KITCHENER – WATERLOO CONDOS & LOFTS FOR SALE

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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

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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!


January Condo Sales up in Waterloo Region

I hope you are staying warm during this very unpredictable winter weather. I am sure the kids are loving all the snow days they have had in the past weeks. The stats are out from January and the Kitchener Waterloo Real Estate market enjoyed a great month of home sales.

January was surprisingly busy with an above average number of home sales. There were 307 residential sales in January, an increase of 14.6 percent compared to January 2018 as well as the number of units sold last month were up nearly fifteen percent compared to the previous ten-year average for January.

Total residential sales in January included 189 detached (up 26 percent), and 80 condominium units (up 19.4 percent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 20 semi-detached homes (down 28.6 percent) and 17 freehold townhouses (down 19 percent).

The average sale price of all residential properties sold in January increased 5.3 percent to $484,076 compared to January 2018. Detached homes sold for an average price of $564,718 an increase of 1.9 percent compared to January of last year. During this same period, the average sale price for an apartment style condominium was $303,379 for an increase of 22.1 percent. Townhomes and semis sold for an average of $368,227 (up 0.7 percent) and $407,852 (up 4.6 percent) respectively. The median price of all residential properties sold last month increased 5.3 percent to $455,000, and the median price of a detached home during the same period increased 7.1 percent to $530,000

It was a positive sign to see an uptick in the number of residential listings hitting market, however, the total number of homes available for sale continues to perform well below historical averages. There were 585 homes listed in K-W and area last month, an increase of 25.5 percent compared to January of 2018. The number of active residential listings at the end of January totaled 810, which is 11.4 percent more than January of last year, but still well below the previous ten-year average of 1,189 listings for January. The average days it took to sell a home in January was 26 days, which is 5 days less than the amount of time it took in January 2018.

We have a positive outlook for 2019. I think we’re going to see home prices remain steady or have small increases, sales will continue to be strong but we’re also beginning to see more homes being listed for sale to increase our inventory and provide buyers with additional options. So long as everything else remains equal Waterloo Region should remain a strong and stable market.

If you have any questions or are thinking of buying or selling in the coming months, please give me a call  at 519-497-4646 and we can sit down for a coffee and talk about some strategies that would work best for your family needs.

Have a great weekend!

Kevin


2019 Kitchener Waterloo Condo Market Update

Happy New Year and welcome to 2019!!  I hope you enjoyed a wonderful holiday season with your family full of good food, great friends and new memories. We are only 6 days into the new year and the market is already showing signs of a busy winter and spring market to come.  The stats are out and below is  a recap of the numbers…

The month of  December proved to continue the trend of lower sales volumes but increasing prices.  There were 5,823 residential homes sold through the MLS® System  in 2018, a decline of 11.1 per cent compared to 2017. With 263 transactions taking place last month, December’s home sales were down 13.2 per cent from this time last year and slightly behind the previous 10-year average of 268 sales for the month of December.

The combination of rising interest rates and the mortgage stress test definitely took some steam out of the market relative to what we saw in the previous two years. These types of impediments are most impactful on first-time as well as other buyers entering the housing market.

Total residential sales in 2018 included 3,355 detached (down 16.2 per cent), and 1,553 condominium units (up 6.4 per cent) which includes any property regardless of style.  Sales also included 417 semi-detached homes (down 23.6 per cent) and 431 freehold townhouses (down 7.7 per cent).

The average sale price of all residential properties sold in 2018 increased 3.4 per cent to $483,537 compared to 2017. Detached homes sold for an average price of $575,412, an increase of 4.8 per cent compared to 2017. During this same period, the average sale price for an apartment style condominium was $304,676 for an increase of 12 per cent. Townhomes and semis sold for an average of $373,307 (up 5.5 per cent) and $396,391 (up 4.7 per cent) respectively.  The median price of all residential properties sold last year increased 3.6 per cent to $445,304, and the median price of a detached home during the same period increased 6.1 per cent to $525,000.

The average time it took for a home to sell in 2018 was reflective of demand continuing to outpace supply. The number of months of inventory remained at under 2 months of supply throughout the year (3-4 months is historically normal for Waterloo region) and the average days to sell in 2018 was 24 days, compared to 19 days in 2017 and a previous 10-year average of 40 days.

While we may be seeing fewer buyers coming down the 401, they are still a component of the Waterloo region real estate market, just not as speculative as what we saw in the previous two years. 2018 continued to be a seller’s market in the region with stable sales activity and homeowners realizing solid gains in their property values.

Even though prices increased more moderately overall compared to the last two years, they continue to respond to strong demand and the desirability of our area. For those would-be buyers who have been sitting on the fence these past two years, home prices are only getting further out of reach, as supply remains low and demand strong.

Dollar volume of all residential real estate sold last year decreased 8 per cent to $2.8 Billion compared with 2017. While the majority of residential MLS® System activity is properties for sale, REALTORS® are increasingly representing landlords and tenants. Last year 733 residential leases occurred through KWAR’s MLS® System, an increase of 22 per cent compared to 2017 and, a 40% increase compared to 2016.

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 specific strategies that would best suit your families needs.

Have a great 2019!

Kevin


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


Stronger Condo Sales here in Kitchener Waterloo for October

Fall is here, and that brings with it leaves falling and the beautiful colors of the season. I hope you had a great Halloween with the kids and today i thought i would let you know how the Real Estate did  market here in Waterloo region.

There were  514 homes sold through the Multiple Listing System (MLS® System) in October, an increase of 7.8 per cent compared to October of last year. On a year-to-date basis 5,070 residential units have sold compared to 5,822 during the same period in 2017, a decrease of 12.9 per cent.  It was a stronger than average October for home sales and listing activity for sure.  Gradually increasing interest rates could be nudging both buyers and sellers from the sidelines of the housing market in my opinion.

Residential sales in October included 297 detached (up 4.6 per cent compared to October 2017), and 128 condominium units (up 19.6 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 36 semi-detached homes (down 18.2 per cent) and 47 freehold townhouses (up 23.7 per cent).

The average sale price of all residential properties sold in October increased 7.7 per cent to $489,725 compared to the same month a year ago. Detached homes sold for an average price of $576,731 an increase of 6.2 per cent compared to October of last year. During this same period, the average sale price for an apartment style condominium was $310,215 an increase of 24.1 per cent. Townhomes and semis sold for an average of $387,602 (up 10.9 per cent) and $403,750 (up 13.8 per cent) respectively.

The median price of all residential properties sold last month was up 6.5 per cent compared to October of last year at $444,500 and the median price of a detached home during the same period increased 8.5 per cent to $525,350. Not surprisingly we’re seeing the biggest surges in average price happening in the denser forms of housing such as condos. This is partly a reflection of demand being strongest in the entry-level price ranges as well as there being more newly constructed units in the mix.

New listings totaled 760 residential properties in K-W and area in last month, a 14 per cent increase compared to October of last year, and 12.7 per cent above the historical ten-year average of 674. The number of active residential listings  at the end of October totaled 1,014, which is 21 per cent higher than October of last year but still 461 units fewer than the previous ten-year average of 1,475 listings for October.

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.

Enjoy your week!

Kevin


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