Kitchener Waterloo Home Sales up in November over last year!
I hope you are having a great week! It looks like winter is here a little early this year but I am sure all the skiers are enjoying things already. With the snow, that reminds us that there is less than a month till Christmas, so hopefully you have a good chunk of your shopping already done.
The Waterloo region real estate stats are out for November and sales were up over last year, which is great news! Let’s take a look….
In November, a total of 539 homes were sold in the Waterloo Region. This represents a 21.1 per cent increase compared to the same period last year and a decline of 13.1 per cent compared to the average number of homes sold in the previous ten years for the same month.
Home sales have experienced a substantial increase in November compared to last year. However, sales were down from the previous month and remain below the historical averages for the area. November has shown more balanced conditions, and the increase in available homes has benefited buyers, giving them more options. We are also seeing an abundance of condo apartments still for sale in the region as well which is keeping things sluggish in that sector of the market.
Total residential sales in November included 331 detached homes (up 23.5 per cent from November 2023), and 113 townhouses (up 37.8 per cent). Sales also included 51 condominium units (down 17.7 per cent) and 44 semi-detached homes (up 37.5 per cent).
In November, the average sale price for all residential properties in Waterloo Region was $754,604. This represents a 0.2 per cent decrease compared to November 2023 and a 3.3 per cent decrease compared to October 2024.
- The average price of a detached home was $862,690. This represents a 3.1per cent decrease from November 2023 and a decrease of 2.6 per cent compared to October 2024.
- The average sale price for a townhouse was $615,222. This represents a 0.9 per cent increase from November 2023 and a decrease of 4.9 per cent compared to October 2024.
- The average sale price for an apartment-style condominium was $452,732. This represents a 0.5 per cent increase from November 2023 and a decrease of 6.2 per cent compared to October 2024.
- The average sale price for a semi was $643,672. This represents an increase of 4.5 per cent compared to November 2023 and a decrease of 1.0 per cent compared to October 2024.
Average Sale Price – Monthly
| MLS® Home Price Index Benchmark Price | ||||||
| Kitchener-Waterloo | Cambridge | |||||
| Benchmark Type: | November 2024 | Monthly % Change | Yr./Yr. % Change | November 2024 | Monthly % Change | Yr./Yr. % Change |
| Composite | $719,600 | 0.8 | 0.6 | $737,400 | -0.1 | 1.6 |
| Single Family | $828,900 | 0.9 | 2.1 | $775,000 | -0.1 | 3.3 |
| Townhouse | $592,300 | -0.4 | -4.9 | $626,700 | -0.3 | -5.3 |
| Apartment | $444,300 | 1.1 | -2.4 | $479,600 | -0.2 | -3.3 |
Current market conditions, marked by increased inventory and stable prices, suggest that now might be a good time to buy. This is especially true for those who can take advantage of lower interest rates and recent mortgage reforms. These reforms expand eligibility for 30-year mortgage amortizations to all first-time homebuyers and buyers of new construction. Additionally, a higher limit on insured mortgages will take effect on December 15, 2024.
There were 889 new listings added last month, an increase of 2.4 per cent compared to November last year and an 18.4 per cent increase 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 1,565 an increase of 20.0 per cent compared to November of last year and 57.8 per cent above the previous ten-year average of 992 listings for November.
The total inventory across the market increased by 16.7 percent, resulting in a 2.8 month supply of all property types by the end of November. Condominium apartments had the highest inventory, with 5.9 months’ supply, followed by townhouses with 3.9 months’ supply and detached homes with 2.0 months’ supply. The number of months of inventory represents the time it would take to sell off current inventories at the current sales rate.
The average time to sell a home in November was 27 days, consistent with the previous month. In November 2023, it took 24 days for a home to sell, and the five-year average was 19 days.
If you have any questions at all, are thinking of making a move this winter, or are wondering what your home might be worth, give me a call or text to 519-497-4646 or shoot me an email to kevinbakerrealestate@gmail.com and we can sit down for a coffee and chat about your family’s needs going forward.
Have a great rest of your week!
