February Sales Down But Prices Remain Steady
I hope you and your family are enjoying a wonderful weekend and survived the house dumping of snow we received last night. The February Real Estate stats are out for Waterloo region and inventory is tight and sales continue to stay low as prices are remaining steady. Lets take a look at the numbers…
Sales volume set a new low for the month of February, with 439 homes sold, representing a decrease of 45.0 per cent compared to February 2022 and 31.5 per cent below the previous 5-year average for the month.
Once again, we experienced record low listing sales in February, Increased borrowing costs, coupled with a shortage of housing supply and strong demand, have put a strain on prospective buyers as affordability continues to be a top concern; however, home prices have remained stable for the past several months.
Total residential sales in February included 256 detached (down 45.3 per cent from February 2022), and 100 townhouses (down 33.3 per cent). Sales also included 55 condominium units (down 52.6 per cent) and 28 semi-detached homes (down 56.3 per cent).
In February, the average sale price for all residential properties in Waterloo Region was $758,698. This represents a 25.1 per cent decrease compared to February 2022 and a 0.6 per cent decrease compared to January 2023.
- The average price of a detached home was $877,884. This represents a 26.0 per cent decrease from February 2022 and a decrease 0.9 per cent compared to January 2023.
- The average sale price for a townhouse was $642,777. This represents a 25.6 per cent decrease from February 2022 and an increase of 2.7 per cent compared to January 2023.
- The average sale price for an apartment-style condominium was $461,322. This represents a decrease of 19.2 per cent from February 2022 and a decrease of 6.9 per cent compared to January 2023.
- The average sale price for a semi was $667,250. This represents a decrease of 25.8 per cent compared to February 2022 and an increase of 2.6 per cent compared to January 2023.
| MLS® Home Price Index Benchmark Price | ||||||
| Kitchener-Waterloo | Cambridge | |||||
| Benchmark Type: | February 2023 | Monthly % Change | Yr./Yr. % Change | February 2023 | Monthly % Change | Yr./Yr. % Change |
| Composite | $726,500 | 3.0 | -24.2 | $742,300 | 1.6 | -25.3 |
| Detached | $822,800 | 4.2 | -24.8 | $770,800 | 1.8 | -27.0 |
| Townhouse | $588,500 | 0.9 | -22.3 | $637,400 | -0.2 | -13.8 |
| Apartment | $473,800 | -1.6 | -14.3 | $492,100 | 0.9 | -7.6 |
Limited supply and the small number of listings coming to the market continues to be a trend within the region. There may be some hesitation for those considering selling their property due to decreased reported sale prices; however, with demand continuing to outpace supply and prices stabilizing, sellers are in a healthy position to make their move coming into a spring market.
Although prices have fallen more than 20 per cent from their peak in February 2022, they remain significantly higher than three years ago, which is great news for our local market.
There were 671 new listings added last month, a decrease of 37.1 per cent compared to February of last year and a 24.8 per cent decrease 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 692, an increase of 75.2 per cent compared to February of last year and 38.0 per cent below the previous ten-year average of 1117 listings for February.
The number of months of inventory is up 140.0 per cent compared to February of last year, but still historically low at 1.2 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 February was 20, compared to 8 days in February 2022. The previous 5-year average is 16 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
The Real Estate market is changing very quickly, so 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 a wonderful March with your families!
Kevin
Condo Prices and Sales Continue to fall in Kitchener Waterloo
I hope you and your family are doing well and enjoying the beautiful August weather we are having. Hopefully if you are in town you have also been able to enjoy some wonderful free music at the Kitchener Blues Festival going on all weekend!
The Stats are out for July and things are still trending up on available homes for sale and trending down on average prices throughout the region. The stress of increasing mortgage rates are putting more pressure on the consumers ability to purchase a home which keeps prices from finding a bottom at this point.
There were 550 residential homes were sold in July, a decrease of 32.8 per cent compared to July 2021, and 32.3 per cent below the previous 5-year average for the month. We’re seeing a clear shift in the market and what people can afford to purchase or are willing to pay. On the bright side for buyers, it’s not the extreme sellers’ market it was.
Total residential sales in July included 337 detached (down 30.4 per cent from July 2021), and 112 townhouses (down 32.9 per cent). Sales also included 65 condominium units (down 39.3 per cent) and 36 semi-detached homes (down 41.0 per cent).
In July, the average sale price for all residential properties in Waterloo Region was $752,301. This represents a 1.2 per cent decrease compared to July 2021 and a 4.9 per cent decrease compared to June 2022.
- The average price of a detached home was $842,241. This represents a 6.0 per cent decrease from July 2021 and a decrease of 7.0 per cent compared to June 2022.
- The average sale price for a townhouse was $642,750. This represents a 3.6 per cent increase from July 2021 and a decrease of 3.3 per cent compared to June 2022.
- The average sale price for an apartment-style condominium was $521,731. This represents an increase of 20.4 per cent from July 2021 and an increase of 4.1 per cent compared to June 2022.
- The average sale price for a semi was $661,087. This represents an increase of 1.0 per cent compared to July 2021 and a decrease of 5.4 per cent compared to June 2022.
| MLS® Home Price Index Benchmark Price | ||||||
| Kitchener-Waterloo | Cambridge | |||||
| Benchmark Type: | July 2022 | Monthly % Change | Yr./Yr. % Change | July 2022 | Monthly % Change | Yr./Yr. % Change |
| Composite | $749,000 | -5.3 | 1.1 | $776,900 | -3.9 | 3.4 |
| Detached | $827,100 | -5.6 | -0.8 | $789,600 | -4.2 | 1.3 |
| Townhouse | $642,500 | -5.1 | 10.5 | $760,500 | -2.6 | 17.7 |
| Apartment | $524,800 | -2.3 | 17.4 | $584,700 | -0.0 | 20.1 |
The real estate market is cooling across the province, and we are seeing significantly fewer buyers from the GTA, which is also impacting prices, however, this is not entirely bad news since the previous market was not sustainable. The surprising thing is we are seeing rents continue to rise. The demad for rental properties has increased which is putting pressure there as well.
There were 1,174 new listings added last month, an increase of 34.0 per cent compared to July of last year, and a 9.2 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 1,283, an increase of 215.2 per cent compared to July of last year, and 19.5 per cent below the previous ten-year average of 1593 listings for July.
The number of months of inventory was 1.7 months in July, as it was in June. While this is still at historic lows, the last time it was near this range was September of 2019 when it was 1.6 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 July was 18, compared to 11 days in July 2021. 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 and 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 nice weather and have a great rest of the summer!
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
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
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
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
KW Condos and Lofts.com 