KITCHENER – WATERLOO CONDOS & LOFTS FOR SALE

Posts tagged “waterloo region

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

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Strong Condo Sales in Kitchener Waterloo for May

Summer is here and I hope that you able to get out and enjoy the great weather that we have had the past month.

May was another strong month for home sales in the Waterloo region. Here are the stats for the month of May.

Last month home sales were up 12.5 per cent compared to last month and down 15.3 per cent compared to last year’s record-setting May. A total of 692 residential properties sold in May compared to 817 the same time last year. Although unit sales were down substantially compared to last year’s manic market, May was still a strong month of home buying and selling in Kitchener-Waterloo and area.

The ten-year average number of home sales in Kitchener-Waterloo and area for the month of May is 625. Residential sales in May included 414 detached (down 15.7 per cent compared to May 2017), and 169 condominium units (down 7.1 per cent). Sales also included 46 semi-detached homes (down 28.1 per cent) and 53 freehold townhouses (down 24.3 per cent).

The average sale price of all residential properties sold in May decreased 2.4 per cent to $482,873 compared to the same month a year ago. Detached homes sold for an average price of $572,206 a decrease of 3.4 per cent compared to May of last year. During this same period, the average sale price for an apartment style condominium was $301,052, an increase of 2.7 per cent. Townhomes and semis sold for an average of $365,715 (up 1.3 per cent) and $393,616 (up 2 per cent) respectively. The median price of all residential properties sold last month was down 0.9 per cent compared to May of last year at $445,000, and the median price of a detached home during the same period decreased 2.8 per cent to $520,000.

There were 1,068 residential properties listed in K-W and area last month, down 15.8 per cent compared to May of 2017, but up 14.4 per cent compared to the historical (2007-2016) average. The number of active residential listings at the end of May totaled 1,062, which is 27.9 per cent higher than May of last year but still significantly below the historical (2007-2016) ten-year average of 1,719 listings for May.

With interest rates expected to increase in July, we’re seeing strong demand for homes in Waterloo region. Sales are strongest in the four to five hundred thousand price range, and while we’re certainly seeing activity cool from the past two years, once you eliminate those you quickly realize that sales volume and prices remain ahead of the ten-year averages. The average days it took to sell a home in May was 20 days, compared to 11 days in May 2017.

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 June!

Kevin


Kitchener Waterloo Home Sales Snowed Under in January

Hope you are enjoying the winter so far.. I personally can’t wait for the warmer weather of spring to arrive.  Here are the stats on how the Kitchener Waterloo market did in the month of January.
There were 270 residential sales in January through the Multiple Listing System (MLS® System), a decrease of 18 per cent compared to January 2017. On the surface, activity appears to be somewhat sluggish in January, however if we set aside the past two years, it was a very typical January in terms of the number of sales. What is less typical is that listing inventory is still at historic low levels, and we continue to see multiple offers on properties putting upward pressure on prices.
Total residential sales in January included 149 detached (down 23.6 per cent), and 70 condominium units (down 11.4 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 27 semi-detached homes (down 18.2 per cent) and 22 freehold townhouses (up 10 per cent).
The average sale price of all residential properties sold in January increased 9 per cent to $458,750 compared to January 2017. Detached homes sold for an average price of $554,857 an increase of 10.7 per cent compared to January of last year. During this same period, the average sale price for an apartment style condominium was $246,821 for an increase of 4 per cent. Townhomes and semis sold for an average of $371,095 (up 14.5 per cent) and $388,974 (up 9.7 per cent) respectively. The median price of all residential properties sold last month increased 6.8 per cent to $431,143, and the median price of a detached home during the same period increased 4.2 per cent to $495,000.
While the tougher mortgage rules that came into play on Jan. 1 have sidelined some home buyers, the reality is we’re still experiencing more demand than supply right now, there were  486 residential properties listed in K-W and area last month, an increase of 10.45 per cent compared to January of 2017. The number of active residential listings  the end of January totaled 588, which is 56 per cent more than January of last year, but still well below the previous ten-year average of 1507 listings for January. Months of inventory continues to track at a low 2 months.
The average days it took to sell a home in January was 32 days, compared to 23 days in January 2017. While the majority of MLS® System activity is properties for sale, REALTORS® also represented landlords and tenants in 51 residential leases in January, an 18.6 per cent increase compared to January 2017. There is no question that the expansion of the stress test on mortgages is going to be hard on consumers. For those entering the market, the stress test combined with higher borrowing costs is going to push some buyers out of their desired market. Some home buyers will be looking to other areas, and more affordable housing types, which is a vicious circle. For some home hunters, Waterloo region is still seen as one of the more affordable markets.
If you have any questions on the stats or are thinking of buying or selling a property in the coming months please give me a call and we sit down, grab a coffee and discuss the best strategy to fit your families needs. Give me a call at 519-497-4646 or email direct to baker_kevin@rogers.com
Have a great Valentines Day!
Kevin

A Big Year for Condo Sales in Kitchener Waterloo in 2017

Happy New Year!

