731. This represents an increase of 20.4 per cent from July 2021 and an increase of 4.1 per cent compared to June 2022.
- The average sale price for a semi was $661,087. This represents an increase of 1.0 per cent compared to July 2021 and a decrease of 5.4 per cent compared to June 2022.
| MLS® Home Price Index Benchmark Price | ||||||
| Kitchener-Waterloo | Cambridge | |||||
| Benchmark Type: | July 2022 | Monthly % Change | Yr./Yr. % Change | July 2022 | Monthly % Change | Yr./Yr. % Change |
| Composite | $749,000 | -5.3 | 1.1 | $776,900 | -3.9 | 3.4 |
| Detached | $827,100 | -5.6 | -0.8 | $789,600 | -4.2 | 1.3 |
| Townhouse | $642,500 | -5.1 | 10.5 | $760,500 | -2.6 | 17.7 |
| Apartment | $524,800 | -2.3 | 17.4 | $584,700 | -0.0 | 20.1 |
The real estate market is cooling across the province, and we are seeing significantly fewer buyers from the GTA, which is also impacting prices, however, this is not entirely bad news since the previous market was not sustainable. The surprising thing is we are seeing rents continue to rise. The demad for rental properties has increased which is putting pressure there as well.
There were 1,174 new listings added last month, an increase of 34.0 per cent compared to July of last year, and a 9.2 per cent increase compared to the previous ten-year average for July.
The total number of homes available for sale in active status at the end of July was 1,283, an increase of 215.2 per cent compared to July of last year, and 19.5 per cent below the previous ten-year average of 1593 listings for July.
The number of months of inventory was 1.7 months in July, as it was in June. While this is still at historic lows, the last time it was near this range was September of 2019 when it was 1.6 months. The number of months of inventory represents how long it would take to sell off current inventories at the current sales rate.
The average number of days to sell in July was 18, compared to 11 days in July 2021. The previous 5-year average is 17 days.
Average Sales Price – Municipality
Average Sales Price – Township
Monthly Sales By Property Type
Monthly Supply of Homes for Sale
Monthly Median Sales Price – By Property Type
Monthly Average Sales Price – By Property Type
Monthly Average Days on Market
If you are thinking of buying or selling this summer and fall, wondering what the neighbor’s place sold for, or have any questions at all, give me a call, text at 519-497-4646 or shoot me an email to kevinbakerrealestate@gmail.com
Enjoy the nice weather and have a great rest of the summer!
Kevin
May home sales slow and inventory increases in Waterloo Region
I hope you and your family are doing well. Summer is here so make sure you get out and enjoy the nice weather. I for one am looking forward to some well deserved vacation time out of my house 🙂
May stats are out and the market continues to be a little slower than what we have been used to over the past 3-4 years. There were 661 residential homes sold in May, a decrease of 22.7 per cent compared to the same month last year, and 5.5 per cent below the previous 5-year average.
The increase by the Bank of Canada to the key interest rate in April had the predictable result of knocking some buyers down if not out of the market in May unfortunatley. While the impact to prices is small, it has had a critical impact on some buyers and what they can now afford.
Total residential sales in May included 404 detached (down 16.7 per cent from May 2021), and 115 townhouses (down 38.5 per cent). Sales also included 95 condominium units (down 12.0 per cent) and 47 semi-detached homes (down 36.5 per cent).
In May, the average sale price for all residential properties in the Kitchener-Waterloo area was $875,194. This represents a 18.3 per cent increase over May 2021 and a 3.5 per cent decrease compared to April 2022.
- The average price of a detached home was $1,016,834. This represents a 17.0 per cent increase from May 2021 and a decrease 4.2 per cent compared to April 2022.
- The average sale price for a townhouse was $708,722. This represents a 17.7 per cent increase from May 2021 and a decrease of 7.2 per cent compared to April 2022.
- The average sale price for an apartment-style condominium was $545,825. This represents an increase of 19.7 per cent from May 2021 and a decrease of 9.1 per cent compared to April 2022.