Kevin
Average Sales Price – Municipality
Average Sales Price – Township
Monthly Sales By Property Type
Monthly Supply of Homes for Sale
Monthly Supply of Homes for Sale – By Property Type
Monthly Median Sales Price – By Property Type
Monthly Average Sales Price – By Property Type
Monthly Average Days on Market
Waterloo Region Condo Sales see’s a Decrease in September
I hope you had a great week and are looking forward to the weekend. The weather has been so nice in September but I am sure fall is just around the corner. The stats are out for September in the Waterloo Region Housing market and Sales were down once again but prices were up slightly. Let’s take a look at the numbers…
In September, a total of 521 homes were sold in the Waterloo Region. This represents a decrease of 2.1 per cent compared to the same period last year and a decline of 23.5 per cent compared to the average number of homes sold in the previous ten years for the same month.
There has been an overall slowdown in home sales, but we continued to see strong demand for detached homes, resulting in an increase in sales for that specific type of property last month. The buyers have a bit more selection than a year ago as inventory is up, and homes take a little longer to sell. This can mean a less stressful homebuying experience, but for sellers, the current market may require more patience or even adjustment in price expectation.
Total residential sales in September included 336 detached homes (up 9.4 per cent from September 2023), and 95 townhouses (down 22.1 per cent). Sales also included 57 condominium units (down 16.2 per cent) and 32 semi-detached homes (down 3.0 per cent).
In September, the average sale price for all residential properties in Waterloo Region was $788,944. This represents a 2.9 per cent increase compared to September 2023 and a 2.3 per cent increase compared to August 2024.
- The average price of a detached home was $910,286. This represents a 2.3 per cent increase from September 2023 and an increase of 2.2 per cent compared to August 2024.
- The average sale price for a townhouse was $595,435. This represents a 6.9 per cent decrease from September 2023 and a decrease of 2.7 per cent compared to August 2024.
- The average sale price for an apartment-style condominium was $483,331. This represents a decrease of 3.4 per cent from September 2023 and an increase of 4.9 per cent compared to August 2024.
- The average sale price for a semi was $654,613. This represents a decrease of 2.9 per cent compared to September 2023 and an increase of 0.1 per cent compared to August 2024.
Average Sale Price – Monthly
| MLS® Home Price Index Benchmark Price | ||||||
| Kitchener-Waterloo | Cambridge | |||||
| Benchmark Type: | September 2024 | Monthly % Change | Yr./Yr. % Change | September 2024 | Monthly % Change | Yr./Yr. % Change |
| Composite | $728,700 | 0.2 | -1.8 | $741,800 | -0.1 | 0.0 |
| Single Family | $844,400 | 0.6 | 0.3 | $777,500 | 0.2 | 1.3 |
| Townhouse | $602,800 | -0.7 | -5.5 | $641,700 | -1.7 | -4.8 |
| Apartment | $435,700 | -1.3 | -8.3 | $481,500 | -0.2 | -4.2 |
In September, the federal government made some policy changes. These changes include extending mortgage terms to 30 years for first-time homebuyers and all buyers of new builds and raising the CMHC insurance cap from $1 million to $1.5 million. These changes will come into effect later this year. Combined with anticipated further interest rate cuts, these adjustments could enable more buyers to purchase their first home.
There were 1,313 new listings added last month, a decrease of 6.5 per cent compared to September last year and a 20.0 per cent increase 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 1,751 an increase of 21.3 per cent compared to September of last year and 42.2 per cent above the previous ten-year average of 1,232 listings for September.
The total inventory across the market increased by 23.1 percent, resulting in a 3.2-month supply of all property types by the end of September. Condominium apartments had the highest inventory, with 5.5 months’ supply, followed by townhouses with 3.6 months’ supply and detached homes with 2.7 months’ supply. The number of months of inventory represents the time it would take to sell off current inventories at the current sales rate.
The average time it took to sell a home in September was 28 days, which is three days longer than the previous month. In September 2023, it took 19 days for a home to sell, and the five-year average is 18 days.
If you have any questions at all, are thinking of making a move this fall and wondering what your home might be worth, give me a call or text to 519-497-4646 or shoot me an email to kevinbakerrealestate@gmail.com and we can sit down for a coffee and chat about your family’s needs going forward.
