KITCHENER – WATERLOO CONDOS & LOFTS FOR SALE

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November Condo sales 2nd best on record here in Kitchener Waterloo

Hope you are having a great week and all ready for the upcoming holiday season.  I wanted to take a moment to bring you up to date on what is happening in the Kitchener Waterloo real estate market. November was a great month here in Waterloo region with the 2nd best home sales on record for November.

Last month a total of 483 residential properties sold in Kitchener-Waterloo and area through the MLS® system.  Home sales were up 14.2 per cent in November compared to the same month last year, and up 19 per cent compared to the previous 10-year November average of 406 sales, making it the second-best November on record.

November’s sales included 265 detached (up 9.5 per cent compared to November 2017), and 152 condominium units (up 52 per cent) which includes any property regardless of style. Sales also included 27 semi-detached homes (down 46 per cent) and 31 freehold townhouses (up 14.8 per cent).  For the second straight month we are reporting stronger than average sales, which is great to see. The prospect of further interest rate increases that were indicated last month could be responsible for the current surge in home sales.

The average sale price of all residential properties sold in November increased 7.6 per cent to $477,526 compared to the same month a year ago. Detached homes sold for an average price of $580,551 an increase of 12.8 per cent compared to November of last year. During this same period, the average sale price for an apartment style condominium was $305,334 an increase of 10 per cent. Townhomes and semis sold for an average of $361,177 (down 2 per cent) and $416,878 (up 10.7 per cent) respectively. The median price of all residential properties sold last month was up 6.3 per cent compared to November of last year at $443,800 and the median price of a detached home during the same period increased 9.5 per cent to $520,000.

Waterloo region continues to be a very desirable place for purchasing a home, and affordability is a concern in Waterloo Region as we continue to see prices increase, especially for detached homes. While we believe this is more a reflection of our region being “discovered” by buyers from the GTA, it is resulting in more entry-level clients pursuing condominiums and townhomes. Combined with an ongoing tight supply of listings buyers are facing continued upward pressure on sale prices in the region.  There were 597 residential properties listed in K-W and area in last month, a 1.1 per cent decrease compared to November of last year, but 18.2 per cent above the historical ten-year average of 505. However, the number of active residential listings on the Kitchener Waterloo MLS® System to the end of November totalled 888, which is 12.8 per cent lower than November of last year and 449 units fewer than the previous ten-year average of 1,337 listings for November.

If you have any questions or are thinking of buying or selling in the coming months, please give me a call and we can sit down for a coffee and talk about some strategies that would work for your family needs. I also want to wish you and your family a wonderful holiday season and all the best for 2019.

Merry Christmas!

Kevin

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Condo Sales remain strong here in Kitchener Waterloo for July 2018

I hope you and the family have been enjoying the great summer weather that we have had this year. Any big vacations planned for August?

I know that Real estate is always a topic of conversations when you are sitting around the deck entertaining family and friends so here is some information so you are up to date on what is happening here in Waterloo Region.

July home sales were down 16.8 per cent compared to last month and down 10.6 per cent compared to July of last year. A total of 504 residential properties sold in July compared to 564 in the same month last year. On a year-to-date basis, there have been 3,601 home sales during the first half of the year, a decrease of 18.0 per cent.

The story for July is largely more of the same that we’ve been seeing for most of 2018. The number of sales has decreased from what we were seeing the past couple of years to more typical levels, but the value of homes not only remains steady but continues to gradually increase.

Residential sales in July included 282 detached (down 23.4 per cent compared to July 2017), and 130 condominium units (up 14.0 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 53 semi-detached homes (up 35.9 per cent) and 35 freehold townhouses (down 5.4 per cent).

The average sale price of all residential properties sold in July increased 5.5 per cent to $480,145 compared to the same month a year ago. Detached homes sold for an average price of $584,337 – an increase of 12.4 per cent compared to July of last year. During this same period, the average sale price for an apartment style condominium was $292,714, an increase of 4.3 per cent. Townhomes and semis sold for an average of $359,278 (up 2.2 per cent) and $387,664 (up 9.8 per cent) respectively. The median price of all residential properties sold last month was up 7.1 per cent compared to July of last year at $443,700, and the median price of a detached home during the same period increased 12.8 per cent to $530,000.

