KITCHENER – WATERLOO CONDOS & LOFTS FOR SALE

Posts tagged “circa

Condo prices flat as inventory increases in Waterloo Region

I hope you and your family are doing well and you had a nice Easter.  Looks like the spring weather if finally here as well which is great news for Mothers day weekend!

The market stats are out for April and the market is still showing signs of a slight pull back compared to what we seen earlier in the year. Last month introduced a small measure of relief especially for buyers and  we’re seeing fewer multiple offers and more conditions on offers making their way back into the market.

There were 633 residential homes sold in April 2022 which is a decrease of 25.0 per cent compared to April 2021. On a month-over-month basis, sales in April were down 13.4 per cent compared to March 2022. The previous ten-year average number of residential sales for April is 608 (650 if not including April 2020 when home sales came to a short-term pause due to the beginning of the Covid-19 pandemic).

Total residential sales in April included 361 (down 25.4 per cent from April 2021), and 107 condominium units (down 2.7 per cent). Sales also included 48 semi-detached homes (down 29.4 per cent) and 117 townhouses (down 35.7 per cent).

In April, the average sale price for all residential properties in the Kitchener-Waterloo area was $907,205. This represents a 19.6 per cent increase over April 2021 and a 5.5 per cent decrease compared to March 2022.

    • The average price of a detached home was $1,060,992. This represents a 18.0 per cent increase from April 2021 and a decrease 6.4 per cent compared to March 2022.



The MLS® HPI composite benchmark price for all residential properties in Kitchener-Waterloo was $929,300 in April. This represents a 24.5 per cent increase over April 2021 and a 3.2 per cent decrease compared to March 2022.

    • The benchmark price for a detached home was $998,400. This represents a 23.4 per cent increase from April 2021 and 4.6 per cent decrease compared to March 2022.

The trajectory the market was on was simply not sustainable, however, I want to emphasize it would be premature to draw any conclusions on just a single month’s activity.  The housing market in Waterloo Region is still very much a sellers’ market, but sellers may need to adjust their expectations. We noticed this shift after the Bank of Canada’s recent rate increase reinforcing that it has been cheap money empowering too many buyers to chase after too few listings driving the market rather than anything else.

There were 1,277 new listings added to the MLS® System in KW and area last month, an increase of 16.2 per cent compared to April of last year, and a 40.2 per cent increase compared to the previous ten-year average for April.

The total number of homes available for sale in active status at the end of April was 703, an increase of 48.6 per cent compared to April of last year, and 39.9 per cent below the previous ten-year average of 1,169 listings for April. This is the first time since September 2019 that the total number of homes for sale metric has been over 700.

The number of months of inventory increased to 1.2 months in April from 0.7 months in March. This is the first time since September 2020 that inventory has nudged above the one-month mark. The number of months of inventory represents how long it would take to sell off current inventories at the current rate of sales.

The average number of days to sell in April was 9 days, the same as it was in April 2021. The previous 5-year average is 16 days.

 

Historical Sales By Property Type

Months Supply of Homes for Sale

Historical Median Sales Price – By Property Type

Historical Average Sales Price – By Property Type

Average Days on Market Chart



If you are thinking of buying or selling this spring, wondering what the neighbor’s place sold for, or have any questions at all, give me a call, text at 519-497-4646 or shoot me an email to kevinbakerrealestate@gmail.com

Enjoy the nicer weather and Happy Mothers Day to all the Mom’s out there!

Kevin


March Condo Sales up but prices dip for Kitchener Waterloo Real Estate

I hope you and your family are doing well. Looks like spring is here and Easter is just around the corner.  The March stats are out and home sales are up over February,  but prices have taken a small dip from the february average as well. Lets take a look at the numbers…

There were 725 residential homes sold in March 2022 is a decrease of 27.1 per cent compared to March 2021, which continues to hold the record for most home sales in a single month. On a month-over-month basis, sales in March were up 19.4 per cent compared to February 2022. The previous ten-year average number of residential sales for March is 599.

The skyrocketing prices of the last two months took a bit of a breather in March, with the overall average price dipping five per cent compared to what we saw in February. While it is too soon to draw conclusions from just one month of home sales, I know many will be comforted to see a leveling off on the average price, no matter how incremental.

Total residential sales in March included 416 detached (down 29.7 per cent from March 2021), and 114 condominium units (down 9.5 per cent). Sales also included 64 semi-detached homes (down 17.9 per cent) and 131 townhouses (down 33.8 per cent).

In March, the average sale price for all residential properties in the Kitchener-Waterloo area was $960,181. This represents a 25.5 per cent increase over March 2021 and a 4.6 per cent decrease compared to February 2022.

    • The average price of a detached home was $1,132,637. This represents a 25.9 per cent increase from March 2021 and a decrease 6.4 per cent compared to February 2022.

The MLS® HPI composite benchmark price for all residential properties in Kitchener-Waterloo was $960,100 in March. This represents a 29.6 per cent increase over March 2021 and a 1.5 per cent decrease compared to February 2022.

