KITCHENER – WATERLOO CONDOS & LOFTS FOR SALE

Posts tagged “condo prices

Strong Condo sales in Kitchener Waterloo and Cambridge for July

Hope you had a wonderful long holiday weekend. The weather was absolutely perfect and looks like its going to be a hot one for August as well.

Here are the stats from the July market here in Waterloo Region and it continues to stay strong. There were 586 residential properties sold in July, representing an increase of 15.1 per cent compared to the same month last year.

Home sales in July included 322 detached (up 16.4 per cent), and 62 condominium apartments (down 6.1 per cent). Sales also included 148 townhouses (up 45.1 per cent) and 42 semi-detached homes (down 22.2 per cent). On a year-to-date basis we’re seeing sales have increased slightly over last year.

The average sale price of all residential properties sold in July increased by 9.3 per cent to $521,101 compared to July 2018. Detached homes sold for an average price of $613,244 (an increase of 5.4 per cent compared to July of last year. During this same period, the average sale price for an apartment-style condominium was $339,137 for an increase of 15.9 per cent. Townhomes and semis sold for an average of $414,062 (up 17 per cent) and $434,136 (up 11.9 per cent) respectively.

The median price of all residential properties sold last month increased 10.8 per cent to $489,450 and the median price of a detached home during the same period increased by 8.8 per cent to $575,750

There were 844 residential properties listed in K-W and area last month, an increase of 12.8 per cent compared to July of 2018, and an increase of 10.4 per cent in comparison to the previous ten-year average for the month of July The total number of homes available for sale in active status at the end of July totaled 863, a decrease of 8.7 per cent compared to July of last year, and well below the previous ten-year average of 1,467 listings for July. Months Supply of Homes for sale stood at 1.7 months in July, which is 15 percent lower than the same period last year.  That is still making it a tight market for buyers and sellers.

There is still strong consumer demand that is making for a busier than normal market for the middle of summer.

The average days it took to sell a home in June was 22 days, which is the same number of days it took in July 2018.

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

Historical Sales – By Price Range

Average Days on Market

If you have any questions or have been thinking of making a move this summer or into the fall, give me a call or text at 519-497-4646 or shoot me an email to kevinbaker@kwhometeam.ca and lets sit down, grab a coffee and plan out a strategy that is best suited for your families needs.

Have a great August!

Kevin

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Strong Condo Sales in Kitchener Waterloo for June!

Hope you had a wonderful long Canada Day weekend. The weather was absolutely perfect and looks like its going to be a hot one for July.

Here are the stats from the July and the market here in Waterloo Region continues to stay strong. There were 658 residential properties sold through the Multiple Listing System (MLS® System) in June, representing an increase of 8.8 per cent compared to the same month last year.

Home sales in June included 404 detached (up 8.9 per cent), and 50 condominium apartments (down 28.6 per cent). Sales also included 159 townhouses (up 27.2 per cent) and 45 semi-detached homes (up 15.4 per cent).

A total of 3,154 homes have sold in Kitchener-Waterloo and area during the first half of this year, an increase of 1.4 per cent compared to 2018.

The average sale price of all residential properties sold in June increased by 8.9 per cent to $533,619 compared to June 2018. Detached homes sold for an average price of $618,186 an increase of 7.9 per cent compared to June of last year. During this same period, the average sale price for an apartment style condominium was $332,716 for an increase of 4.4 per cent. Town homes and semis sold for an average of $411,126 (up 10.7 per cent) and $430,427 (up 9.9 per cent) respectively.

The median price of all residential properties sold last month increased 9.9 per cent to $494,500, and the median price of a detached home during the same period increased by 11.7 per cent to $581,500

There were 888 residential properties listed in K-W and area last month, an increase of 4.3 per cent compared to June of 2018, and a slight increase of 0.5 per cent in comparison to the previous ten-year average for the month of June. The total number of homes available for sale in active status at the end of June totaled 890, a decrease of 10.8 per cent compared to June of last year, and well below the previous ten-year average of 1,581 listings for June. Months Supply of Homes for sale stood at 1.8 months in June, which is 14.3 percent lower than the same period last year.

We’re still in a solid seller’s market situation heading into the summer months, while more new listings are coming onto the market, strong buying demand is keeping supply tight.

The average days it took to sell a home in June was 20 days, compared to 22 days in June 2018.

Here are some charts to compare different parts of the market over the last 10 years.

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

Historical Sales – By Price Range

Historical Average Days on Market

If you have any questions or have been thinking of making a move this summer or in the fall, give me a call or text at 519-497-4646 or shoot me an email to kevinbaker@kwhometeam.ca and lets sit down, grab a coffee and plan out a strategy that is best suited for your families needs.

Have a great July!

Kevin


April Home Sales up in Kitchener Waterloo while Average Prices hit all time high!!