- The average sale price for a semi was $730,768. This represents an increase of 10.7 per cent compared to May 2021 and a decrease of 7.0 per cent compared to April 2022.
KWAR cautions that average sale price information can be useful in establishing long-term trends but should not be used as an indicator that specific properties have increased or decreased in value. The MLS® Home Price Index (HPI) provides the best way to gauge price trends because averages are strongly distorted by changes in the mix of sales activity from one month to the next.
The MLS® HPI composite benchmark price for all residential properties in Kitchener-Waterloo was $848,600 in May. This represents a 15.1 per cent increase over May 2021 and a 4.7 per cent decrease compared to April 2022.
- The benchmark price for a detached home was $945,800. This represents a 14.6 per cent increase from May 2021 and 4.9 per cent decrease compared to April 2022.
- The benchmark price for a townhouse is $728,300. This represents a 22.6 per cent increase from May 2021 and a 5.1 per cent decrease compared to April 2022.
- The benchmark price for an apartment-style condominium was $550,100. This represents a 26.9 per cent increase from May 2021 and a 1.8 per cent decrease compared to April 2022.
With the announcement from the Bank of Canada about another interest rate hike this week we may see a resurgence of buyers who have locked in at a lesser rate, but as borrowing costs continue to increase, we should expect demand will continue to soften, particularly in the more entry-level segment of the market.
There were 1,422 new listings in KW and area last month, an increase of 33.9 per cent compared to May of last year, and a 40.4 per cent increase compared to the previous ten-year average for May.
The total number of homes available for sale in active status at the end of May was 902, an increase of 98.2 per cent compared to May of last year, and 28.8 per cent below the previous ten-year average of 1267 listings for May.
The number of months of inventory increased to 1.6 months in May from 1.2 months in April. While inventory is still at historic lows, this is the highest it’s been since September 2019. The number of months of inventory represents how long it would take to sell off current inventories at the current rate of sales.
The average number of days to sell in May was 11 days, compared to 9 days in May 2021. The previous 5-year average is 16 days. This number can show as a bit skewed though as many homes are listing, not receiving offers and then cancelled and reslisted a few weeks later showing up as a new listing and keeping the days on market lower than what truely is happening.
I think what you have to remember is that even though the market is starting to pull back and its taking a little longer to sell homes, we are still in a historically great market for buying and selling. Don’t let all the negative news hype out there affect your bias on things.
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
If you are thinking of buying or selling this summer, wondering what the neighbor’s place sold for, or have any questions at all, give me a call, text at 519-497-4646 or shoot me an email to kevinbakerrealestate@gmail.com
Enjoy the nicer weather and have a great June!
Kevin
Waterloo Region’s 2021 Real Estate Year in Review
Happy New Year! I truely hope that you and your family enjoyed a wondeful holiday season and 2022 brings you a renewed sense of normal that we are all certainly looking forward too after the last couple of years.
2021 was another crazy year for Real Estate here in Waterloo Region. We blew away records in sales volume and the average price for a single detached home surpassed the 1 million dollar mark for the first time ever.
Lets look at all the numbers…
The 7,581 residential homes sold in 2021 represent an increase of 18.3 per cent compared to last year’s record-setting number of sales that ended the year 2020.
On a monthly basis, there were 344 residential homes sold last month, a decrease of 1.7 percent compared to the same month last year.
Home sales in 2021 have absolutely smashed last year’s record by more than 1,000 units. While this is a good time to sell your home, it remains a tremendously difficult market for buyers. Affordability for all types of housing within our community continues to be a concern which we expect to continue throughout 2022.
Total residential sales in December included 177 detached (down 12.4 percent from December 2020), and 56 condominium units (down 11.1 percent). Sales also included 23 semi-detached homes (up 9.5 percent) and 88 townhouses (up 37.5 percent).
For 2021 total residential sales included 4,272 detached (up 10.8 percent), and 1,127 condominium units (up 43.4 percent). Sales also included 578 semi-detached homes ( up 31.1 percent) and 1,602 townhouses ( up 20.9 percent).
