Condo Sales Surge in Kitchener Waterloo Cambridge and Guelph
Hope you enjoyed a wonderful long weekend and the beautiful summer weather we have been having.
It was another crazy month for home prices here in Waterloo Region. Competition stays very high for buyers looking to lock down a house in July. With the rules around covid relaxing and more people getting out with Phase 3 opening the demand for homes has increased for sure.
There were 734 residential homes sold in July, an increase of 25.7 per cent compared to the same month last year, and well above the previous ten-year average for July of 531.
Total residential sales in July included 464 detached homes (up 39.3 per cent from July 2019), and 65 condominium apartments (up 3.2 per cent). Sales also included 153 townhouses (up 4.8 per cent) and 52 semi-detached homes (up 23.8 per cent).
The average sale price of all residential properties sold in July increased 22.8 per cent to $639,814 compared to the same month last year, while detached homes sold for an average price of $745,149 an increase of 21.4 per cent. During this same period, the average sale price for an apartment-style condominium was $392,770 for an increase of 15.2 per cent. Townhomes and semis sold for an average of $465,756 (up 12.8 per cent) and $522,872 (up 20.4 per cent) respectively.
The median price of all residential properties sold in July increased 21.7 per cent to $595,000 and the median price of a detached home during the same period increased 17.4 per cent to $675,000.
With mortgage rates near all time lows homebuyers remain very confident about owning a home in Waterloo Region and I expect this to contunie going into the fall.
There were 888 new listings added, an increase of 4.3 per cent compared to July of last year, and 15.5 per cent more than the previous ten-year average for July.
The total number of homes available for sale in active status at the end of July was 592, a decrease of 32.6 per cent compared to July of last year.
The number of Months Supply (also known as absorption rate) continues to be very low at just 1.3 months for the month of July, 27.8 per cent below the same period last year. The previous ten-year average supply of homes for July was 3.1 months, and in the past 5 years, the average supply for July was 2.1 months.
The average days to sell in July was 17 days, compared to 22 days in July 2019.
If you are thinking of buying or selling in the coming months or have any questions at all, give me a call, text at 519-497-4646 or shoot me an email to firstname.lastname@example.org Stay healthy and stay safe!
Have a great weekend!
This entry was posted on August 6, 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, 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, virus, waterloo, waterloo home sales, waterloo regiion, waterloo region, winter, winter market, yogi bednjicki.