KITCHENER-WATERLOO REAL ESTATE-HOMES & CONDOS FOR SALE

Posts tagged “winter sales

April Home Sales Down but Prices Remain Steady in Waterloo Region


Hope you have been staying safe during the past 2 months. It looks like things will start to open back up in stages and at some point things will be hopefully back to normal.  Rest assured Yogi and I are here to help if you and your family need to make a move and we have the tools and systems in place for both buyers and sellers for proper marketing of our listings, getting buyers to view the properties, as well as ourselves to keep everyone safe.

I thought you would like an update on what is happening out there in the Waterloo Region Real Estate Market, so here are the stats for April.

There were 227 residential homes sold through the Multiple Listing System in April, a decrease of 63.6 per cent compared to the same month last year, and the lowest number of sales in a single month since December 2008.

I think it goes without saying the current pandemic has had a major impact on the number of sales we would normally see in April, with everyone doing their part to flatten the curve and doing their best to self-isolate, the buying and selling of homes have been greatly reduced.

Total residential sales in April included 145 detached homes (down 63.3 per cent), and 22 condominium apartments (down 71.1 per cent). Sales also included 44 townhouses (down 61.1 per cent) and 16 semi-detached homes (down 60 per cent).

The average sale price of all residential properties sold in April increased 7.3 per cent to $568,738 compared to the same month last year, while detached homes sold for an average price of $657,042 an increase of 7.3 per cent. During this same period, the average sale price for an apartment-style condominium was $367,230 for an increase of 8.1 per cent. Townhomes and semis sold for an average of $406,463 (up 0.4 per cent) and $491,816 (up 13.3 per cent) respectively.

The median price of all residential properties sold in April increased by 7.1 per cent to $525,000 and the median price of a detached home during the same period increased 6.3 per cent to $605,000.

There were 417 new listings added to the MLS® System in KW and area last month, a decrease of 54.8 per cent compared to April of 2019, far fewer than the previous 10-year average of 937 listings in April.

The total number of homes available for sale in active status at the end of April was 571, a decrease of 36.6 per cent compared to April of last year.

The number of Months Supply (also known as absorption rate) continues to be very low at just 1.2 months for the month of April, 36.8 per cent below the same period last year. The previous ten-year average supply of homes for April was 2.95 months, and in the past 5 years, the average supply for April was 2.12 months.

I am confident that despite the current pandemic, the slowdown in housing sales will be temporary.  We are still in a strong sellers’ market and with buyers competing for a scare number of listings, now is still a great time to buy.  Now for the first time in a long time, April saw some balance with a sales-to-new-listings ratio of 54 percent – well within the balanced threshold. I have talked to some buyers expecting homes to sell at greatly reduced amounts, and frankly, that’s simply not the case. Home values have remained stable which I expect will continue into 2020.

The average days to sell in April was 19 days, compared to 21 days in April 2019.

 

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 concerns at all, give me a call or text at 519-497-4646 or shoot me an email to kevinbaker@kwhometeam.ca . Stay healty and stay safe!

Have a great week!

Kevin


Home Sales in Kitchener Waterloo come in Like a lion and out like a Lamb in March


Hope you have been staying safe during this unique time in all our lives. Rest assured Yogi and I are doing everthing we can to prevent the spread by staying home as much as posssible and limiting client interactions to phone calls, facetime, zoom meetings, etc. We are both here to help if you and your family need to make a move and we have the tools and systems in place for both buyers and sellers for proper marketing of our listings, getting buyers to view the properties, as well as ourselves to keep everyone safe.

I thought you would like an update on what is happening out there in the Waterloo Region Real Estate Market, so here are the stats for March.

There were 577 residential homes sold in March, an increase of 13.1 per cent compared to the same month last year, and 0.2 per cent below the previous 5-year average.

During the first quarter of 2020, there were 1,327 home sales, 14.6 per cent above last year’s result for the same period and 4 per cent above the previous 5-year average.

Total residential sales in March included 348 detached homes (up 7.1 per cent), and 68 condominium apartments (up 5.1 per cent). Sales also included 136 townhouses (up 17.2 per cent) and 25 semi-detached homes (up 4.2 per cent).

The average sale price of all residential properties sold in March increased 15.3 per cent to $583,752 compared to the same month last year, while detached homes sold for an average price of $679,728 an increase of 15.9 per cent. During this same period, the average sale price for an apartment-style condominium was $378,443 for an increase of 17.9 per cent. Townhomes and semis sold for an average of $457,547 (up 23 per cent) and $492,752 (up 17.4 per cent) respectively.

The median price of all residential properties sold in March increased 14.6 per cent to $544,500 and the median price of a detached home during the same period increased 16.2 per cent to $628,500.