    • The benchmark price for a detached home was $1,046,200. This represents a 28.1 per cent increase from March 2021 and 4.0 per cent decrease compared to February 2022.

Even though the average price decreased across all property types on a month-to-month basis, the MLS® HPI showed continued monthly gains for both townhouse and apartment property types. As the province feels its way out of the pandemic, we are beginning to see some very preliminary signs of a potential cooling. We are not seeing quite as many multiple offers and some offers are coming in with conditions. Of course, when we say cooling, we’re talking about a market that has been scorching hot which is why we are pleased to see this happening.

There were 1,131 new listings added last month, a decrease 16.8 per cent compared to the record topping number of listings added in March of last year, and a 28.0 per cent increase compared to the previous ten-year average for March.

The total number of homes available for sale in active status at the end of March was 441, an increase of 1.1 per cent compared to March of last year, and 59.0 per cent below the previous ten-year average of 1,072 listings for March.

The number of months of inventory nudged up to 0.7 months in March from 0.5 months in February. Inventory has been under the one-month mark since October 2020. The number of months of inventory represents how long it would take to sell off current inventories at the current rate of sales.

The average number of days to sell in March was 8 days, the same as it was in March 2021. The previous 5-year average is 16 days.

Historical Sales By Property Type

Months Supply of Homes for Sale

Historical Median Sales Price – By Property Type

Historical Average Sales Price – By Property Type

Average Days on Market Chart

If you are thinking of buying or selling this spring, wondering what the neighbor’s place sold for, or have any questions at all, give me a call, text at 519-497-4646 or shoot me an email to kevinbakerrealestate@gmail.com

Enjoy the nicer weather and have a wonderful Easter with your family!

Kevin


Inventory UP, Sales UP and Prices up for Waterloo Region Real Estate

I hope you and your family are doing well. Looks like this weekend we will have some nice weather in Waterloo Region so hopefully spring is around the corner.  The February stats are out and the market is still moving higher. Lets take a look at the numbers…

The 600 residential homes sold last month is almost on par with February 2021, and an increase of 48.5 per cent compared to the previous month. The previous ten-year average number of residential sales for February is 424.

 In January we reported that the average price of a detached home crossed the million-dollar mark for the first time in December. Now in February, we have reached a new milestone with the average sale price of all residential property types coming in at just over one million dollars in the Kitchener-Waterloo and area. While I think it’s premature to suggest this is the new norm, it does reflect the continued appeal of Waterloo Region to buyers. We also need to be aware and recognize the impact this has on affordability for a growing number of people. 

Total residential sales in February included 331 detached (down 2.1 per cent from February 2021), and 110 condominium units (up 7.8 per cent). Sales also included 44 semi-detached homes (down 4.3 per cent) and 115 townhouses (up 2.7 per cent).  

In February, the average sale price for all residential properties in the Kitchener-Waterloo area was $1,007,109. This represents a 33.6 per cent increase over February 2021 and a 5.6 per cent increase compared to January 2022.

    • The average price of a detached home was $1,214,067. This represents a 33.1 per cent increase from February 2021 and an increase of 5.3 per cent compared to January 2022.
    • The average sale price for an apartment-style condominium was $572,731. This represents an increase of 37.4 per cent from February 2021 and an increase of 6.9 per cent compared to January 2022.
    • The average sale price for a townhouse was $862,994. This represents a 41.6 per cent increase from February 2021 and an increase of 2.1 per cent compared to January 2022.
    • The average sale price for a semi was $917,535. This represents an increase of 33.8 per cent compared to February 2021 and an increase of 8.0 per cent compared to January 2022.

The MLS® HPI composite benchmark price for all residential properties in Kitchener-Waterloo was $974,600 in February. This represents a 36.8 per cent increase over February 2021 and a 5.4 per cent increase compared to January 2022.

    • The benchmark price for a detached home was $1,090,000. This represents a 38.2 per cent increase from February 2021 and 5.0 per cent increase compared to January 2022.
    • The benchmark price for an apartment-style condominium was $ 464,400. This represents a 33.8 per cent increase from February 2021 and a 6.1 per cent increase compared to January 2022.
    • The benchmark price for a townhouse is $729,900. This represents a 41.9 per cent increase from February 2021 and a 7.0 per cent increase compared to January 2022.

The low listing inventory is not because people are not selling their homes, in fact we saw a spurt in the number of new listings in February, but with homebuying demand still going strong, competition remains high, and homes were snapped up quickly.

There were 806 new listings added to the MLS® System in KW and area last month, an increase of 9.5 per cent compared to February of last year, and a 24.3 per cent increase compared 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 290, a decrease of 2.7 per cent compared to February of last year, and 70.3 per cent below the previous ten-year average of 975 listings for February.

The number of months of inventory nudged up to 0.5 months in February from 0.3 months in January. Inventory has been under the one-month mark since October 2020. The number of months of inventory represents how long it would take to sell off current inventories at the current rate of sales.

The average number of days to sell in February was 8 days, compared to 10 days in February 2021 and a previous 5-year average of 19 days.

