April Home Sales 2nd Highest on Record in Kitchener, Waterloo and Cambridge
Hope you and your family have been doing well. How are you surviving the lockdown? Personally this whole covid thing is getting a little old and I wish things could just go back to normal as i am sure you do too.
As for the Real estate market it is still going exceptionally strong and we had the 2nd highest sales on record for April!
Lets look at the stats…
Following last month’s record-smashing number of home sales, we posted the second-highest number of monthly home sales in April. There were 843 residential homes sold, an increase of 263.4 per cent compared to April 2020, and a decrease of 15.5 per cent compared to March 2021.
Even if we do not take into account April 2020, when Ontario was in the early days of its state of emergency, it was still an exceptional number of homes sold last month. The previous 10-year average number of residential sales for April was 618.
Total residential sales in April included 484 detached (up 233.8 per cent from April 2020), and 111 condominium units (up 382.6 per cent). Sales also included 67 semi-detached homes (up 294.1 per cent) and 181 townhouses (up 285.1 per cent).
In April, the average sale price for all residential properties in the Kitchener-Waterloo area was $757,906. This represents a 34.3 per cent increase over April 2020 and a 0.9 per cent decrease compared to March 2021.
- The average price of a detached home was $899,315. This represents a 36.9 per cent increase from April 2020 and an increase of 0.04 per cent compared to March 2021.
- The average sale price for an apartment-style condominium was $441,887. This represents an increase of 21.2 per cent from April 2020 and an increase of 4.2 per cent compared to March 2021.
- The average sale price for a townhouse was $612,550. This represents a 52.1 per cent increase from April 2020 and a decrease of 2.03 per cent compared to March 2021.
- The average sale price for a semi was $652,609. This represents an increase of 33.0 per cent compared to April 2020 and an increase of 0.18 per cent compared to March 2021.
We are starting to see home prices calm down in March and April compared to what was happening in January and February which is great news for buyers.
The MLS® HPI composite benchmark price for all residential properties in Kitchener-Waterloo was $742,800 in April. This represents a 40.4 per cent increase over April 2020 and a 0.6 per cent increase compared to March 2021.
- The benchmark price for a detached home was $809,000. This represents a 39.9 per cent increase from April 2020 and 1.0 per cent decrease compared to March 2021.
There were 1,098 new listings last month, an increase of 162.7 per cent compared to April of last year, and a 17.15 per cent increase compared to the previous ten-year average for April* (*calculated from 2019 to 2010 to adjust for the impact of the state of emergency on activity in April 2020).
The total number of homes available for sale in active status at the end of April was 458, a decrease of 21.8 per cent compared to April of last year, and 66.9 per cent below the previous ten-year average of 1,384 listings for April* (*calculated from 2010 to 2019 to adjust for the impact of the state of emergency on activity in April 2020).
The number of months of inventory was 0.7 in April, which is unchanged from March. 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 April was 9 days, compared to 19 days in April 2020 and a previous 5-year average of 21 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 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
Euphoria Continues in the Kitchener Waterloo Housing Market.
Hope you and your family have been doing well and everyone is staying safe. With lockdowns being lifted in many regions across Ontario, everyone is trying to get back to a normal life again. I will say that lockdowns or not, the housing market is starting to experience a little bit of euphoria from buyers in my opinion and certainly speculative buying. With many buyers especially from the GTA looking for homes in our region, it is pushing prices up fast.
Lets look at the stats from February…
There were 597 residential homes sold, an increase of 27.8 per cent compared to February 2020, and an increase of 66.7 per cent compared to the previous month. The previous 10-year average number of residential sales for February is 407.
Total residential sales in February included 337 detached (up 23.9 per cent from February 2020), and 101 condominium units (up 57.8 per cent). Sales also included 47 semi-detached homes (up 46.9 per cent) and 112 townhouses (up 13.1 per cent).
In February, the average sale price of all residential properties sold in 2021 increased by 32.1 per cent to $752,289 compared to the same month last year. Meanwhile, the average price of a detached home hit yet another new milestone by exceeding 900-thousand-dollars for the first time, coming in at $910,126 an increase of 35.4 per cent. During this same period, the average sale price for an apartment-style condominium was $415,322 for an increase of 11.9 per cent. Townhomes and semis sold for an average of $609,566 (up 37.5 per cent) and $684,787 (up 41.1 per cent) respectively.
We are continuing to see a dramatic increases in the average price in February due to the persistent and fierce competition for homes in our region combined with short supply, this is frustrating buyers in the hyper competitive market.
The low inventory and mortgage rates are resulting in multiple offers, higher prices and creating a fear they are missing out on the chance to become homeowners in this unprecedented market.
The rise in the average price we’ve been tracking the past several months has included some exceptional sale prices. That’s why this month and going forward we will also be including the MLS® HPI to provide a clearer picture of our local housing market trends.
The MLS® HPI is a sophisticated statistical model and more stable price indicator than average or median price measures because it considers how the features of a home affects its price – such as age, number of bedrooms, and number of bathrooms.
The MLS® Home Price Index composite benchmark price for all residential properties in Kitchener-Waterloo was $709,600 in February. This represents a 27.9 per cent increase over February 2020 and a 5.6 per cent increase compared to January 2021.
The benchmark price for a detached home was $788,500. This represents a 28.8 per cent increase from February 2020 and 6.1 per cent increase compared to January 2021.