Hope you had a chance to enjoy the great weather we had on the weekend. It seemed like a very long winter but summer is just around the corner.

Home sales were up in April and we hit an all time high for the Kitchener Waterloo Real Estate Market average home prices which is very big news!!!

There were 623 residential sales in April, an increase of 1.1 per cent versus the same month last year, and up 2.2 per cent compared to the previous ten-year average for April.

Total residential sales in April included 394 detached (up 15.2 per cent), and 75 condominium apartments (up 1.4 per cent). Sales also included 113 townhouses (down 28.9 per cent) and 41 semi-detached homes (no change).

While sales of detached homes did jump a fair bit compared to the same month last year, they were actually on par with the previous 10-year average for April, which means we are getting back to some better market conditions for both buyers and sellers.

The average sale price of all residential properties sold in April increased by 10.9 per cent to $529,800 compared to April 2018. Detached homes sold for an average price of $611,803 an increase of 7.6 per cent compared to April of last year. During this same period, the average sale price for an apartment style condominium was $339,426 for an increase of 14.3 per cent. Townhomes and semis sold for an average of $405,013 (up 5.3 per cent) and $433,949 (up 7.7 per cent) respectively.

Average sale prices hit an all-time high in April. These are the highest sale prices we’ve ever posted in a single month. It’s only the third time the overall residential sale price has exceeded half a million, and for the first time, the average price of a detached home climbed over the 600-thousand-dollar mark.

Likewise, median prices reached an all-time high in April. The median price of all residential properties sold last month increased 11.4 per cent to $490,000, and the median price of a detached home during the same period increased by 11.1 per cent to $568,500

There were 913 residential properties listed  in K-W and area last month, a decrease of 6.9 per cent compared to April of 2018, and a decrease of 1.6% in comparison to the previous ten-year average for the month of April. The total number of homes available for sale in active status at the end of April totaled 884, a decrease of 6.1 per cent compared to April of last year, but still well below the previous ten-year average of 1,485 listings for April. Months Supply of Homes for sale stood at 1.8 month in April a decrease of 5.3 per cent compared to last year.

It’s still very much a seller’s market for anyone who is looking for a home under six hundred thousand. In these challenging market conditions, i believe consumers should always seek the expert advice of a local REALTOR®.

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 kevinbaker@kwhometeam.ca and lets sit down, grab a coffee and plan out a strategy that is best suited for your families needs.

Have a wonderful Mothers Day to all the mom’s out there.

Kevin


Frigid February Condo sales here in Kitchener Waterloo Real Estate

Hope you have been enjoying the frigid weather that we have had in the past month and trying to stay warm. I just wish it could be over already and can’t wait for spring to be honest.  So the stats are out for the past month here in Kitchener Waterloo real estate and the home sales were frigid as well.

There were 343 residential sales in February, a decrease of 8.3 percent compared to February 2018. The series of winter storms in February not only kept buyers indoors and off the roads, but also away from open houses and viewings i am sure.  This was the lowest amount of sales we’ve seen in February in a very long time.

Total residential sales in February included 178 detached (down 14.8 percent), and 105 condominium units (down  11 per cent). Sales  also included 23 semi-detached homes (down 8 percent), 36 free hold townhouses (down 112 percent).

The average sale price of all residential properties sold in February increased 3 percent to $490,668 compared to February 2018 . Detached homes sold for an average price of $597,965 an increase of 3.9 percent compared to February of last year. During this same period, the average sale price for an apartment style condo was $319,536 for an increase of 20.5 percent. Townhomes and semis sold for an average of $395,331 (up 2.6 percent)  and $448,123(up 14.4 percent) respectively.

The median price of all residential properties sold last month increased 6.9 percent to $465,000 and the median  price of a detached home during the same period increased 2 per cent to $533,500.  Despite the chill in the number of sales last month, the price gains reflect that demand continues to outpace supply which is great for sellers but still makes things difficult for many buyers.

There were 562 residential properties listed in K‐W and area last month, a small increase of 1.1 percent compared to February of 2018. The number of active residential listings on the MLS System to the end of February totaled 785, which is 9 percent more than February of last year, but still well below the previous ten year average of 1,296 listing for February.

The average days it took to sell a home in February was 25 days, which is 4 days longer than the amount of time it  took in February 2018.

The market remains very much as it has been for the past several months, but the delayed winter weather finally caught up with it. While the market is coming in like a lamb in March we are expecting it to go out like a lion.

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 kevinbaker@kwhometeam.ca and lets sit down, grab a coffee and plan out a strategy that is best suited for your families needs.

Stay warm and enjoy your weekend!


Home sales slip here in Kitchener Waterloo for September.

The fall colors are just starting to come out and Oktoberfest festivities are in full swing here in KW. I hope that you have been able to get out and enjoy the beautiful weather that we have been having this Thanksgiving weekend!

