Frigid February Condo sales here in Kitchener Waterloo Real Estate
Hope you have been enjoying the frigid weather that we have had in the past month and trying to stay warm. I just wish it could be over already and can’t wait for spring to be honest. So the stats are out for the past month here in Kitchener Waterloo real estate and the home sales were frigid as well.
There were 343 residential sales in February, a decrease of 8.3 percent compared to February 2018. The series of winter storms in February not only kept buyers indoors and off the roads, but also away from open houses and viewings i am sure. This was the lowest amount of sales we’ve seen in February in a very long time.
Total residential sales in February included 178 detached (down 14.8 percent), and 105 condominium units (down 11 per cent). Sales also included 23 semi-detached homes (down 8 percent), 36 free hold townhouses (down 112 percent).
The average sale price of all residential properties sold in February increased 3 percent to $490,668 compared to February 2018 . Detached homes sold for an average price of $597,965 an increase of 3.9 percent compared to February of last year. During this same period, the average sale price for an apartment style condo was $319,536 for an increase of 20.5 percent. Townhomes and semis sold for an average of $395,331 (up 2.6 percent) and $448,123(up 14.4 percent) respectively.
The median price of all residential properties sold last month increased 6.9 percent to $465,000 and the median price of a detached home during the same period increased 2 per cent to $533,500. Despite the chill in the number of sales last month, the price gains reflect that demand continues to outpace supply which is great for sellers but still makes things difficult for many buyers.
There were 562 residential properties listed in K‐W and area last month, a small increase of 1.1 percent compared to February of 2018. The number of active residential listings on the MLS System to the end of February totaled 785, which is 9 percent more than February of last year, but still well below the previous ten year average of 1,296 listing for February.
The average days it took to sell a home in February was 25 days, which is 4 days longer than the amount of time it took in February 2018.
The market remains very much as it has been for the past several months, but the delayed winter weather finally caught up with it. While the market is coming in like a lamb in March we are expecting it to go out like a lion.
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 firstname.lastname@example.org and lets sit down, grab a coffee and plan out a strategy that is best suited for your families needs.
Stay warm and enjoy your weekend!
This entry was posted on March 7, 2019 by kevinbakerrealestate. It was filed under Buyers, Kitchener Waterloo, Loft Style, New Construction, Sellers, Uncategorized and was tagged with 1 victoria, 100 victoria, 144 park, 85 duke, agent, agents, arrow, arrow lofts, assessment, banks, bauer, blackberry, Buyers, cambridge, charlie west, cibc, city center, city centre, closing costs, CMHC, condo, condo prices, condo sales, condominiums, condos, condos for sale, days on market, downtown, exclusive, fall, february, first time buyer, for sale, government, home, home buying, home inspectors, home prices, home sales, home selling, home value, house, house prices, housing grants, kaufman, kevin baker, kitchener, Kitchener Waterloo, land transfer tax, landlord, landlords, lawyers, loft, lofts, mansion, mansion lofts, market, market update, market value, mls, momentum, mortage rates, mortgage, mortgage brokers, mortgage rates, mortgages, ontario, open house, park, prices, private, rates, real estate, real estate agent, real estate investment, realtor, realty, red condos, remax, rrsp, sale, sales representative, seagrams, segrams, Sellers, selling your home, status, TD Bank, to do list, twin city, twin city realty, update, updated, updates, value, waterloo, winter.