Historical Sales By Property Type

Months Supply of Homes for Sale

Historical Median Sales Price – By Property Type

Historical Average Sales Price – By Property Type

Average Days on Market Chart

If you are thinking of buying or selling this spring, wondering what the neighbor’s place sold for, or have any questions at all, give me a call, text at 519-497-4646 or shoot me an email to kevinbakerrealestate@gmail.com

Enjoy the nice weather this weekend and have a great March!

Kevin


Waterloo Region 2021 Real Estate Market Update

Happy New Year!  I truely hope that you and your family enjoyed a wondeful holiday season and 2022 brings you a renewed sense of normal that we are all certainly looking forward too after the last couple of years. 

2021 was another crazy year for Real Estate here in Waterloo Region. We blew away records  in sales volume and the average price for a single detached home surpassed the 1 million dollar mark for the first time ever.

Lets look at all the numbers…

The 7,581 residential homes sold in 2021 represent an increase of 18.3 per cent compared to last year’s record-setting number of sales that ended the year 2020.

On a monthly basis, there were 344 residential homes sold last month, a decrease of 1.7 percent compared to the same month last year.

Home sales in 2021 have absolutely smashed last year’s record by more than 1,000 units. While this is a good time to sell your home, it remains a tremendously difficult market for buyers. Affordability for all types of housing within our community continues to be a concern which we expect to continue throughout 2022.

Total residential sales in December included 177 detached (down 12.4 percent from December 2020), and 56 condominium units (down 11.1 percent). Sales also included 23 semi-detached homes (up 9.5 percent) and 88 townhouses (up 37.5 percent).

For 2021 total residential sales included 4,272 detached (up 10.8 percent), and 1,127 condominium units (up 43.4 percent). Sales also included 578 semi-detached homes ( up 31.1 percent) and 1,602 townhouses ( up 20.9 percent). 

In December, the average sale price for all residential properties in the Kitchener-Waterloo area was $842,014. This represents a 32.5 per cent increase over December 2020 and a 2.5 per cent increase compared to November 2021.

  • The average price of a detached home was $1,021,353. This represents a 34.7 per cent increase from December 2020 and an increase of 3.4 percent compared to November 2021.
  • The average sale price for an apartment-style condominium was $500,352. This represents an increase of 30.6 percent from December 2020 and an increase of 1.0 percent compared to November 2021.
  • The average sale price for a townhouse was $717,475. This represents a 39.4 per cent increase from December 2020 and an increase of 2.1 percent compared to November 2021.
  • The average sale price for a semi was $770,246. This represents an increase of 33.5 percent compared to December 2020 and an increase 7.3 percent compared to November 2021.

On a year-to-date basis, the average sale price for all residential properties in the Kitchener-Waterloo area increased 25.8 per cent to $770,596 compared to 2020.   

  • The year-to-date average price of a detached home was $920,726. This represents a 28.0 percent increase compared to 2020.
  • The year-to-date average sale price for an apartment-style condominium was $448,208. This represents an increase of 17.3 compared to 2020
  • The year-to-date average sale price for a townhouse was $632,875. This represents an increase of 34.9 percent compared to 2020.
  • The year-to-date average sale price for a semi was $673,543. This represents an increase of 29.4 percent compared to 2020.

KWAR cautions that average sale price information can be useful in establishing long-term trends but should not be used as an indicator that specific properties have increased or decreased in value. The MLS® Home Price Index (HPI) provides the best way to gauge price trends because averages are strongly distorted by changes in the mix of sales activity from one month to the next.

The MLS® HPI composite benchmark price for all residential properties in Kitchener-Waterloo was $851,700 in December. This represents a 32.1 per cent increase over December 2020 and a 3.2 per cent increase compared to November 2021.

  • The benchmark price for a detached home was $945,600. This represents a 33.5 per cent increase from December 2020 and 3.3 percent increase compared to November 2021.
  • The benchmark price for an apartment-style condominium was $412,700. This represents a 21.1 percent increase from December 2020 and a 3.7 percent increase compared to November 2021.
  • The benchmark price for a townhouse is $647,000. This represents a 40.0 percent increase from December 2020 and a 3.0 per cent increase compared to November 2021.

There were 291 new listings added in KW and area last month, an increase of 1.7 percent compared to December of last year, and a 14.6 percent increase compared to the previous ten-year average for December.

On a year-to-date basis, there were 9,040 new listings added  in KW and area in 2021, an increase of 11.5 percent compared to 2020, and a 3.8 percent increase compared to the previous ten-year annual average.

The total number of homes available for sale in active status at the end of December was 104, a decrease of 45.3 percent compared to December of last year, and 85.7 percent below the previous ten-year average of 727 listings for December.

The number of months of inventory touched an all-time low of 0.2 in December. Inventory has settled at under 1 month for fourteen consecutive months. The number of months of inventory represents how long it would take to sell off current inventories at the current rate of sales.

Supply not keeping up with demand was the new normal in 2021, and unfortunately I expect that will continue to be the case in the year ahead. We need all levels of government working together to bring more supply into the housing market.

The average number of days to sell in December stayed at 10 days, compared to 16 days in December 2020 and a previous 5-year average of 28 days.