In December, the average sale price for all residential properties in the Kitchener-Waterloo area was $842,014. This represents a 32.5 per cent increase over December 2020 and a 2.5 per cent increase compared to November 2021.
- The average price of a detached home was $1,021,353. This represents a 34.7 per cent increase from December 2020 and an increase of 3.4 percent compared to November 2021.
- The average sale price for an apartment-style condominium was $500,352. This represents an increase of 30.6 percent from December 2020 and an increase of 1.0 percent compared to November 2021.
- The average sale price for a townhouse was $717,475. This represents a 39.4 per cent increase from December 2020 and an increase of 2.1 percent compared to November 2021.
- The average sale price for a semi was $770,246. This represents an increase of 33.5 percent compared to December 2020 and an increase 7.3 percent compared to November 2021.
On a year-to-date basis, the average sale price for all residential properties in the Kitchener-Waterloo area increased 25.8 per cent to $770,596 compared to 2020.
- The year-to-date average price of a detached home was $920,726. This represents a 28.0 percent increase compared to 2020.
- The year-to-date average sale price for an apartment-style condominium was $448,208. This represents an increase of 17.3 compared to 2020
- The year-to-date average sale price for a townhouse was $632,875. This represents an increase of 34.9 percent compared to 2020.
- The year-to-date average sale price for a semi was $673,543. This represents an increase of 29.4 percent compared to 2020.
KWAR cautions that average sale price information can be useful in establishing long-term trends but should not be used as an indicator that specific properties have increased or decreased in value. The MLS® Home Price Index (HPI) provides the best way to gauge price trends because averages are strongly distorted by changes in the mix of sales activity from one month to the next.
The MLS® HPI composite benchmark price for all residential properties in Kitchener-Waterloo was $851,700 in December. This represents a 32.1 per cent increase over December 2020 and a 3.2 per cent increase compared to November 2021.
- The benchmark price for a detached home was $945,600. This represents a 33.5 per cent increase from December 2020 and 3.3 percent increase compared to November 2021.
- The benchmark price for an apartment-style condominium was $412,700. This represents a 21.1 percent increase from December 2020 and a 3.7 percent increase compared to November 2021.
- The benchmark price for a townhouse is $647,000. This represents a 40.0 percent increase from December 2020 and a 3.0 per cent increase compared to November 2021.
There were 291 new listings added in KW and area last month, an increase of 1.7 percent compared to December of last year, and a 14.6 percent increase compared to the previous ten-year average for December.
On a year-to-date basis, there were 9,040 new listings added in KW and area in 2021, an increase of 11.5 percent compared to 2020, and a 3.8 percent increase compared to the previous ten-year annual average.
The total number of homes available for sale in active status at the end of December was 104, a decrease of 45.3 percent compared to December of last year, and 85.7 percent below the previous ten-year average of 727 listings for December.
The number of months of inventory touched an all-time low of 0.2 in December. Inventory has settled at under 1 month for fourteen consecutive months. The number of months of inventory represents how long it would take to sell off current inventories at the current rate of sales.
Supply not keeping up with demand was the new normal in 2021, and unfortunately I expect that will continue to be the case in the year ahead. We need all levels of government working together to bring more supply into the housing market.
The average number of days to sell in December stayed at 10 days, compared to 16 days in December 2020 and a previous 5-year average of 28 days.
The average days to sell in 2021 was 10 days, compared to 16 days in 2020 and a previous 5-year average of 22 days.
If you are thinking of buying or selling in the coming months, wonder what the neighbor sold for, or have any questions at all, give me a call, text at 519-497-4646 or shoot me an email to kevinbaker@kwhometeam.ca.
Have a wonderful January and enjoy all the winter activities the region has to offer.
Kevin
Record High Sales and Low Inventory Levels for Waterloo Regions Real Estate Market
I hope you and your family are doing well. Looks like winter is here and christmas is just around the corner.
