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 firstname.lastname@example.org 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!
March 7, 2019 | Categories: Buyers, Kitchener Waterloo, Loft Style, New Construction, Sellers, Uncategorized | Tags: 1 victoria, 100 victoria, 144 park, 85 duke, agent, agents, arrow, arrow lofts, assessment, banks, bauer, blackberry, Buyers, cambridge, charlie west, cibc, city center, city centre, closing costs, CMHC, condo, condo prices, condo sales, condominiums, condos, condos for sale, days on market, downtown, exclusive, fall, february, first time buyer, for sale, government, home, home buying, home inspectors, home prices, home sales, home selling, home value, house, house prices, housing grants, kaufman, kevin baker, kitchener, Kitchener Waterloo, land transfer tax, landlord, landlords, lawyers, loft, lofts, mansion, mansion lofts, market, market update, market value, mls, momentum, mortage rates, mortgage, mortgage brokers, mortgage rates, mortgages, ontario, open house, park, prices, private, rates, real estate, real estate agent, real estate investment, realtor, realty, red condos, remax, rrsp, sale, sales representative, seagrams, segrams, Sellers, selling your home, status, TD Bank, to do list, twin city, twin city realty, update, updated, updates, value, waterloo, winter | Leave a comment
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.
December 5, 2018 | Categories: Buyers, Kitchener Waterloo, Loft Style, New Construction, Sellers, Uncategorized | Tags: 42 bridgeport, agents, april, assessment, bauer, bauer lofts, blackberry, Buyers, cambridge, city center, city center lofts, city centre condo, condo, condos, downsizing, fall, for sale, home, home buying, home selling, house, kaufman lofts, kitchener, landlords, license, loft, lofts, mansion, market, market update, market value, mls, momentum, mortgage, mortgage news, mortgage rates, mortgages, ontario, paperwork, park, prices, rates, real estate, real estate investment, realtor, realty, red condos, remax, sale, seagrams, seagrams lofts, Sellers, selling your home, status, twin city realty, update, updated, updates, value, waterloo, winter | Leave a comment
Your fall “to-do”
list for home maintenance!
A few hours spent on fall maintenance will protect the investment you’ve made, and make for a more comfortable and worry-free winter ahead. Get started with our fall “to-do” list:
- Ensure windows and doors (especially the one between house & garage) close tightly; repair or replace weather stripping if needed.
- Check your roof for loose or missing shingles.
- Ensure your eavestroughs and downspouts are clear.
- Check your chimney for nests, other obstructions, or buildup of residues.
- Get a pro to inspect your heating system. Clean or replace the furnace air filter each month all winter.
- Have ducts professionally cleaned every few years; vacuum everything you can reach.
- Check your home safety devices and change the batteries.
- Change the direction of ceiling fans to push warm air from the ceiling down.
- Cover outside of air-conditioning unit.
- Drain and store outdoor hoses. Protect delicate landscaping.
By doing a few small things you will ensure that your home is all ready for the winter.
Have a great fall season everyone!
September 4, 2013 | Categories: Buyers, Kitchener Waterloo, Loft Style, New Construction, Sellers, Uncategorized | Tags: condo buying, condo selling, condo units, downsizing, fall, first time buyer, home inspectors, home maintenance, kevin baker, kitchener, new construction, real estate, realtor, remax, sales reps, to do list, twin city realty, updated, updates, waterloo, winter | Leave a comment