The stats are out for the Waterloo region real estate market and I wanted to share the results.  There were 448 homes sold in September, a decrease of 4.7 per cent compared to September of last year. On a year-to-date basis 4,558 residential units have sold compared to 5,345 during the same period in 2017, a decrease of 14.7 per cent.

The stress-test that came into force on all new mortgages at the beginning of the year has taken some of the steam out of home sales activity, meanwhile home prices continue to rise as inventory levels remain rather low. Residential sales in September included 270 detached (down 6.3 per cent compared to September 2017), and 110 condominium units (up 7.8 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 30 semi-detached homes (down 18.9 per cent) and 30 freehold townhouses (down 18.9 per cent).

The average sale price of all residential properties sold in September increased 10 per cent to $492,398 compared to the same month a year ago. Detached homes sold for an average price of $574,653 an increase of 11.4 per cent compared to September of last year. During this same period, the average sale price for an apartment style condominium was $325,378 an increase of 24.1 per cent. Town homes and semis sold for an average of $377,442 (up 4.7 per cent) and $386,670 (up 4.1 per cent) respectively. The median price of all residential properties sold last month was up 10.5 per cent compared to September of last year at $453,000, and the median price of a detached home during the same period increased 8.8 per cent to $520,000.

There were 824 residential properties listed in K-W and area in last month, a 10 per cent increase compared to September of last year, and 9 per cent above the historical ten-year average of 755. The number of active residential listings on the KWAR’s MLS® System to the end of September totaled 1,005, which is 18.2 per cent higher than September of last year but 522 units short of the previous ten-year average of 1,527 listings for September.

While the mortgage stress was intended to prevent home buyers in overheated markets like Vancouver and Toronto from borrowing more than they could afford, it has had the unintended consequence of putting the goal of owning a home further out of reach for buyers across all housing markets, including in Waterloo region. This is particularly impactful for first time home buyers where every penny counts.

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 kevinbaker@kwhometeam.ca and we can sit down, grab a coffee and discuss the best way to make it a smooth move for your family.

Happy Thanksgiving!

Kevin


Kitchener Waterloo Condo Market Update for February 2018

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!

Kevin


Kitchener Waterloo Home Sales Snowed Under in January

Hope you are enjoying the winter so far.. I personally can’t wait for the warmer weather of spring to arrive.  Here are the stats on how the Kitchener Waterloo market did in the month of January.
There were 270 residential sales in January through the Multiple Listing System (MLS® System), a decrease of 18 per cent compared to January 2017. On the surface, activity appears to be somewhat sluggish in January, however if we set aside the past two years, it was a very typical January in terms of the number of sales. What is less typical is that listing inventory is still at historic low levels, and we continue to see multiple offers on properties putting upward pressure on prices.
Total residential sales in January included 149 detached (down 23.6 per cent), and 70 condominium units (down 11.4 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 27 semi-detached homes (down 18.2 per cent) and 22 freehold townhouses (up 10 per cent).
The average sale price of all residential properties sold in January increased 9 per cent to $458,750 compared to January 2017. Detached homes sold for an average price of $554,857 an increase of 10.7 per cent compared to January of last year. During this same period, the average sale price for an apartment style condominium was $246,821 for an increase of 4 per cent. Townhomes and semis sold for an average of $371,095 (up 14.5 per cent) and $388,974 (up 9.7 per cent) respectively. The median price of all residential properties sold last month increased 6.8 per cent to $431,143, and the median price of a detached home during the same period increased 4.2 per cent to $495,000.
While the tougher mortgage rules that came into play on Jan. 1 have sidelined some home buyers, the reality is we’re still experiencing more demand than supply right now, there were  486 residential properties listed in K-W and area last month, an increase of 10.45 per cent compared to January of 2017. The number of active residential listings  the end of January totaled 588, which is 56 per cent more than January of last year, but still well below the previous ten-year average of 1507 listings for January. Months of inventory continues to track at a low 2 months.
The average days it took to sell a home in January was 32 days, compared to 23 days in January 2017. While the majority of MLS® System activity is properties for sale, REALTORS® also represented landlords and tenants in 51 residential leases in January, an 18.6 per cent increase compared to January 2017. There is no question that the expansion of the stress test on mortgages is going to be hard on consumers. For those entering the market, the stress test combined with higher borrowing costs is going to push some buyers out of their desired market. Some home buyers will be looking to other areas, and more affordable housing types, which is a vicious circle. For some home hunters, Waterloo region is still seen as one of the more affordable markets.
If you have any questions on the stats or are thinking of buying or selling a property in the coming months please give me a call and we sit down, grab a coffee and discuss the best strategy to fit your families needs. Give me a call at 519-497-4646 or email direct to baker_kevin@rogers.com
Have a great Valentines Day!
Kevin