The average days to sell in 2021 was 10 days, compared to 16 days in 2020 and a previous 5-year average of 22 days.

If you are thinking of buying or selling in the coming months, wonder what the neighbor sold for, or have any questions at all, give me a call, text at 519-497-4646 or shoot me an email to kevinbaker@kwhometeam.ca. 

Have a wonderful January and enjoy all the winter activities the region has to offer. 

Kevin


November hits record sales and low inventories for Kitchener Waterloo condo market

I hope you and your family are doing well. Looks like winter is here and christmas is just around the corner.

The stats are out for November and it was another crazy month in the Waterloo region’s real estate market. Lets look at the numbers…

There were 597 residential homes sold last month setting a new record high for November. Compared to the same month last year, November sales were up 4.4% and on par with last month. The previous ten-year average number of residential sales for November is 446.

The elevated pace of home sales we’ve seen for the past year and a half showed no sign of slowing down in November, despite some speculation of there being a housing market correction in store for Waterloo Region.

Total residential sales in November included 324 detached (down 3.9 per cent from November 2020), and 106 condominium units (up 27.7 per cent). Sales also included 30 semi-detached homes (down 25 per cent) and 136 townhouses (up 21.4 per cent).

In November, the average sale price for all residential properties in the Kitchener-Waterloo area was $821,969. This represents a 28.9 per cent increase over November 2020 and a 2 per cent decrease compared to October 2021.

    • The average price of a detached home was $990,447. This represents a 31 per cent increase from November 2020 and a decrease of 0.6 per cent compared to October 2021.
    • The average sale price for an apartment-style condominium was $494,548. This represents an increase of 23.5 per cent from November 2020 and an increase of 7.1 per cent compared to October 2021.



The MLS® HPI composite benchmark price for all residential properties in Kitchener-Waterloo was $825,000 in November. This represents a 34.1 per cent increase over November 2020 and a 2.6 per cent increase compared to October 2021.

    • The benchmark price for a detached home was $915,800. This represents a 35.8 per cent increase from November 2020 and 3.2 per cent increase compared to October 2021.
    • The benchmark price for a townhouse is $627,900. This represents a 45.5 per cent increase from November 2020 and a 4.0 per cent increase compared to October 2021.

Lack of supply continues to be the driver in November, with inventory hitting an all time low, it is a tough time to be house hunting right now.

There were 605 new listings added to the MLS® System in KW and area last month, an increase of 3.2 per cent compared to November of last year, and a 14.6 per cent decrease compared to the previous ten-year average for November.

The total number of homes available for sale in active status at the end of November was 207, a decrease of 40.2 per cent compared to November of last year, and 80.7 per cent below the previous ten-year average of 1,071 listings for November.

The number of months of inventory reached an all time low of 0.3 in November. Inventory has settled at under 1 month for thirteen consecutive months. The number of months of inventory represents how long it would take to sell off current inventories at the current rate of sales.

The average number of days to sell in November stayed at 10 days, compared to 14 days in November 2020 and a previous 5-year average of 24 days.

The housing market typically slows down around the holiday season, but we are seeing a busier than normal December. There is growing anxiety out there among buyers caused by the fear of missing out against rumblings of interest rates eventually going up in the year ahead.

Historical Sales by Property Type 

Months Supply of Homes for Sale

Historical Median Sales Price – By Property Type

Historical Average Sales Price – By Property Type

Average Days on Market

If you are thinking of buying or selling in the coming months, wonder what the neighbor sold for, or have any questions at all, give me a call, text at 519-497-4646 or shoot me an email to kevinbaker@kwhometeam.ca. 

Have a wonderful holiday season with your family and a prosperous 2022!

Kevin


The Trend Continues for Condos Prices here in Waterloo Region

I hope you and your family are doing well. The kids are back in school and fall seems to be here. Thanksgiving is next weekend and Halloween will be here before we know it.

I wanted to give you a quick update on the housing numbers for last month.  A total of 506 residential homes sold last month, a decrease of 32.1 per cent compared to last September and a decrease of 5.9 per cent compared to August. While the total number of homes sold last month was down considerably compared to last September, it can still be considered an above average month of activity when we remember that last September smashed any previous September for number of sales. In fact, I would say we are on track for setting a record number of annual sales in 2021.

Total residential sales in September included 267 detached (down 37.3 per cent from September 2020), and 83 condominium units (down 11.7 per cent). Sales also included 41 semi-detached homes (down 21.2) and 115 townhouses (down 33.5 per cent).  

In September, the average sale price for all residential properties in the Kitchener-Waterloo area was $792,599. This represents a 24.2 per cent increase over September 2020 and a 5.7 per cent increase compared to August 2021.

  • The average price of a detached home was $963,646. This represents a 24.9 per cent increase from September 2020 and an increase of 7.9 per cent compared to August 2021.
  • The average sale price for an apartment-style condominium was $497,949. This represents an increase of 28.6 per cent from September 2020 and an increase of 12.4 per cent compared to August 2021.
  • The average sale price for a townhouse was $646,026. This represents a 35.7 per cent increase from September 2020 and an increase of 3.7 per cent compared to August 2021.
  • The average sale price for a semi was $686,316. This represents an increase of 26.1 per cent compared to September 2020 and an increase of 0.5 per cent compared to August 2021.

