Strong February Condo Sales in Waterloo Region
Hope you have been enjoying the mild winter we have been having so far even with the latest blast of snow. Spring is right around the corner along with the nice weather and very busy spring market. The stats for february are in it was another strong month of home sales here in Kitchener Waterloo.
There were 467 residential homes sold in February, an increase of 36.5 per cent compared to the same month last year, and 15.3 per cent above the previous 10-year average.
Total residential sales in February included 272 detached homes (up 52 per cent), and 62 condominium units (up 14.8 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 32 semi-detached homes (up 33.3 per cent) and 101 freehold townhouses (up 18.8 per cent).
The average sale price of all residential properties sold in February increased 16.3 per cent to $571,023 compared to the same month last year, while detached homes sold for an average price of $673,825 an increase of 13.2 per cent. During this same period, the average sale price for an apartment-style condominium was $371,923 for an increase of 16.4 per cent. Townhomes and semis sold for an average of $443,382 (up 12.9 per cent) and $485,831 (up 8.4 per cent) respectively.
The median price of all residential properties sold in February increased 18.2 per cent to $550,050 and the median price of a detached home during the same period increased 18.6 per cent to $630,000.
Like many other markets across the province, the story of our local housing market continues to be one of supply and demand. Market-wide, the number of homes available for sale is simply not keeping up with the number of people wanting to purchase a home in the Kitchener-Waterloo area.
There were 609 residential properties listed in KW and area last month, an increase of 7.8 per cent compared to February of 2019, and a decrease of 5.9 per cent in comparison 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 447, a decrease of 39.4 per cent compared to February of last year, and 62 per cent below the previous ten-year average of 1,179 listings for February. The number of Months Supply (also known as absorption rate) in February was just 0.9 months, 40 per cent below the same period last year. The previous ten-year average supply of homes for February was 2.55 months, and in the past 5 years the average supply for February was 1.76 months.
With a multitude of buyers jumping on a scarcity of properties for sale, many homes are selling for more than the asking price. Using a realtor will ensure you have maximum exposure to these buyers through the MLS® System and will manage the intricate process of any multiple offers professionally.
The average days to sell in February was 17 days, compared to 26 days in February 2019.
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 . Now is a fantastic time to get top dollar for your home so lets sit down, grab a coffee and plan out a strategy that is best suited for your families needs.
Have a great weekend
This entry was posted on March 7, 2020 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, april, arrow, arrow lofts, assessment, assessment value, 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, closing paperwork, 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, february, federal home buyers program, first time buyer, fixed rates, for sale, free house evaluation, government, HBTC, hiring a realtor, home, home buying, home energy, home energy audit, home evaluation, 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, kwhometeam, land transfer tax, landlord, landlords, lawyers, lending, license, loft, loft apartments, loft buying, loft prices, loft sales, loft selling, lofts, mansion, mansion lofts, mansion7, march update, market, market anaylsis, market update, market value, may condo sales, mls, MLTT, 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, rules, 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, student, summer market, tanglewood condo, tax refund, TD Bank, to do list, twin city, twin city realty, twin city reatly, update, updated, updates, value, variable rates, victoria commons, waterloo, waterloo home sales, waterloo regiion, waterloo region, winter, winter market, yogi bednjicki.