Enjoy your Thanksgiving with your families next weekend!
Kevin
Average Sales Price – Municipality
Average Sales Price – Township
Monthly Sales By Property Type
Monthly Supply of Homes for Sale
Monthly Supply of Homes for Sale – By Property Type
Monthly Median Sales Price – By Property Type
Monthly Average Sales Price – By Property Type
Monthly Average Days on Market
March Home and Condo Sales Slump in March for Kitchener, Waterloo and Cambridge
I hope you had a nice Easter long weekend with the family last week and got to enjoy some time together making new memories. The Easter bunny came to our place too in the form of 4 new chickens and 2 ducks for our newly constructed coop 🙂
The stats for March came out and Waterloo Region experienced record low home sales. The market is tight for inventory once again and multiple offers are showing up for well priced homes in the 700-900k range.
Let’s take a look at the numbers….
In March, a total of 596 homes were sold, this represents a decrease of 3.2% compared to the same period last year and a decline of 33.4% compared to the average number of homes sold in the previous 5 years for the same month.
Despite the challenging market conditions, the first quarter of 2024 saw an increase in home sales, marking an 8.0 per cent rise compared to the previous year. However, these figures still fall short of the first-quarter sales of the past decade.
While home sales in Waterloo Region hit a record low for March in over two decades, we’re also witnessing a positive trend. Over the past three months, prices and activity have started to pick up, and I expect this momentum will continue into the spring.
Total residential sales in March included 344 detached (down 3.9 per cent from March 2023), and 127 townhouses (down 0.8 per cent). Sales also included 86 condominium units (down 1.1 per cent) and 37 semi-detached homes (down 11.9 per cent).
In March, the average sale price for all residential properties in Waterloo Region was $806,279. This represents a 3.6 per cent increase compared to March 2023 and a 6.6 per cent increase compared to February 2024.
- The average price of a detached home was $954,342. This represents a 4.9 per cent increase from March 2023 and an increase of 7.3 per cent compared to February 2024.
- The average sale price for a townhouse was $667,810. This represents a 4.4 per cent increase from March 2023 and an increase of 6.0 per cent compared to February 2024.
- The average sale price for an apartment-style condominium was $483,085. This represents an increase of 0.3 per cent from March 2023 and an increase of 5.3 per cent compared to February 2024.
- The average sale price for a semi was $680,039. This represents a decrease of 2.9 per cent compared to March 2023 and an increase of 1.0 per cent compared to February 2024.
Average Sale Price – Monthly
| MLS® Home Price Index Benchmark Price | ||||||
| Kitchener-Waterloo | Cambridge | |||||
| Benchmark Type: | March 2024 | Monthly % Change | Yr./Yr. % Change | March 2024 | Monthly % Change | Yr./Yr. % Change |
| Composite | $740,900 | 1.6 | 0.0 | $747,500 | 0.7 | 0.9 |
| Detached | $853,800 | 1.5 | 1.3 | $780,100 | 0.8 | 1.1 |
| Townhouse | $614,900 | 2.3 | 1.3 | $652,400 | 0.6 | 2.4 |
| Apartment | $461,900 | 2.1 | -0.7 | $490,500 | 2.8 | 3.4 |
Home prices have been gradually increasing since December, which is a typical trend that we see going into a spring market. The rate and extent of further increases will depend on the willingness and patience of potential home buyers who have been waiting for lower interest rates before making their purchase. With the Bank of Canada not anticipated to make any rate changes before its June meeting, some potential home buyers may feel stuck in limbo.
There were 1,023 new listings added last month, an increase of 18.7 per cent compared to March last year and a 15.9 percent decrease 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 1,081 an increase of 54.0 per cent compared to March of last year and 1.1 per cent below the previous ten-year average of 1,093 listings for March.
At the end of March, there were 1.9 months of inventory, a 58.3 percent increase compared to last year and 18.8 percent above the previous 10-year average. The number of months of inventory represents how long it would take to sell off current inventories at the current sales rate.
The average number of days to sell in March was 19, the same number as March 2023. The previous 5-year average was 18 days.