The stats are out for November and it was another crazy month in the Waterloo region’s real estate market. Lets look at the numbers…
There were 597 residential homes sold last month setting a new record high for November. Compared to the same month last year, November sales were up 4.4% and on par with last month. The previous ten-year average number of residential sales for November is 446.
The elevated pace of home sales we’ve seen for the past year and a half showed no sign of slowing down in November, despite some speculation of there being a housing market correction in store for Waterloo Region.
Total residential sales in November included 324 detached (down 3.9 per cent from November 2020), and 106 condominium units (up 27.7 per cent). Sales also included 30 semi-detached homes (down 25 per cent) and 136 townhouses (up 21.4 per cent).
In November, the average sale price for all residential properties in the Kitchener-Waterloo area was $821,969. This represents a 28.9 per cent increase over November 2020 and a 2 per cent decrease compared to October 2021.
- The average price of a detached home was $990,447. This represents a 31 per cent increase from November 2020 and a decrease of 0.6 per cent compared to October 2021.
- The average sale price for an apartment-style condominium was $494,548. This represents an increase of 23.5 per cent from November 2020 and an increase of 7.1 per cent compared to October 2021.
The MLS® HPI composite benchmark price for all residential properties in Kitchener-Waterloo was $825,000 in November. This represents a 34.1 per cent increase over November 2020 and a 2.6 per cent increase compared to October 2021.
- The benchmark price for a detached home was $915,800. This represents a 35.8 per cent increase from November 2020 and 3.2 per cent increase compared to October 2021.
- The benchmark price for a townhouse is $627,900. This represents a 45.5 per cent increase from November 2020 and a 4.0 per cent increase compared to October 2021.
Lack of supply continues to be the driver in November, with inventory hitting an all time low, it is a tough time to be house hunting right now.
There were 605 new listings added to the MLS® System in KW and area last month, an increase of 3.2 per cent compared to November of last year, and a 14.6 per cent decrease compared to the previous ten-year average for November.
The total number of homes available for sale in active status at the end of November was 207, a decrease of 40.2 per cent compared to November of last year, and 80.7 per cent below the previous ten-year average of 1,071 listings for November.
The number of months of inventory reached an all time low of 0.3 in November. Inventory has settled at under 1 month for thirteen consecutive months. The number of months of inventory represents how long it would take to sell off current inventories at the current rate of sales.
The average number of days to sell in November stayed at 10 days, compared to 14 days in November 2020 and a previous 5-year average of 24 days.
The housing market typically slows down around the holiday season, but we are seeing a busier than normal December. There is growing anxiety out there among buyers caused by the fear of missing out against rumblings of interest rates eventually going up in the year ahead.
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
If you are thinking of buying or selling in the coming months, wonder what the neighbor sold for, or have any questions at all, give me a call, text at 519-497-4646 or shoot me an email to kevinbaker@kwhometeam.ca.
Have a wonderful holiday season with your family and a prosperous 2022!
Kevin
The Trend Continues for the Kitchener Waterloo Real Estate Market
I hope you and your family are doing well. The kids are back in school and fall seems to be here. Thanksgiving is next weekend and Halloween will be here before we know it.
I wanted to give you a quick update on the housing numbers for last month. A total of 506 residential homes sold last month, a decrease of 32.1 per cent compared to last September and a decrease of 5.9 per cent compared to August. While the total number of homes sold last month was down considerably compared to last September, it can still be considered an above average month of activity when we remember that last September smashed any previous September for number of sales. In fact, I would say we are on track for setting a record number of annual sales in 2021.
Total residential sales in September included 267 detached (down 37.3 per cent from September 2020), and 83 condominium units (down 11.7 per cent). Sales also included 41 semi-detached homes (down 21.2) and 115 townhouses (down 33.5 per cent).
In September, the average sale price for all residential properties in the Kitchener-Waterloo area was $792,599. This represents a 24.2 per cent increase over September 2020 and a 5.7 per cent increase compared to August 2021.
