Strong Condo Sales Continue here in Kitchener Waterloo and Cambridge
Hope you had a wonderful Halloween and here is hoping the snow stays away for a little while longer. I wanted to shoot you a quick update on how the real estate market did in November here in Waterloo Region.
There were 538 residential properties sold here in Kitchener-Waterloo in October, an increase of 4.1 per cent compared to the same month last year.
Home sales in October included 334 detached (up 11.3 per cent), and 65 condominium apartments (up 1.6 per cent). Sales also included 108 townhouses (down 6.1 per cent) and 31 semi-detached homes (down 18.4 per cent).
The average sale price of all residential properties sold in October increased by 9.1 per cent to $533,288 compared to October 2018. Detached homes sold for an average price of $610,840 (an increase of 6.2 per cent compared to October of last year. During this same period, the average sale price for an apartment-style condominium was $333,895 for an increase of 6.7 per cent. Townhomes and semis sold for an average of $434,035 (up 11.2 per cent) and $461,590 (up 14.3 per cent) respectively.
The median price of all residential properties sold last month increased 12.4 per cent to $500,000 and the median price of a detached home during the same period increased by 8.3 per cent to $568,950.
The average days it took to sell a home in October was 22 days, which is three days fewer than it took in October 2018.
There were 670 residential properties listed in K-W and area last month, a decrease of 12.4 per cent compared to October of 2018, and a decrease of 3.3 per cent in comparison to the previous ten-year average for the month of October. The total number of homes available for sale in active status at the end of October totalled 691, a decrease of 26.5 per cent compared to October of last year, and well below the previous ten-year average of 1,412 listings for October. Months Supply of Homes for sale stood at 1.4 months in October, which is 26.3 percent lower than the same period last year. The previous ten-year average months supply of homes for October was 3.03.
Seasonal strength in October is common as people to look to make moves before Winter. With a scarcity of listings, buyers continue to snap up properties in the Kitchener-Waterloo area at a fast pace.
Here are some charts….
If you have any questions or have been thinking of making a move this fall, 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.
Have a great November!
This entry was posted on November 5, 2019 by kevinbakerrealestate. It was filed under Buyers, Kitchener Waterloo, Loft Style, New Construction, Sellers, Uncategorized and was tagged with 1 victoria, 100 garment, 100 victoria, 144 park, 42 bridgeport, 85 duke, agent, agents, arrow, arrow lofts, assessment, bank of canada, banks, barra condos, bauer, bauer lofts, big banks, blackberry, Buyers, bylaw, cambridge, canada trust, canadian mortgage housing corporation, carbon monoxide, charlie west, CHMC, cibc, city center, city center lofts, city centre, city centre condo, city centre condos, closing costs, CMHC, condo, condo buyer, condo buying, condo costs, condo lofts, condo prices, condo sales, condo selling, condo unit, condo units, condo update, condo value, condominiums, condos, condos for sale, contribution, days on market, downsizing, downtown, eatons lofts, exclusive, fall, fall market, fall update, first time buyer, fixed rates, for sale, government, HBTC, hiring a realtor, home, home buying, home energy, home energy audit, home inspectors, home insurance rebate., home maintenance, home prices, home sales, home selling, home value, house, house prices, house value, housing grants, kaufman, kaufman lofts, kevin baker, kitchener, Kitchener Waterloo, ktichener, land transfer tax, landlord, landlords, lawyers, lending, license, loft, loft apartments, loft prices, loft sales, loft selling, lofts, mansion, mansion lofts, mansion7, market, market anaylsis, market update, market value, mls, momentum, momentum developeres, mortage rates, mortgage, mortgage brokers, mortgage news, mortgage rates, mortgage renewal, mortgage rules, mortgages, mulitiple listing service, new construction, newspaper ads, november update, ontario, open house, options for homes, paperwork, park, prices, prime rate, private, rates, rbc, re/max, real estaet, real estate, real estate agent, real estate investment, realtor, realty, reamx, red condo, red condos, remax, remax agent, remax twin city, remax twin city realty, royal bank, rrsp, sale, sales rep, sales representative, sales reps, seagrams, seagrams lofts, segrams, Sellers, selling my condo, selling your home, september, special assessement, spring market, status, status certificate, street, summer market, tax refund, TD Bank, twin city, twin city reatly, update, updated, updates, value, variable rates, victoria commons, waterloo, waterloo home sales, waterloo regiion, waterloo region, winter, winter market, yogi bednjicki.