The MLS® HPI composite benchmark price for all residential properties in Kitchener-Waterloo was $784,200 in September. This represents a 33.0 per cent increase over September 2020 and a 3.5 per cent increase compared to August 2021.

  • The benchmark price for a detached home was $869,220. This represents a 34.2 per cent increase from September 2020 and 3.8 per cent increase compared to August 2021.
  • The benchmark price for an apartment-style condominium was $392,600. This represents a 21.5 per cent increase from September 2020 and a 3.1 per cent increase compared to August 2021.
  • The benchmark price for a townhouse is $581,700. This represents a 40.0 per cent increase from September 2020 and a 2.4 per cent increase compared to August 2021.

There were 698 new listings added  last month, a decrease of 23.4 per cent compared to September of last year, and a 13 per cent decrease compared to the previous ten-year average for September.

The total number of homes available for sale in active status at the end of September was 345, a decrease of 35.3 per cent compared to September of last year, and 73.2 per cent below the previous ten-year average of 1,285 listings for September.

Home prices reached all new highs in September, and while there is a growing call to add more transparency to how real estate is traded in Ontario —the brutal reality of this market is that supply is simply not keeping up with demand and that is what is driving up prices.

The number of months of inventory nudged up slightly from August’s 0.4 months to half a month in September. Inventory has settled at under 1 month for the past 11 consecutive months. The number of months of inventory represents how long it would take to sell off current inventories at the current rate of sales.

If you are thinking of buying or selling in the coming months, wonder what the neighbor sold for, or have any questions at all, give me a call, text at 519-497-4646 or shoot me an email to kevinbaker@kwhometeam.ca. 

Have a wonderful rest of your week and Happy Thanksgiving!

Kevin


Inventory is tight in Kitchener Waterloo Condo market

I hope you and your family are enjoying the last few days of summer before back to school starts. The weather the past week has been beautiful and I bet the kids must be so excited to be back with their friends again.

I thought with fall approaching you would like a quick update on the Waterloo region housing market.  A total of 535 residential homes sold last month, a decrease of 22.1 per cent compared to last August’s record-smashing month, and a decrease of 12.3 per cent compared to July.

While sales were down relative to last month and last August, they remained well above average. The main reason for the decrease is simply that last month was the first full month in Step 3 of the reopening, and people are tired of being locked down. They got out and enjoyed their summer and shifted their real estate needs to the back burner for a much-needed change of focus.    

Total residential sales in August included 299 detached (down 30.6 per cent from August 2020), and 80 condominium units (down 1.2 per cent). Sales also included 38 semi-detached homes (down 2.6) and 118 townhouses (down 13.2 per cent).  

In August, the average sale price for all residential properties in the Kitchener-Waterloo area was $753,296. This represents a 19.3 per cent increase over August 2020 and a 0.3 per cent decrease compared to July 2021.

  • The average price of a detached home was $895,756. This represents a 22.5 per cent increase from August 2020 and a decrease of 1.3 per cent compared to July 2021.
  • The average sale price for an apartment-style condominium was $445,280. This represents an increase of 18.2 per cent from August 2020 and an increase of 3.7 per cent compared to July 2021.
  • The average sale price for a townhouse was $623,767. This represents a 26.1 per cent increase from August 2020 and an increase of 0.1 per cent compared to July 2021.
  • The average sale price for a semi was $683,048. This represents an increase of 26.5 per cent compared to August 2020 and an increase of 2.3 per cent compared to July 2021.

The MLS® HPI composite benchmark price for all residential properties in Kitchener-Waterloo was $757,900 in August. This represents a 29.5 per cent increase over August 2020 and a 1.2 per cent increase compared to July 2021.

  • The benchmark price for a detached home was $837,100. This represents a 31.5 per cent increase from August 2020 and 1.8 per cent increase compared to July 2021.
  • The benchmark price for an apartment-style condominium was $380,700. This represents a 11.7 per cent increase from August 2020 and a 1.3 per cent decrease compared to July 2021.
  • The benchmark price for a townhouse is $568,000. This represents a 37.3 per cent increase from August 2020 and a 0.6 per cent increase compared to July 2021.

There were 590 new listings added to the MLS® System in KW and area last month, a decrease of 27.6 per cent compared to August of last year, and a 13 per cent decrease compared to the previous ten-year average for August.

The total number of homes available for sale in active status at the end of August was 255, a decrease of 53.6 per cent compared to August of last year, and 79.5 per cent below the previous ten-year average of 1,252 listings for August.

The number of homes coming to market continues to be overwhelmed by the number of homebuyers we have wanting to purchase in Waterloo Region. 

The number of months of inventory persisted from the July level of 0.4 months in August. Inventory has numbered less than 1 month since October. The number of months of inventory represents how long it would take to sell off current inventories at the current rate of sales.