There were 739 residential properties listed in K-W and area last month, down 8.9 per cent compared to July of 2017. The number of active residential listings  the Kitchener Waterloo MLS® System to the end of July totaled 1,062, which is 3.3 per cent higher than July of last year but still down from the historical (2007-2016) ten-year average of 1,885 listings for July.

The competition from buyers is still out there, but not nearly as prevalent as the past two years. This is showing up in the $400,000-$600,000 price point where we continue to see the shortest average days on market.  I think this reflects both the move-up market as well as the typical home that buyers who migrated down the 401 were purchasing. There is no doubt the mortgage stress-test is impacting buyers. Overall the market here in the Waterloo region remains strong and we seeing that continuing into the fall.

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 grab a coffee and discuss the best way to make it a smooth move for your family.

Have a great August long weekend!

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


A Frenzy of February Home Sales in Waterloo Region

It was another very strong month of home sales in the Waterloo Region. There is seemingly no end in sight  in this brisk early spring market.

There were 474 residential sales in February through the Multiple Listing System, an increase of 4.2 percent compared to February 2016. With the nice weather in February, we experienced  volume well above what we would normally see for a typical February. That being said, the sales volume could have been much higher still if there were more listings on the market. The shortage of listings and demand continue to push up prices across the region.

Residential sales in February included 299 detached homes (up 5.7 percent compared to February 2016), 107 condominium units (up 3.9 percent) which include any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 32 semi-detached homes (down 3 percent) and 31 freehold townhouses (up 3.3 percent).

A lack of listings to satisfy the strong consumer demand is fueling multiple offers often resulting in sale prices above the actual asking price, which pushed the total residential average sale price in February up 27.5% compared to the same month last year to $463,355. Detached homes sold for an average price of $549,691 an increase of 30.7 percent, while the average sale price for an apartment style condominium was $246,736, an increase of 8.8 percent. Townhomes and semis sold for an average of $388,721 (up 20.6 percent) and $369,624 (up 31 percent) respectively.

Last month there were 427 active listings on the KWAR’s MLS® System, compared to 1,226 in February of last year. The average days on market in February were significantly shorter than a year ago: 18 days, compared to 39 days. On a month to month basis, the market was in a real frenzy in February, with it taking four fewer days from list to sale date last month compared to January.

Even though it is a challenging time to be selling or buying a home, the dream of home ownership is still very much alive and well in the region. With historically low interest rates there are still properties that are affordable for the average buyer.

If you ever have any questions on buying a home in this competitive marketplace or you are thinking of selling your home please give me a call and I would be happy to sit down and discuss the best strategy that works for you and your families situation.

Have a great day

Kevin


Strong Month of May for Kitchener Waterloo Home and Condo Sales

It was another fantastic month for the local real estate market here in Waterloo Region .There were 553 home sales in Kitchener-Waterloo and surrounding area through the Mls system.

This represents an 8.4% increase compared to May of 2014, and 9.6% above the 5 year average for the month May. With a total of 2,926 home sales occurring through the Kitchener Waterloo Real Estate Board, year-to-date sales are 3.3% above the five year average.

Although sales numbers in Kitchener-Waterloo are higher in comparison to May of last year, they are on par with the month of April, at 1.7% above last month’s residential sales numbers, a difference of nine home sales. It’s been a very busy but typical spring market. Low mortgage interest rates and a diverse local economy continue to support home buying in Waterloo region.

Much like the month of April, sales activity in the $300,000 – $349,999 posted a healthy increase in the month of May with 126 homes sold in that range, a 24.8% increase from the same time last year. Sales in the $400,000 – $499,999 also increased with 81 sold in this price range, a 28.6% increase.

Sales in KW included 355 single detached homes (up 4.7 %), 113 condominium units (up 28.4%), 44 semi-detached (up 2.3%) and 40 freehold townhouses (up 8.1%). The average sale price of all residential sales through the Mls, increased  1.6 percent to $343,750 compared to May 2014. Single detached homes sold for an average price of $390,704 an increase of 1.1% compared to last year. Condominium market prices were up 7.1%, with the average condo unit selling for $237,649.

If you have any questions or are thinking of buying or selling in the coming months feel free to give me a call.

Have a great week!

Kevin