- The average price of a detached home was $963,646. This represents a 24.9 per cent increase from September 2020 and an increase of 7.9 per cent compared to August 2021.
- The average sale price for an apartment-style condominium was $497,949. This represents an increase of 28.6 per cent from September 2020 and an increase of 12.4 per cent compared to August 2021.
- The average sale price for a townhouse was $646,026. This represents a 35.7 per cent increase from September 2020 and an increase of 3.7 per cent compared to August 2021.
- The average sale price for a semi was $686,316. This represents an increase of 26.1 per cent compared to September 2020 and an increase of 0.5 per cent compared to August 2021.
The MLS® HPI composite benchmark price for all residential properties in Kitchener-Waterloo was $784,200 in September. This represents a 33.0 per cent increase over September 2020 and a 3.5 per cent increase compared to August 2021.
- The benchmark price for a detached home was $869,220. This represents a 34.2 per cent increase from September 2020 and 3.8 per cent increase compared to August 2021.
- The benchmark price for an apartment-style condominium was $392,600. This represents a 21.5 per cent increase from September 2020 and a 3.1 per cent increase compared to August 2021.
- The benchmark price for a townhouse is $581,700. This represents a 40.0 per cent increase from September 2020 and a 2.4 per cent increase compared to August 2021.
There were 698 new listings added last month, a decrease of 23.4 per cent compared to September of last year, and a 13 per cent decrease compared to the previous ten-year average for September.
The total number of homes available for sale in active status at the end of September was 345, a decrease of 35.3 per cent compared to September of last year, and 73.2 per cent below the previous ten-year average of 1,285 listings for September.
Home prices reached all new highs in September, and while there is a growing call to add more transparency to how real estate is traded in Ontario —the brutal reality of this market is that supply is simply not keeping up with demand and that is what is driving up prices.
The number of months of inventory nudged up slightly from August’s 0.4 months to half a month in September. Inventory has settled at under 1 month for the past 11 consecutive months. The number of months of inventory represents how long it would take to sell off current inventories at the current rate of sales.
If you are thinking of buying or selling in the coming months, wonder what the neighbor sold for, or have any questions at all, give me a call, text at 519-497-4646 or shoot me an email to kevinbaker@kwhometeam.ca.
Have a wonderful rest of your week and Happy Thanksgiving!
Kevin
HOME SALES CONTINUE TO HUM ALONG IN JULY IN KITCHENER WATERLOO
Hope you and your family are enjoing your summer. The weather this weekend has been beautiful so i hope you have been able to get out and enjoy it.
The Real estate market here in Waterloo region continues to show incredible strength with low invetory and strong demand which is keeping prices humming in July.
The was a total of 611 residential homes sold last month, a decrease of 17 per cent compared to the record-setting results of July 2020, but still an above-average number of sales for the month of July.
Total residential sales in July included 339 detached (down 27.1 per cent from July 2020), and 91 condominium units (up 30 per cent). Sales also included 46 semi-detached homes (down 4.2) and 135 townhouses (down 11.8 per cent).
In July, the average sale price for all residential properties in the Kitchener-Waterloo area was $755,681. This represents a 18.2 per cent increase over July 2020 and a 0.6 per cent decrease compared to June 2021.
- The average price of a detached home was $907,192. This represents a 21.9 per cent increase from July 2020 and a decrease of 1.4 per cent compared to June 2021.
- The average sale price for an apartment-style condominium was $429,630. This represents an increase of 6.7 per cent from July 2020 and a decrease of 3.6 per cent compared to June 2021.
- The average sale price for a townhouse was $623,732. This represents a 33.8 per cent increase from July 2020 and an increase of 5.4 per cent compared to June 2021.
- The average sale price for a semi was $667,570. This represents an increase of 28.6 per cent compared to July 2020 and an increase of 2.9 per cent compared to June 2021.
The MLS® HPI composite benchmark price for all residential properties in Kitchener-Waterloo was $748,700 in July. This represents a 30.5 per cent increase over July 2020 and a 0.4 per cent increase compared to June 2021.