The benchmark price for an apartment-style condominium was $341,200. This represents a 13.9 per cent increase from February 2020 and a 0.1 per cent increase compared to January 2021.
The benchmark price for a townhouse is $526,700. This represents a 33.1per cent increase from February 2020 and a 6 per cent increase compared to January 2021.
There were 737 new listings added to the MLS® System in KW and area last month, an increase of 21 per cent compared to February of last year, and a 15.7 per cent increase compared to the previous ten-year average for February.
The total number of homes available for sale in active status at the end of February was 295, a decrease of 33.6 per cent compared to February of last year, and 73 per cent below the previous ten-year average of 1,096 listings for February.
The number of months of inventory was 0.5 in February and 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 February was 10 days, compared to 17 days in February 2020 and a previous 5-year average of 33 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 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
Another Record Setting Month for Home Sales In Kitchener Waterloo
Hope you are having a great week and looking forward to the long weekend coming up. It will certainly be a different Thanksgiving for families this year. I hope that are you are able to spend some time quality with them 🙂
The stats are out for September and the market is still incredibly strong!
There were 758 residential homes sold in September, the most ever recorded for the month. September’s home sales represented an increase of 41.6 per cent compared to the same month last year, and an increase of 8 per cent compared to the previous month. The previous ten-year average number of residential sales for September is 460.
This is far more home sales then what we would normally see in September as buyers seem to continue to play catch up from the COVID-19 hindered spring market. While the pandemic has had devastating impacts on many aspects of our lives it has only solidified the importance of home and homeownership.
Total residential sales in September included 431 detached homes (up 28.6 per cent from September 2019), and 93 condominium apartments (up 127 per cent). Sales also included 178 townhouses (up 43.5 per cent) and 54 semi-detached homes (up 59 per cent).
The average sale price of all residential properties sold in September increased 17.5 per cent to $637,691 compared to the same month last year, while detached homes sold for an average price of $768,762 an increase of 25 per cent. During this same period, the average sale price for an apartment-style condominium was $390,690 for an increase of 13 per cent. Townhomes and semis sold for an average of $ 476,636 (up 8.7 per cent) and $544,874 (up 16.5 per cent) respectively.
The median price of all residential properties sold in September increased 13.7 per cent to $580,250 and the median price of a detached home during the same period increased 16.5 per cent to $676,000.
There has been more new listings coming to the market which is fantastic but buyer demand continues to outpace the supply and driving prices up.
There were 929 new listings added last month, an increase of 13 per cent compared to September of last year, and 17.7 per cent more than the previous ten-year average for September.
The number of Months Supply (also known as absorption rate) continues to be very low at just 1 month for the month of September. The previous ten-year average supply of homes for September was 3.3 months, and in the past 5 years, the average supply for September was 2.2 months.
The year-to-date number of residential sales has increased 2.6% over 2019 indicating that the decreased activity in April and May has been more than made up in the past four months.
We are seeing more and more people moving out of the core areas of Kitchener and Waterloo to the suburbs. This has put small pressure on condo sales and increased demand for single detached and townhomes in the region.
The average days to sell in September was 14 days, compared to 23 days in September 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.
Enjoy your Thanksgiving with your families!
Kevin
Record Home Sales in Waterloo Region once again.
Hope you enjoyed a wonderful long weekend and are ready for the back to school season. Be mindful on the roads in the coming weeks with the little ones out and about.
It was another record setting month for home sales here in Waterloo Region. The market continues to be a serious sellers market with many mulitple offers on properly priced homes and condos. Here are some stats below to bring you up to date.
There were 686 residential homes sold through the Multiple Listing System (MLS® System) in August, the most ever recorded for the month. August’s home sales represented an increase of 48 per cent compared to the same month last year, and a decrease of 8 per cent compared to the previous month. The previous ten-year average number of residential sales for August is 470.
The market has been hot all summer after a slower spring market where most people were observing physical distancing guidelines, sales in August continued to be very active with demand continuing to outstrip supply forcing buyers to act quickly once again.
Total residential sales in August included 433 detached homes (up 61.5 per cent from August 2019), and 79 condominium apartments (up 38.5 per cent). Sales also included 138 townhouses (up 40 per cent) and 39 semi-detached homes (no change).
The average sale price of all residential properties sold in August increased 21 per cent to $634,409 compared to the same month last year, while detached homes sold for an average price of $734,427 an increase of 18.9 per cent. During this same period, the average sale price for an apartment-style condominium was $386,972 for an increase of 16 per cent. Townhomes and semis sold for an average of $495,932 (up 18.3 per cent) and $535,330 (up 21.1 per cent) respectively.
The median price of all residential properties sold in August increased 20.8 per cent to $597,955 and the median price of a detached home during the same period increased 17.4 per cent to $675,000.
There were 833 new listings added to the MLS® System in KW and area last month, an increase of 43.8 per cent compared to August of last year, and 26.4 per cent more than the previous ten-year average for August.
The number of Months Supply (also known as absorption rate) continues to be very low at just 1 month for the month of August. The previous ten-year average supply of homes for August was 3.3 months, and in the past 5 years, the average supply for August was 2.2 months.
The average days to sell in August was 16 days, compared to 26 days in August 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.
Enjoy your September!
Kevin
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