It was a Huge year for Home Sales in 2017 here in Kitchener Waterloo with total residential sales volume surpasses 3 billion. There were 6,549 homes sold in Kitchener-Waterloo and area last year through the Multiple Listing System (MLS® System), just one percent behind last year’s record smashing results.

The year ended strong with 301 home sales in December, which is a slight one per cent above December of 2016, and 13 per cent above the previous five year average.
There was a definite push by some buyers to purchase a home prior to the new mortgage stress test kicking in January of 2018. While we appreciate the intent of these additional
changes, ultimately they will make it harder for some consumers to purchase the home they want. Picking up on the momentum from 2016, the first half of 2017 was characterized by an unparalleled number of home sales. Then in the latter half of the year, on the heels of the Ontario government’s announcement of the Fair
Housing Plan, the pace of sales began to decrease while still remaining above the previous five year’s averages.
There is almost universal agreement that the introduction of the Ontario Fair Housing Plan, which included a tax on non-residents who purchase homes in the Greater Golden Horseshoe (GGH) did contribute to the decline in home sales in the last half of the year, however that was mostly due to the psychological impact it had on buyers and sellers in the marketplace. For Waterloo Region these impacts were not yet as acute as in other areas of the GGH, but we are certainly concerned that any additional restrictions will further impede consumer affordability for homes.
Total residential sales in 2017 included 4,005 detached (down 4.2 per cent), and 1,461 condominium units (down 2.9 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 545 semi-detached homes (up 27.6 per cent) and 467 freehold townhouses (up 10.9 per cent).

The consumer demand we experienced in 2017 was certainly strong enough to have outnumbered 2016 home sales, however the continued tight supply of listings last year served to tamp down unit sales and drive up prices. While the number of homes that were put up for sale was in keeping with previous years, inventory tracked low all
year long as buyers continued to snap up properties at a terrific rate. The average days it took to sell a home in 2017 was 19 days, compared to 43 days if you were to average out the previous 10 years.

Dollar volume of all residential real estate sold last year increased 19.5 per cent to just over three billion ($3,061,739,723) compared with 2016, reflecting the strong price gains realized in 2017 and marking the first time sales have surpassed the three billion dollar milestone. The average sale price of all residential properties sold in 2017 increased 20.7 per cent to $467,513 compared to 2016. Detached homes sold for an average price of $549,046, an increase of 21.5 per cent compared to 2016. During this same period, the average sale price for an apartment style condominium was $271,940 for an increase of 18.3 per cent. Townhomes and semis sold for an average of $353,692 (up 23.6 per cent) and $378,275 (up 25.9 per cent) respectively.
The median price of all residential properties sold last year increased 21.1 per cent to $429,900, and the median price of a detached home during the same period increased 22 per cent to $495,000. With the continued influence of GTA buyers migrating to Waterloo region last year, 2017 was a great year if you were selling your home, but not so fun for those who were in the purchasing position. The quality of life enjoyed living in Waterloo Region has always been at the top compared to many other communities, even though our historical home prices have been relatively affordable. I think this secret is out now, and the activity of buyers from the GTA last year certainly demonstrates this.
While the frenzied buying activity has cooled under the multitude of newly-imposed government regulations, looking ahead we expect the demand to continue to be greater than the supply. While the balance is shifting, we do not believe there will be any decreases in property values and if anything, the correction for Waterloo Region was watching it increase. Of course, this will continue to put pressure on affordability for many would-be homebuyers.

The new stress test that just came into effect on January 1 is going to push some buyers out of the market and force others to purchase homes at a lower price point than they want as it reduces their ability to borrow.

If you have any questions on our local real estate market or if you are thinking of buying or selling a home or condo in 2018 please don’t hesitate to give me a call at 519-497-4646 or email to kevinbakerrealestate@gmail.com  We can grab a coffee and discuss how I can help.

Have a fantastic 2018!