- The benchmark price for a detached home was $822,300. This represents a 31.1 per cent increase from July 2020 and 0.2 per cent increase compared to June 2021.
- The benchmark price for an apartment-style condominium was $385,900. This represents a 19.5 per cent increase from July 2020 and a 3.3 per cent increase compared to June 2021.
- The benchmark price for a townhouse is $564,500. This represents a 40 per cent increase from July 2020 and a 0.4 per cent decrease compared to June 2021.
The housing market took a bit of a breather last month and July is typically a quieter month with families taking vacation, and with the region coming out of lockdown there were certainly more staycations happening. But we do anticipate the market will pick up steam again and it will be another busy fall.
There were 675 new listings added to the MLS® System in KW and area last month, a decrease of 24 per cent compared to July of last year, and a 14.4 per cent decrease compared to the previous ten-year average for July.
The total number of homes available for sale in active status at the end of July was 281, a decrease of 52.7 per cent compared to July of last year, and 79.1 per cent below the previous ten-year average of 1,346 listings for July.
The number of months of inventory was 0.4 in July, a decline from 0.5 months in June. Inventory has numbered less than 1 month since October. The number of months of inventory represents how long it would take to sell off current inventories at the current rate of sales.
The average number of days to sell in July was 11 days, compared to 17 days in July 2020 and a previous 5-year average of 22 days.
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
If you are thinking of buying or selling in the coming months, wonder what the neighbor sold for, or have any questions at all, give me a call, text at 519-497-4646 or shoot me an email to kevinbaker@kwhometeam.ca.
Have a wonderful rest of the weekend and stay safe!
Kevin
Home Sales Continue to Smash Records
Hope you and your family have been doing well. The weather this weekend has been beautiful so i hope you have been able to get out and enjoy it.
As for the Real estate market it is still going exceptionally strong and we continue to smash records.
Lets look at the stats…
Strong home sales continued in May once again posted a record-setting number of monthly home sales. There were 854 residential homes sold, an increase of 100.9 per cent compared to May 2020, and a 0.9 per cent increase compared to April 2021.
While last May home sales were restrained due to the pandemic, May 2021 was another extraordinary month of home buying and selling activity. Prior to 2020, the previous 10-year average number of residential sales for May was 656.
Total residential sales in May included 485 detached (up 85.8 per cent from May 2020), and 106 condominium units (up 152.4 per cent). Sales also included 74 semi-detached homes (up 72.1 per cent) and 188 townhouses (up 138 per cent).
In May, the average sale price for all residential properties in the Kitchener-Waterloo area was $740,103. This represents a 30.4 per cent increase over May 2020 and a 2.4 per cent decrease compared to April 2021.
- The average price of a detached home was $868,990. This represents a 32.6 per cent increase from May 2020 and a decrease of 3.4 per cent compared to April 2021.
- The average sale price for an apartment-style condominium was $457,935. This represents an increase of 38.6 per cent from May 2020 and an increase of 3.1 per cent compared to April 2021.
- The average sale price for a townhouse was $601,987. This represents a 33.7 per cent increase from May 2020 and a decrease of 1.8 per cent compared to April 2021.
- The average sale price for a semi was $659,975. This represents an increase of 36.8 per cent compared to May 2020 and an increase of 1.2 per cent compared to April 2021.
Last month the market took a breath and calmed a bit, but there is still very strong demand throughout our region. This started prior to the new mortgage stress test that came into effect on June 1. While these changes will impact the affordability for some, I do not expect it to be very impactful due to the sheer number of buyers in our market.
Average Sales Price – By Property Type
The MLS® HPI composite benchmark price for all residential properties in Kitchener-Waterloo was $749,100 in May. This represents a 35.8 per cent increase over May 2020 and a 0.4 per cent increase compared to April 2021.
- The benchmark price for a detached home was $815,800. This represents a 35.8 per cent increase from May 2020 and 0.8 per cent decrease compared to April 2021.
