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!
Hope you are having a great week and all ready for the upcoming holiday season. I wanted to take a moment to bring you up to date on what is happening in the Kitchener Waterloo real estate market. November was a great month here in Waterloo region with the 2nd best home sales on record for November.
Last month a total of 483 residential properties sold in Kitchener-Waterloo and area through the MLS® system. Home sales were up 14.2 per cent in November compared to the same month last year, and up 19 per cent compared to the previous 10-year November average of 406 sales, making it the second-best November on record.
November’s sales included 265 detached (up 9.5 per cent compared to November 2017), and 152 condominium units (up 52 per cent) which includes any property regardless of style. Sales also included 27 semi-detached homes (down 46 per cent) and 31 freehold townhouses (up 14.8 per cent). For the second straight month we are reporting stronger than average sales, which is great to see. The prospect of further interest rate increases that were indicated last month could be responsible for the current surge in home sales.
The average sale price of all residential properties sold in November increased 7.6 per cent to $477,526 compared to the same month a year ago. Detached homes sold for an average price of $580,551 an increase of 12.8 per cent compared to November of last year. During this same period, the average sale price for an apartment style condominium was $305,334 an increase of 10 per cent. Townhomes and semis sold for an average of $361,177 (down 2 per cent) and $416,878 (up 10.7 per cent) respectively. The median price of all residential properties sold last month was up 6.3 per cent compared to November of last year at $443,800 and the median price of a detached home during the same period increased 9.5 per cent to $520,000.
Waterloo region continues to be a very desirable place for purchasing a home, and affordability is a concern in Waterloo Region as we continue to see prices increase, especially for detached homes. While we believe this is more a reflection of our region being “discovered” by buyers from the GTA, it is resulting in more entry-level clients pursuing condominiums and townhomes. Combined with an ongoing tight supply of listings buyers are facing continued upward pressure on sale prices in the region. There were 597 residential properties listed in K-W and area in last month, a 1.1 per cent decrease compared to November of last year, but 18.2 per cent above the historical ten-year average of 505. However, the number of active residential listings on the Kitchener Waterloo MLS® System to the end of November totalled 888, which is 12.8 per cent lower than November of last year and 449 units fewer than the previous ten-year average of 1,337 listings for November.
If you have any questions or are thinking of buying or selling in the coming months, please give me a call and we can sit down for a coffee and talk about some strategies that would work for your family needs. I also want to wish you and your family a wonderful holiday season and all the best for 2019.