The average number of days to sell in August was 12 days, compared to 17 days in August 2020 and a previous 5-year average of 26 days.

If you are thinking of buying or selling in the coming months, wonder what the neighbor sold for, or have any questions at all, give me a call, text at 519-497-4646 or shoot me an email to kevinbaker@kwhometeam.ca. 

Have a wonderful rest of the long weekend and stay safe!

Kevin


Condo sales continue to hum along in waterloo region

Hope you and your family are enjoing your summer. The weather this weekend has been beautiful so i hope you have been able to get out and enjoy it.

The Real estate market here in Waterloo region continues to show incredible strength with low invetory and strong demand which is keeping prices humming in July.

The was a total of 611 residential homes sold last month, a decrease of 17 per cent compared to the record-setting results of July 2020, but still an above-average number of sales for the month of July.    

Total residential sales in July included 339 detached (down 27.1 per cent from July 2020), and 91 condominium units (up 30 per cent). Sales also included 46 semi-detached homes (down 4.2) and 135 townhouses (down 11.8 per cent).  

In July, the average sale price for all residential properties in the Kitchener-Waterloo area was $755,681. This represents a 18.2 per cent increase over July 2020 and a 0.6 per cent decrease compared to June 2021.

    • The average price of a detached home was $907,192. This represents a 21.9 per cent increase from July 2020 and a decrease of 1.4 per cent compared to June 2021.
    • The average sale price for an apartment-style condominium was $429,630. This represents an increase of 6.7 per cent from July 2020 and a decrease of 3.6 per cent compared to June 2021.
    • The average sale price for a townhouse was $623,732. This represents a 33.8 per cent increase from July 2020 and an increase of 5.4 per cent compared to June 2021.
    • The average sale price for a semi was $667,570. This represents an increase of 28.6 per cent compared to July 2020 and an increase of 2.9 per cent compared to June 2021.

The MLS® HPI composite benchmark price for all residential properties in Kitchener-Waterloo was $748,700 in July. This represents a 30.5 per cent increase over July 2020 and a 0.4 per cent increase compared to June 2021.

    • The benchmark price for a detached home was $822,300. This represents a 31.1 per cent increase from July 2020 and 0.2 per cent increase compared to June 2021.
    • The benchmark price for an apartment-style condominium was $385,900. This represents a 19.5 per cent increase from July 2020 and a 3.3 per cent increase compared to June 2021.
    • The benchmark price for a townhouse is $564,500. This represents a 40 per cent increase from July 2020 and a 0.4 per cent decrease compared to June 2021.

The housing market took a bit of a breather last month and July is typically a quieter month with families taking vacation, and with the region coming out of lockdown there were certainly more staycations happening.  But we do anticipate the market will pick up steam again and it will be another busy fall.

There were 675 new listings added to the MLS® System in KW and area last month, a decrease of 24 per cent compared to July of last year, and a 14.4 per cent decrease compared to the previous ten-year average for July.

The total number of homes available for sale in active status at the end of July was 281, a decrease of 52.7 per cent compared to July of last year, and 79.1 per cent below the previous ten-year average of 1,346 listings for July.

The number of months of inventory was 0.4 in July, a decline from 0.5 months in June. Inventory has numbered less than 1 month since October. The number of months of inventory represents how long it would take to sell off current inventories at the current rate of sales.

The average number of days to sell in July was 11 days, compared to 17 days in July 2020 and a previous 5-year average of 22 days. 

Historical Sales By Property Type

Months Supply of Homes for Sale

Historical Median Sales Price – By Property Type

Historical Average Sales Price – By Property Type

Average Days on Market

If you are thinking of buying or selling in the coming months, wonder what the neighbor sold for, or have any questions at all, give me a call, text at 519-497-4646 or shoot me an email to kevinbaker@kwhometeam.ca. 

Have a wonderful rest of the weekend and stay safe!

Kevin


Condo Sales Continue To Smash Records in Waterloo Region

Hope you and your family have been doing well. The weather this weekend has been beautiful so i hope you have been able to get out and enjoy it

As for the Real estate market it is still going exceptionally strong and we continue to smash records.

Lets look at the stats…

Strong home sales continued in May once again posted a record-setting number of monthly home sales.  There were 854 residential homes sold, an increase of 100.9 per cent compared to May 2020, and a 0.9 per cent increase compared to April 2021.

While last May home sales were restrained due to the pandemic, May 2021 was another extraordinary month of home buying and selling activity. Prior to 2020, the previous 10-year average number of residential sales for May was 656.

Total residential sales in May included 485 detached (up 85.8 per cent from May 2020), and 106 condominium units (up 152.4 per cent). Sales also included 74 semi-detached homes (up 72.1 per cent) and 188 townhouses (up 138 per cent).  

In May, the average sale price for all residential properties in the Kitchener-Waterloo area was $740,103. This represents a 30.4 per cent increase over May 2020 and a 2.4 per cent decrease compared to April 2021.