If you are thinking about buying a new home, It is my belief that we are going to see home prices rise throughout 2024 and once the Bank of Canada starts lowering rates the acceleration of prices will increase as buyers that have been sitting on the sidelines will jump back into the market.
If you have any questions at all, are thinking of making a move this spring and wondering what your home might be worth, give me a call or text to 519-497-4646 and we can sit down for a coffee and chat about your family’s needs going forward.
Enjoy the rest of your April and the nice weather that is coming.
Kevin
Average Sales Price – Municipality
Average Sales Price – Township
Monthly Sales By Property Type
Monthly Supply of Homes for Sale
Monthly Supply of Homes for Sale – By Property Type
Monthly Median Sales Price – By Property Type
Monthly Average Sales Price – By Property Type
Monthly Average Days on Market
Condo market softer while the housing market remains steady in Kitchener Waterloo and Cambridge
I hope you are and your family are enjoying the mild winter we have had so far. The ground hogs predicted an early spring, which is not good news for all the skiiers.
The stats are out for the housing market here in Waterloo Region for January. Lets take a look at the numbers.
In January, there were 375 homes sold, representing an increase of 25.4 per cent compared to the previous year and a decline of 7.4 per cent compared to the previous 10-year average for the month.
January is traditionally a slower time of year for home sales, but it’s reassuring to see the increase compared to last year. This time last year, we hit an all-time low in January home sales, and while this year has begun with sales below the historical average, the market is showing signs of improvement.
Total residential sales in January included 206 detached (up 15.7 per cent from January 2023), and 85 townhouses (up 39.3 per cent). Sales also included 56 condominium units (up 30.2 per cent) and 19 semi-detached homes (up 11.8 per cent).
In January, the average sale price for all residential properties in Waterloo Region was $762,174. This represents a 0.1 per cent decrease compared to January 2023 and a 3.2 per cent increase compared to December 2023.
- The average price of a detached home was $911,262. This represents a 2.9 per cent increase from January 2023 and an increase of 7.5 per cent compared to December 2023.
- The average sale price for a townhouse was $638,162. This represents a 2.0 per cent increase from January 2023 and an increase of 2.7 per cent compared to December 2023.
- The average sale price for an apartment-style condominium was $446,146. This represents a decrease of 10.0 per cent from January 2023 and a decrease of 8.7 per cent compared to December 2023.
- The average sale price for a semi was $631,995. This represents a decrease of 2.9 per cent compared to January 2023 and an increase of 3.1 per cent compared to December 2023.
Average Sale Price – Monthly
| MLS® Home Price Index Benchmark Price | ||||||
| Kitchener-Waterloo | Cambridge | |||||
| Benchmark Type: | January 2024 | Monthly % Change | Yr./Yr. % Change | January 2024 | Monthly % Change | Yr./Yr. % Change |
| Composite | $714,600 | 1.3 | 0.1 | $747,800 | 5.8 | 3.8 |
| Detached | $820,700 | 2.8 | 2.6 | $777,900 | 7.0 | 4.3 |
| Townhouse | $597,500 | -0.7 | -0.4 | $658,700 | 0.2 | 3.7 |
| Apartment | $444,000 | -5.9 | -7.3 | $487,100 | -2.2 | 0.2 |
We are optimistic that this year will have more stability than last. With the Bank of Canada holding steady at a 5.0% benchmark interest rate, they recognize the overall economy has slowed down. However, housing is a key metric, and we expect the Bank to maintain a balanced response so long as housing continues with moderate growth in 2024 rather than any dramatic increases.
There was 720 new listings added last month, an increase of 23.5 per cent compared to January last year and a 3.9 per cent decrease compared to the previous ten-year average for January.
The total number of homes available for sale in active status at the end of January was 855 an increase of 33.4 per cent compared to January of last year and 1.2 per cent below the previous ten-year average of 865 listings for January.
At the end of January, there were 1.5 months of inventory, a 50.0 percent increase compared to last year and 15.4 percent above the previous 10-year average. The number of months of inventory represents how long it would take to sell off current inventories at the current sales rate.
