Summer is here and I hope that you able to get out and enjoy the great weather that we have had the past month.
May was another strong month for home sales in the Waterloo region. Here are the stats for the month of May.
Last month home sales were up 12.5 per cent compared to last month and down 15.3 per cent compared to last year’s record-setting May. A total of 692 residential properties sold in May compared to 817 the same time last year. Although unit sales were down substantially compared to last year’s manic market, May was still a strong month of home buying and selling in Kitchener-Waterloo and area.
The ten-year average number of home sales in Kitchener-Waterloo and area for the month of May is 625. Residential sales in May included 414 detached (down 15.7 per cent compared to May 2017), and 169 condominium units (down 7.1 per cent). Sales also included 46 semi-detached homes (down 28.1 per cent) and 53 freehold townhouses (down 24.3 per cent).
The average sale price of all residential properties sold in May decreased 2.4 per cent to $482,873 compared to the same month a year ago. Detached homes sold for an average price of $572,206 a decrease of 3.4 per cent compared to May of last year. During this same period, the average sale price for an apartment style condominium was $301,052, an increase of 2.7 per cent. Townhomes and semis sold for an average of $365,715 (up 1.3 per cent) and $393,616 (up 2 per cent) respectively. The median price of all residential properties sold last month was down 0.9 per cent compared to May of last year at $445,000, and the median price of a detached home during the same period decreased 2.8 per cent to $520,000.
There were 1,068 residential properties listed in K-W and area last month, down 15.8 per cent compared to May of 2017, but up 14.4 per cent compared to the historical (2007-2016) average. The number of active residential listings at the end of May totaled 1,062, which is 27.9 per cent higher than May of last year but still significantly below the historical (2007-2016) ten-year average of 1,719 listings for May.
With interest rates expected to increase in July, we’re seeing strong demand for homes in Waterloo region. Sales are strongest in the four to five hundred thousand price range, and while we’re certainly seeing activity cool from the past two years, once you eliminate those you quickly realize that sales volume and prices remain ahead of the ten-year averages. The average days it took to sell a home in May was 20 days, compared to 11 days in May 2017.
If you have any questions or are thinking of buying or selling a property in the coming months, please give me a call at 519-497-4646 or email to email@example.com and we can grab a coffee and discuss the best way to make it a smooth move for your family.
Have a great June!
Hope you are enjoying the great weather we have been having in the past few weeks. Spring is just around the corner and I can’t wait to get out there and enjoy the warm weather again.
Here are the stats on how the Kitchener Waterloo market did in the month of February. There were 377 residential properties sold through MLS® in February which was an increase of 40 per cent compared to last month and a decrease of 20.5 per cent compared to home sales a year ago. When we consider market activity we have to acknowledge that sales from the previous year or two were abnormally high. If you compare last February against the ten year average of sales, it was a pretty typical February.
Residential sales in February included 212 detached (down 29.3 per cent), and 118 condominium units (up 11.3 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 25 semi-detached homes (down 21.9 per cent) and 17 freehold townhouses (down 45.2 per cent).
The average sale price of all residential properties sold in February increased 3.1 per cent to $478,801 compared to February 2017. Detached homes sold for an average price of $577,609 an increase of 5 per cent compared to February of last year. During this same period, the average sale price for an apartment style condominium was $265,144 for an increase of 6.8 per cent. Townhomes and semis sold for an average of $386,515 (up 14.1 per cent) and $391,628 (up 6 per cent) respectively. The median price of all residential properties sold last month was practically on par with February of last year at $436,143, and the median price of a detached home during the same period increased 4.8 per cent to $524,000.
The market has certainly cooled from this time last year, which is to be expected with the government’s efforts to make home ownership more difficult for home buyers. Realtors listed 551 residential properties in K-W and area last month, an increase of 0.5 per cent compared to February of 2017. The number of active residential listings on the MLS® System to the end of February totaled 667, which is 61.5 per cent more than February of last year, but still significantly below the previous ten year average of 1445 listings for February.
Months of inventory continues to track at a low 2 months. The average days it took to sell a home in February was 22 days, compared to 18 days in February 2017. We still have some homes that are selling in short order and with multiple offers, but others are taking longer and multiple offers are no longer the rule. Sellers need to adjust their expectation in this evolving market and in order to sell quickly they must be priced and marketed appropriately. While listing inventory is increasing, this is a slow process and we expect home inventory to remain low for at least the remainder of the year.
If you are thinking of buying or selling a home this year its important to have a solid strategy moving forward. Give me a call and we can grab a coffee and sit down and discuss the best options for you and your families needs.
Have a great March!
Happy Thanksgiving to you and your family. I hope you are able to spend some time together during this festive season and wonderful weather.
I wanted to give you a quick update on the Waterloo Region housing market so here are some latest stats and thoughts. A total of 470 residential properties changed hands in September. This was a decrease of 12.8 percent compared to the record number of sales in September of 2016, but still ahead of the previous 5-year September average of 437 sales.
On a year-to-date basis 5,357 residential units have sold compared to 5,239 during the same period in 2016, an increase of 2.3 per cent. We are seeing strong demand continue into the autumn. Residential listing inventory to the end of September totalled 843, which is ahead of September of last year, but represents just half the number of listings that were on the market in the previous five years (2011-2015) for September.
September’s sales included 285 detached homes (down 14.2 per cent), and 105 condominium units (down 19.2 per cent). Sales also included 38 semi-detached homes (up 22.6 per cent) and 37 freehold townhouses (up 12.1 per cent).
The average price of all residential properties sold last month increased 12 per cent to $455,079 compared to September 2016. The average sale price for an apartment style condominium was $261,337 for an increase of 6 per cent. Townhomes and semis sold for an average of $359,448 (up 20.9 per cent) and $372,226 (up 19 per cent) respectively. Detached homes sold for an average price of $513,873 in September for an increase of 10 per cent compared to a year ago. Our local residential real estate market continues to show solid price growth and unit sales even though year-over-year price appreciation peaked in April of this year when the average price of a detached home increased 40 percent to $594,108. Today, on a year-to-date basis, the price of a detached home has averaged $553,029, an increase of 24.7 percent compared to 2016.
Last month 32% of all residential transactions were in the $300-399,999 range; compared to just 15.6% in April. We also saw more transactions in the higher price ranges during the heat of the spring market. There were 20 sales that occurred over the one million dollar mark in April, compared to only 5 in September. The average days on market in September was 36, compared to 57 days a year ago. On a month to month basis, it took ten additional days on average from list to sale date in September compared to August. The feverish spring conditions have given way to a saner playing field, however an increase in listings would be a welcome shift for homebuyers who would benefit from increased selection across the more affordable price ranges.
If you have any questions or would like to sit down and discuss buying or selling a property please give me a call and we can work out a plan that best works for your families needs.