- The benchmark price for an apartment-style condominium was $373,700. This represents a 16.9 per cent increase from May 2020 and a 2.1 per cent decrease compared to April 2021.
- The benchmark price for a townhouse is $574,900. This represents a 49 per cent increase from May 2020 and a 0.5 per cent decrease compared to April 2021.
There were 1,061 new listings added in KW and area last month, an increase of 83.2 per cent compared to May of last year, and a 2.6 per cent increase compared to the previous ten-year average for May* (*calculated from 2010 to 2019 to adjust for the impact of the state of emergency on activity in May 2020).
The total number of homes available for sale in active status at the end of May was 448, a decrease of 20 per cent compared to May of last year, and 70.5 per cent below the previous ten-year average of 1,520 listings for May* (*calculated from 2010 to 2019 to adjust for the impact of the state of emergency on activity in May 2020).
The number of months of inventory was 0.7 in May, which is unchanged from April. Inventory has numbered less than 1 month since October. The number of months of inventory represents how long it would take to sell off current inventories at the current rate of sales.
The average number of days to sell in May was 9 days, compared to 21 days in May 2020 and a previous 5-year average of 20 days.
If you are thinking of buying or selling in the coming months, wonder what the neighbor sold for, or have any questions at all, give me a call, text at 519-497-4646 or shoot me an email to kevinbaker@kwhometeam.ca.
Have a wonderful rest of the weekend and stay safe!
Kevin
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
Recap of 2020 Housing Market in Kitchener Waterloo
How was your Christmas and New years? Mother nature was nice enough to give us a white christmas and since then we have had some great weather to get outside and do some hiking or other winter activites. I know with covid it was a very different year for all of us but i trust you were able to get some time with family and friends in some form.
The stats are out and thought i would share them to keep you up to date on our crazy housing market. It was a year of fast paced upward movement in home and condo prices here in Waterloo Region. Have a look below to see the stats….
There were 6,492 residential homes sold in 2020, an increase of 9 per cent compared to 2019. Compared to previous years, 2020’s annual sales were 5 per cent above the previous 5-year average, and 11.6 per cent above the previous 10-year average.
On a monthly basis, there were 42 per cent more home sales compared to last year, with 351 home sales in the month of December.
December’s home sales were the highest on record for the month. This marks the sixth consecutive month of record home sales in Kitchener-Waterloo and helps propel 2020’s annual number of transactions over the 6,000-unit threshold for only the third time in our history.
Total residential sales in December included 204 detached (up 46.7 per cent), and 63 condominium units (up 34 per cent) which includes any property regardless of style (i.e., semis, townhomes, apartment, detached etc.). Sales also included 20 semi-detached homes (down 9.1 per cent) and 64 freehold townhouses (up 68.4 per cent).
For 2020, total residential sales included 3,899 detached (up 8.1 per cent), and 804 condominium units (up 18.9 per cent) which includes any property regardless of style (i.e., semis, townhomes, apartment, detached etc.). Sales also included 450 semi-detached homes (up 6.8 per cent) and 1,346 freehold townhouses (up 7 per cent).
In December, the average sale price of all residential properties sold in 2020 increased by 14.4 per cent to $634,545 compared to 2019. Detached homes sold for an average price of $755,618 an increase of 11.9 per cent compared to 2019. During this same period, the average sale price for an apartment-style condominium was $383,196 for an increase of 5.4 per cent. Townhomes and semis sold for an average of $514,760 (up 27.7 per cent) and $574,659 (up 20.2 per cent) respectively.
On a year-to-date basis, the average sale price of all residential properties sold in 2020 increased by 16.1 per cent to $612,521 compared to 2019. Detached homes sold for an average price of $719,203 an increase of 16.9 per cent compared to 2019. During this same period, the average sale price for an apartment-style condominium was $391,698 for an increase of 13.7 per cent. Townhomes and semis sold for an average of $468,891 (up 14.6 per cent) and $520,753 (up 18.3 per cent) respectively.
The median price of all residential properties sold last year increased 17.3 per cent to $575,000 and the median price of a detached home during the same period increased 15.7 per cent to $660,000.