With the exception of condo apartment property types, we saw mostly yearly and monthly price gains across the housing types. This is because there is more supply in the condo segment (2.8 months) compared to the other property types.
The average number of days to sell in January was 33, compared to 25 days in January 2023. The previous 5-year average is 20 days.
If you are thinking of making a move in the next couple of months or are just wondering what your neighbors home sold for, please give me a call or text at 519-497-4646 or email kevinbakerrealestate@gmail.com.
Lets sit down for a coffee and talk about your families needs going forward.
Have a wonderful February!
Kevin
Average Sales Price – Municipality
Average Sales Price – Township
Monthly Sales By Property Type
Monthly Supply of Homes for Sale
Monthly Supply of Homes for Sale – By Property Type
Monthly Median Sales Price – By Property Type
Monthly Average Sales Price – By Property Type
Monthly Average Days on Market
Listing Inventory Up in Kitchener Waterloo and Cambridge for July
I hope you are having an amazing long weekend. The rain has put a bit of a damper on things but overall the weather this summer has been wondeful. I know the crops and my grass have never looked so good!
The numbers are out for July in the Kitchener Waterloo and Cambridge real estate markets and things are looking good. Listing inventory is gaining steam as well as single detached home prices. The townhouse and condo markets are still struggling a bit but overall moving up over last month. Lets take a look at the numbers…
In July, there were 607 homes sold, representing an increase of 10.4 per cent compared to the previous year and a decline of 21.6 per cent compared to the previous 5-year average for the month.
The Waterloo Region residential real estate market experienced some growth in terms of unit sales and supply in July, with home prices showing moderate fluctuations, despite the Bank of Canada’s most recent interest rate hike, we saw more sellers coming off the sidelines with new listing activity reaching its second highest level for the month of July in over a decade.
Total residential sales in July included 364 detached (up 8.3 per cent from July 2022), and 120 townhouses (up 7.1 per cent). Sales also included 74 condominium units (up 15.6 per cent) and 44 semi-detached homes (up 22.2 per cent).
In July, the average sale price for all residential properties in Waterloo Region was $795,778. This represents a 5.8 per cent increase compared to July 2022 and a 5.2 per cent decrease compared to June 2023.
- The average price of a detached home was $920,635. This represents an 8.8 per cent increase from July 2022 and a decrease of 8.4 per cent compared to June 2023.
- The average sale price for a townhouse was $670,283. This represents a 4.4 per cent increase from July 2022 and an increase of 0.5 per cent compared to June 2023.
- The average sale price for an apartment-style condominium was $496,757. This represents a decrease of 4.8 per cent from July 2022 and an increase of 5.6 per cent compared to June 2023.
- The average sale price for a semi was $665,328. This represents an increase of 0.6 per cent compared to July 2022 and a decrease of 3.8 per cent compared to June 2023.
| MLS® Home Price Index Benchmark Price | ||||||
| Kitchener-Waterloo | Cambridge | |||||
| Benchmark Type: | July 2023 | Monthly % Change | Yr./Yr. % Change | July 2023 | Monthly % Change | Yr./Yr. % Change |
| Composite | $765,000 | -1.7 | 1.8 | $764,600 | -1.8 | -1.2 |
| Detached | $869,000 | -2.3 | 4.4 | $797,100 | -2.2 | 1.2 |
| Townhouse | $648,700 | 0.6 | -0.3 | $663,200 | 0.5 | -11.9 |
| Apartment | $484,900 | 1.2 | -5.5 | $492,600 | 2.2 | -14.8 |
In this ever-evolving market, demand persists despite the changing landscape. Increased listing activity is certainly welcomed to help offset the lack of supply and pent-up demand.
There were 1,194 new listings added last month, an increase of 1.4 per cent compared to July of last year and a 10.8 per cent increase 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 1,107, a decrease of 14.8 per cent compared to July of last year and 22.6 per cent below the previous ten-year average of 1431 listings for July.
There were 2.0 months of inventory at the end of July, up slightly from the end of June and in line with the previous 10-year average. The number of months of inventory represents how long it would take to sell off current inventories at the current sales rate.