    • The average price of a detached home was $868,990. This represents a 32.6 per cent increase from May 2020 and a decrease of 3.4 per cent compared to April 2021.
    • The average sale price for an apartment-style condominium was $457,935. This represents an increase of 38.6 per cent from May 2020 and an increase of 3.1 per cent compared to April 2021.
    • The average sale price for a townhouse was $601,987. This represents a 33.7 per cent increase from May 2020 and a decrease of 1.8 per cent compared to April 2021.
    • The average sale price for a semi was $659,975. This represents an increase of 36.8 per cent compared to May 2020 and an increase of 1.2 per cent compared to April 2021.

Last month the market took a breath and calmed a bit, but there is still very strong demand throughout our region. This started prior to the new mortgage stress test that came into effect on June 1. While these changes will impact the affordability for some, I do not expect it to be very impactful due to the sheer number of buyers in our market.

Average Sales Price – By Property Type

The MLS® HPI composite benchmark price for all residential properties in Kitchener-Waterloo was $749,100 in May. This represents a 35.8 per cent increase over May 2020 and a 0.4 per cent increase compared to April 2021.

    • The benchmark price for a detached home was $815,800. This represents a 35.8 per cent increase from May 2020 and 0.8 per cent decrease compared to April 2021.
    • The benchmark price for an apartment-style condominium was $373,700. This represents a 16.9 per cent increase from May 2020 and a 2.1 per cent decrease compared to April 2021.
    • The benchmark price for a townhouse is $574,900. This represents a 49 per cent increase from May 2020 and a 0.5 per cent decrease compared to April 2021.

There were 1,061 new listings added in KW and area last month, an increase of 83.2 per cent compared to May of last year, and a 2.6 per cent increase compared to the previous ten-year average for May* (*calculated from 2010 to 2019 to adjust for the impact of the state of emergency on activity in May 2020).

The total number of homes available for sale in active status at the end of May was 448, a decrease of 20 per cent compared to May of last year, and 70.5 per cent below the previous ten-year average of 1,520 listings for May* (*calculated from 2010 to 2019 to adjust for the impact of the state of emergency on activity in May 2020).

The number of months of inventory was 0.7 in May, which is unchanged from April. Inventory has numbered less than 1 month since October. The number of months of inventory represents how long it would take to sell off current inventories at the current rate of sales.

The average number of days to sell in May was 9 days, compared to 21 days in May 2020 and a previous 5-year average of 20 days. 

If you are thinking of buying or selling in the coming months, wonder what the neighbor sold for, or have any questions at all, give me a call, text at 519-497-4646 or shoot me an email to kevinbaker@kwhometeam.ca. 

Have a wonderful rest of the weekend and stay safe!

Kevin

Historical Sales By Property Type

Months Supply of Homes for Sale

Historical Median Sales Price – By Property Type

Historical Average Sales Price – By Property Type

Average Days on Market Chart


April had 2nd Highest Sales on Record for Waterloo Region

Hope you and your family have been doing well. How are you surviving the lockdown? Personally this whole covid thing is getting a little old and I wish things could just go back to normal as i am sure you do too.  



As for the Real estate market it is still going exceptionally strong and we had the 2nd highest sales on record for April!



Lets look at the stats…



Following last month’s record-smashing number of home sales, we posted the second-highest number of monthly home sales in April. There were 843 residential homes sold, an increase of 263.4 per cent compared to April 2020, and a decrease of 15.5 per cent compared to March 2021.

Even if we do not take into account April 2020, when Ontario was in the early days of its state of emergency, it was still an exceptional number of homes sold last month. The previous 10-year average number of residential sales for April was 618.

Total residential sales in April included 484 detached (up 233.8 per cent from April 2020), and 111 condominium units (up 382.6 per cent). Sales also included 67 semi-detached homes (up 294.1 per cent) and 181 townhouses (up 285.1 per cent).

In April, the average sale price for all residential properties in the Kitchener-Waterloo area was $757,906. This represents a 34.3 per cent increase over April 2020 and a 0.9 per cent decrease compared to March 2021.

    • The average price of a detached home was $899,315. This represents a 36.9 per cent increase from April 2020 and an increase of 0.04 per cent compared to March 2021.
    • The average sale price for an apartment-style condominium was $441,887. This represents an increase of 21.2 per cent from April 2020 and an increase of 4.2 per cent compared to March 2021.
    • The average sale price for a townhouse was $612,550. This represents a 52.1 per cent increase from April 2020 and a decrease of 2.03 per cent compared to March 2021.
    • The average sale price for a semi was $652,609. This represents an increase of 33.0 per cent compared to April 2020 and an increase of 0.18 per cent compared to March 2021.

We are starting to see home prices calm down in March and April compared to what was happening in January and February which is great news for buyers.



The MLS® HPI composite benchmark price for all residential properties in Kitchener-Waterloo was $742,800 in April. This represents a 40.4 per cent increase over April 2020 and a 0.6 per cent increase compared to March 2021.

    • The benchmark price for a detached home was $809,000. This represents a 39.9 per cent increase from April 2020 and 1.0 per cent decrease compared to March 2021.