With more people working from home, some permanently, space has become a greater concern than ever before. When you combine this with all the other great attributes of our region, it is no surprise that Waterloo Region is putting up these kinds of numbers.
Like many other parts of Ontario, low inventory has become a defining factor of Waterloo Region’s housing market and the new normal. The number of months of inventory remained at just 1 month or less throughout most of 2020.
For historical context, the number of months inventory in Kitchener-Waterloo between 2011 and 2015 averaged 4. Between 2016 and 2020 it was a monthly average of 1.5 months. The number of months of inventory represents how long it would take to sell off current inventories at the current rate of sales.
The average number of days to sell in 2020 was 16 days, compared to 23 days in 2019 and a previous 5-year average of 27 days.
Dollar volume of all residential real estate sold last year increased 26.5 per cent to $3.9 billion compared with 2019.
Looking to the year ahead, we should expect more of the same. Real estate continues to be one of the shining lights supporting the Ontario economy, so we do not expect to see any significant efforts to try to cool the market. Buyers should continue to expect stiff competition in Waterloo Region, and for sellers, there will continue to be a strong interest for all properties entering the market.
If you are thinking of buying or selling in the coming months, wonder what the neighbor sold for, or have any questions at all, give me a call, text at 519-497-4646 or shoot me an email to kevinbaker@kwhometeam.ca.
Have a wonderful weekend and stay safe!
Kevin
4th Straight Month of Record Home Sales in Kitchener Waterloo.
Hope you had a great week and are looking forward to the nice weekend weather coming up. Enjoy them while you can as i am sure the snow is coming sooner than we would like.
It was the 4th record month in a row for monthly home sales in Kitchener Waterloo. The market is a very heated sellers market for sure with record prices seeminly coming up everyday.
There were 691 residential homes sold in October, the most ever recorded for the month. October’s home sales represented an increase of 28 per cent compared to the same month last year, and a decrease of 9.6 per cent compared to the previous month. The previous ten-year average number of residential sales for October is 471.
Total residential sales in October included 417 detached homes (up 25.6 per cent from October 2019), and 94 condominium apartments (up 34 per cent). Sales also included 134 townhouses (up 26.4 per cent) and 46 semi-detached homes (up 48.3 per cent).
The average sale price of all residential properties sold in October increased 19.4 per cent to $635,301 compared to the same month last year, while detached homes sold for an average price of $742,596 an increase of 21.7 per cent. During this same period, the average sale price for an apartment-style condominium was $395,627 for an increase of 14.8 per cent. Townhomes and semis sold for an average of $499,641 (up 15.6 per cent) and $539,434 (up 16.6 per cent) respectively.
The median price of all residential properties sold in October increased 19.2 per cent to $595,000 and the median price of a detached home during the same period increased 20.5 per cent to $686,000.
Real Estate continues to be one of the few shining lights to help Ontario’s economy recover from the pandemic. We’re continuing to see more buyers than sellers, including additional buyers migrating here from out of the region looking for the quality of life this region offers.
There were 783 new listings added last month, an increase of 16 per cent compared to October of last year, and 11.5 per cent more than the previous ten-year average for October.
The number of Months Supply (also known as absorption rate) continues to be very low at just 1 month for the month of October. The previous ten-year average supply of homes for October was 3.2 months, and in the past 5 years, the average supply for October was 1.8 months.
I can say unequivocally we are seeing strong demand from GTA buyers. What people want and need in a home, and where they want to be located has been redefined in a very short period. Waterloo region is quite rightly, a highly desirable place to own a home.
The average days to sell in October was 13 days, compared to 23 days in October 2019.
If you are thinking of buying or selling in the coming months, wonder what the neighbor sold for, or have any questions at all, give me a call, text at 519-497-4646 or shoot me an email to kevinbaker@kwhometeam.ca.
Have a wonderful weekend and stay safe!
Kevin
KITCHENER WATERLOO HOMES ONLINE.com 