The average number of days to sell in July was 16, compared to 18 days in July 2022. The previous 5-year average is 18 days.
Average Sales Price – Municipality
Average Sales Price – Township
Monthly Sales By Property Type
Monthly Supply of Homes for Sale
Monthly Median Sales Price – By Property Type
Monthly Average Sales Price – By Property Type
Monthly Average Days on Market
If you are thinking of buying or selling this fall, 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 rest of your holiday Monday!
Kevin
Prices and Sales up in Kitchener Waterloo and Cambridge for July
Hope all is well with you and your family. Summer is here and I hope that you have been able to get out and enjoy some of the great weather we have had lately.
The market stats are out for June, lets take a look and see where things are at…
In June, there were 780 homes sold, representing an increase of 4.6 per cent compared to the previous year and a decline of 12.3 per cent compared to the previous 5-year average for the month.
The real estate market in Waterloo Region showed signs of a rebound in June, with monthly sales increasing on a year-over-year basis for the first time this year. The total number of home sales are down nearly 25 per cent for the first half of 2023 compared to last year but have been steadily climbing since January.
Total residential sales in June included 468 detached (up 5.9 per cent from June 2022), and 149 townhouses (up 4.9 per cent). Sales also included 118 condominium units (up 22.9 per cent) and 42 semi-detached homes (down 32.3 per cent).
In June, the average sale price for all residential properties in Waterloo Region was $839,869. This represents a 6.4 per cent increase compared to June 2022 and a 2.0 per cent increase compared to May 2023.
- The average price of a detached home was $1,005,519. This represents a 10.4 per cent increase from June 2022 and an increase of 4.1 per cent compared to May 2023.
- The average sale price for a townhouse was $665,984. This represents a 0.2 per cent increase from June 2022 and a decrease of 4.4 per cent compared to May 2023.
- The average sale price for an apartment-style condominium was $470,163. This represents a decrease of 6.2 per cent from June 2022 and a decrease of 3.3 per cent compared to May 2023.
- The average sale price for a semi was $691,507. This represents a decrease of 1.1 per cent compared to June 2022 and a decrease of 5.0 per cent compared to May 2023.
| MLS® Home Price Index Benchmark Price | ||||||
| | Kitchener-Waterloo | Cambridge | ||||
| Benchmark Type: | June 2023 | Monthly % Change | Yr./Yr. % Change | June 2023 | Monthly % Change | Yr./Yr. % Change |
| Composite | $777,800 | 0.1 | -2.0 | $778,600 | -1.6 | -3.4 |
| Detached | $889,400 | 0.2 | 0.7 | $815,300 | -1.9 | -1.0 |
| Townhouse | $645,200 | 1.7 | -5.9 | $660,100 | 1.2 | -14.7 |
| Apartment | $479,000 | -1.8 | -8.7 | $481,900 | 0.2 | -16.6 |
In June we saw robust demand for detached properties, driving a significant 10.5 per cent increase in the average sale price of a detached home, while the central bank raised its benchmark interest rate to 4.75 per cent near the beginning of the month, demand remains strong. Buyers and sellers can expect a competitive market as the number of homes for sale continues to be well below the long-term average.
There were 1,321 new listings added last month, a decrease of 21.6 per cent compared to June of last year and a 3.5 per cent increase compared to the previous ten-year average for June.
The total number of homes available for sale in active status at the end of June was 1007, a decrease of 23.1 per cent compared to June of last year and 32.8 per cent below the previous ten-year average of 1499 listings for June.
The number of months of inventory is up 5.9 per cent compared to June of last year, but still historically low at 1.8 months. The number of months of inventory represents how long it would take to sell off current inventories at the current sales rate.
The average number of days to sell in June was 15, compared to 13 days in June 2022. The previous 5-year average is 17 days.
Average Sales Price – Municipality
Average Sales Price – Township
Monthly Sales By Property Type
Monthly Supply of Homes for Sale
Monthly Median Sales Price – By Property Type
Monthly Average Sales Price – By Property Type
Monthly Average Days on Market
If you are thinking of buying or selling this summer/fall, 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 great July weather!
Kevin
KW Condos and Lofts.com 