In Like a Lion and Out Like a Lamb for Condo Sales here in Waterloo Region
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.
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 firstname.lastname@example.org . Stay healty and stay safe!
Have a great weekend
This entry was posted on April 4, 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, corona, covid, covid-19, days on market, downsizing, downtown, eatons lofts, exclusive, fall, fall market, fall update, february, 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, update, updated, updates, value, variable rates, virus, waterloo, waterloo home sales, waterloo regiion, waterloo region, winter, winter market, yogi bednjicki.