There were 1,098 new listings last month, an increase of 162.7 per cent compared to April of last year, and a 17.15 per cent increase compared to the previous ten-year average for April* (*calculated from 2019 to 2010 to adjust for the impact of the state of emergency on activity in April 2020).

The total number of homes available for sale in active status at the end of April was 458, a decrease of 21.8 per cent compared to April of last year, and 66.9 per cent below the previous ten-year average of 1,384 listings for April* (*calculated from 2010 to 2019 to adjust for the impact of the state of emergency on activity in April 2020).

The number of months of inventory was 0.7 in April, which is unchanged from March. Inventory has numbered less than 1 month since October. The number of months of inventory represents how long it would take to sell off current inventories at the current rate of sales.

The average number of days to sell in April was 9 days, compared to 19 days in April 2020 and a previous 5-year average of 21 days. 



If you are thinking of buying or selling in the coming months, wonder what the neighbor sold for, or have any questions at all, give me a call, text at 519-497-4646 or shoot me an email to kevinbaker@kwhometeam.ca. 

Have a wonderful weekend and stay safe!

Kevin



Historical Sales By Property Type

Months Supply of Homes for Sale

Historical Median Sales Price – By Property Type

Historical Average Sales Price – By Property Type

Average Days on Market Chart




Record Breaking Home and Condo Sales in Waterloo Region

Hope you and your family have been doing well and everyone is staying safe. Unfortunatley lockdowns are back for the next 4 weeks so i hope that things will get back to some kind of normal at some point this year.



As for the Real estate market it is still going exceptionally strong and we broke a total sales record in March! Even though everyone is saying there is no inventory that is not the case. There is lots of inventory but the buyers still out number the sellers with all the GTA buyers coming to scoop up properties. 



Lets look at the stats from March…



March posted the highest number of monthly home sales in the board’s history. There were 993 residential homes sold, an increase of 72.7 per cent compared to March 2020, and an increase of 66 per cent compared to the previous month. The previous 10-year average number of residential sales for March is 552.

Total residential sales in March included 593 detached (up 69.4 per cent from March 2020), and 124 condominium units (up 82.4 per cent). Sales also included 79 semi-detached homes (up 216 per cent) and 197 townhouses (up 49.2 per cent).  

In March, the average sale price for all residential properties in the Kitchener-Waterloo area was $765,393. This represents a 30.8 per cent increase over March 2020, and a 1.5 per cent increase compared to February 2021.

    • The average price of a detached home was $899,460. This represents a 32.3 per cent increase from March 2020, and a decrease of 1.4 per cent compared to February 2021.
    • The average sale price for an apartment-style condominium was $423,470. This represents an increase of 12 per cent from March 2020, and an increase of 1.6 per cent compared to February 2021.
    • The average sale price for a townhouse was $622,258. This represents a 35.9 per cent increase from March 2020, and an increase of 2 per cent compared to February 2021.
    • The average sale price for a semi was $652,669. This represents an increase of 32.5 per cent compared to March 2020, and a decrease of 4.8 per cent compared to February 2021.

On a year-over-year basis we continued to see huge price increases in the average price in March, however compared to February we are seeing some signs that perhaps prices may be starting to stabilize a bit.

The MLS® HPI composite benchmark price for all residential properties in Kitchener-Waterloo was $738,200 in March. This represents a 33.4 per cent increase over March 2020 and a 4 per cent increase compared to February 2021.

    • The benchmark price for a detached home was $817,000. This represents a 34.4 per cent increase from March 2020 and 3.6 per cent increase compared to February 2021.
    • The benchmark price for an apartment-style condominium was $358,700. This represents a 14.9 per cent increase from March 2020 and a 5.1 per cent increase compared to February 2021.
    • The benchmark price for a townhouse is $554,900. This represents a 38.3 per cent increase from March 2020 and a 5.4 per cent increase compared to February 2021.

In addition to the record number of sales in March, we also had a record number of newly listed properties come on the market. The number of new listings last month was the most of any month, and the highest number since May of 2017 when there were 1,271 new listings.

There were 1,359 new listings added to the MLS® System in KW and area last month, an increase of 56.2 per cent compared to March of last year, and a 63.9 per cent increase compared to the previous ten-year average for March.

The total number of homes available for sale in active status at the end of March was 434, a decrease of 23.5 per cent compared to March of last year, and 63.5 per cent below the previous ten-year average of 1,188 listings for March.

The number of months of inventory was 0.7 in March and has numbered less than 1 month since October. The number of months of inventory represents how long it would take to sell off current inventories at the current rate of sales.

The average number of days to sell in March was 8 days, compared to 16 days in March 2020 and a previous 5-year average of 21 days. 

Historical Sales By Property Type

Months Supply of Homes for Sale

Historical Median Sales Price – By Property Type

Historical Average Sales Price – By Property Type

Average Days on Market Chart





If you are thinking of buying or selling in the coming months, wonder what the neighbor sold for, or have any questions at all, give me a call, text at 519-497-4646 or shoot me an email to kevinbaker@kwhometeam.ca. 

Have a wonderful weekend and stay safe!

Kevin