Now of course is this not business as usual for us as Realtors or our clients. As people everywhere follow instructions to only leave their homes for essential reasons, this is impacting the number of showings, and how properties are shown.

There were a higher than average number of homes listed during the Month of March. There were 864 new listings added to the MLS® System in KW and area last month, an increase of 7.6 per cent compared to March of 2019, and the greatest number since 2015. The number of new residential listings was also 3.7 per cent higher than the previous ten-year average for March.

The total number of homes available for sale in active status at the end of March was 535, a decrease of 35.9 per cent compared to March of last year.

Despite the much-needed addition of new inventory coming to the market, the number of Months Supply (also known as absorption rate) continues to be very low at just 1.1 months for the month of March, 35.3 per cent below the same period last year. The previous ten-year average supply of homes for March was 2.73 months, and in the past 5 years, the average supply for March was 1.94 months.

There were also 51 listings last month that were suspended, which means the listing is temporarily “off-market,” and there can be no marketing, showings or offers during this period.

Trying to sell your home while in quarantine, self-isolating or worse yet, while someone in the house is sick, is not going to be in anyone’s best interest. We know many people are postponing their plans to list their home for the time being. As I mentioned earlier, if you find yourself in a situation where you need to buy or sell then rest assured Yogi and I are ready to help and have the tools in place to market, show and sell your home. The number of sales is keeping pace with the new listing inventory so there are still buyers out there looking to buy. We are doing everything we can to keep everyone safe during this time.

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 concerns at all, give me a call or text at 519-497-4646 or shoot me an email to kevinbaker@kwhometeam.ca . Stay healty and stay safe!

Have a great weekend

Kevin


How to Sell Your Home in Winter.


Selling your home? Winter is a great time for playing up your home’s cosy, family-friendly charm.

Many people believe it’s harder to sell your home in winter than summer. But there are a number of real advantages to selling during the cooler months, says Kathy Monahan, an agent with Forest Hill Real Estate Inc. in Toronto.

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For one thing, removed from the sometimes frenzied action of the spring market, sellers can take a little more time to consider offers, and with fewer homes on the market, there’s less competition. And don’t worry, says Kathy: the things that lead people to make new home purchases — a new job, a growing family, up- or downsizing — happen all year round, and there are still plenty of buyers out there. In fact, winter is a great time for playing up your home’s cosy, family-friendly charm.

Start with the exterior
As with any time of year, make sure that the house looks well maintained and cared for, with eavestroughs clean and minor repairs taken care of. While you can’t paint in winter, washing paintwork and siding with warm soapy water on a mild day can make a big difference. Make sure the windows are freshly washed as well; winter light has a way of highlighting grime.

Tend to foliage
Make sure that shrubs and tree-branches bent down with snow don’t obstruct walkways or entrances; brush the snow off or prune if necessary. (It won’t hurt them.) Ensure that the walkway is shovelled and ice-free before every showing; not only is this a courtesy and crucial to making the home look well maintained, but if a visitor slips and is hurt, you could be liable for damages.

Adorn the entryway
A wreath on the front door, Christmas lights and a garland hung on the doorframe or front porch present a welcoming entry. Plant urns with festive greenery, the fuller the better: along with cedar or pine boughs, tuck in sprigs of holy, dried berries, magnolia leaves, corkscrew hazel or red osier branches, with silver ball ornaments and perhaps gold wire ribbon woven through the arrangement.

Make a good first impression

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Once a prospective buyer comes inside, remember that you may have only 10 to 15 minutes to make a lasting impression. (A small but crucial point for unoccupied homes: make sure the heat is turned on several hours before the showing. All the window-dressing and staging in the world won’t entice buyers to linger inside a home that’s freezing.)

Light candles
Romance visitors’ sense of smell by lighting fragrant candles or placing bowls of potpourri in main rooms. A time-honoured but still effective trick, especially on a cold winter’s day, is to have a pot of cider simmering on the stove, or cookies or fresh bread baking.

Protect the floors
To protect your floors, put down rubber mats by the door for snowy boots; buy a few pairs of comfy one-size-fits-all slippers from a department or discount store for visitors to wear while they view your home.

Light a fire
If you have a wood-burning fireplace, light a fire and let it glow during the showing. Put big, colourful poinsettias in each main room, including the kitchen; consider more modest winter flower arrangements or amaryllis blooms in other rooms, such as the bath and master bedroom. Decorate banisters and mantels with pine garlands (natural ones impart a delicious, nostalgic fragrance); a decorated and lit Christmas tree or menorah enhances an image of home and family.

After the holidays, seasonal decorations can be taken down, but urn arrangements and even the front door wreath can stay up for the rest of the winter, if it isn’t too Christmasy in design. Make sure you continue to maintain walkways clear of ice and snow, and think warm thoughts!