Kevin


Solid Condo Sales in September for Kitchener Waterloo

Happy Thanksgiving to you and your family. I hope you are able to spend some time together during this festive season and wonderful weather.

I wanted to give you a quick update on the Waterloo Region housing market so here are some latest stats and thoughts. A total of 470 residential properties changed hands in September. This was a decrease of 12.8 percent compared to the record number of sales in September of 2016, but still ahead of the previous 5-year September average of 437 sales.

On a year-to-date basis 5,357 residential units have sold compared to 5,239 during the same period in 2016, an increase of 2.3 per cent. We are seeing strong demand continue into the autumn. Residential listing inventory  to the end of September totalled 843, which is ahead of September of last year, but represents just half the number of listings that were on the market in the previous five years (2011-2015) for September.

September’s sales included 285 detached homes (down 14.2 per cent), and 105 condominium units (down 19.2 per cent). Sales also included 38 semi-detached homes (up 22.6 per cent) and 37 freehold townhouses (up 12.1 per cent).

The average price of all residential properties sold last month increased 12 per cent to $455,079 compared to September 2016. The average sale price for an apartment style condominium was $261,337 for an increase of 6 per cent. Townhomes and semis sold for an average of $359,448 (up 20.9 per cent) and $372,226 (up 19 per cent) respectively. Detached homes sold for an average price of $513,873 in September for an increase of 10 per cent compared to a year ago. Our local residential real estate market continues to show solid price growth and unit sales even though year-over-year price appreciation peaked in April of this year when the average price of a detached home increased 40 percent to $594,108. Today, on a year-to-date basis, the price of a detached home has averaged $553,029, an increase of 24.7 percent compared to 2016.

Last month 32% of all residential transactions were in the $300-399,999 range; compared to just 15.6% in April.  We also saw more transactions in the higher price ranges during the heat of the spring market. There were 20 sales that occurred over the one million dollar mark in April, compared to only 5 in September. The average days on market in September was 36, compared to 57 days a year ago. On a month to month basis, it took ten additional days on average from list to sale date in September compared to August.  The feverish spring conditions have given way to a saner playing field, however an increase in listings would be a welcome shift for homebuyers who would benefit from increased selection across the more affordable price ranges.

If you have any questions or would like to sit down and discuss buying or selling a property please give me a call and we can work out a plan that best works for your families needs.

Happy Thanksgiving!

Kevin


April was showered with home sales in Kitchener Waterloo

I hope you and your family have been doing well and enjoying the wonderful weather we have been having over the past month despite all the rain.

It was another incredible record setting month for home sales as 766 residential transactions were recorded through MLS®  of the Kitchener-Waterloo Association of REALTORS®. That’s an  increase of 14.3 percent compared to April 2016.

Residential sales in April included 492 detached homes (up 14.7 percent compared to April 2016), 161 condominium units (down 1.2 percent). Sales also included 52 semi-detached homes (up 30 percent) and 53 freehold townhouses (up 60.6 percent). What that says is that Home buyers are out in full force!

One very encouraging sign was that we saw more listings coming onto the market last month than we’ve seen in quite a while. There were 985 residential properties listed in K-W and area last month, a 17.8 percent increase compared to April of 2016, and the first time the number of new listings put on the market in a single month has come so close to the 1,000 unit mark in two years.

However, with inventory continuing to sit at or below one month of inventory for the ninth consecutive month, there continues to be a lot of pressure on prices. By the end of April, there were only 652 residential listings still active,  that’s 48.8 percent fewer than the 1,274 available listings that were on the market at the end of April 2016.

The average sales price of all residential sales increased 39.7 percent to $512,656 compared to April 2016. Detached homes sold for an average price of $594,453 an increase of 40.1 percent, while the average sale price for an apartment style condominium was $267,455, an increase of 18.3 percent. Townhomes and semis sold for an average of $377,531 (up 39.3 percent) and $415,709 (up 47.7 percent) respectively.

Vigorous demand for homes in Waterloo region meant homes were snapped up quickly. The average days on market in April were 10, compared to 33 days a year ago. On a month to month basis, it took four fewer days from list to sale date in April compared to March.

To address the growing concern around housing affordability, the province recently announced 16 measures for home buyers and renters, called Ontario’s Fair Housing Plan.  It’s still too soon to say what kind of impact these change will have on the market, but i think its a good first step to help get more supply of homes to the market.

If you are thinking of selling or buying in this market,  it is a great idea to have a strategy and plan in place. If you would like to sit down and discuss options just give me a call at 519-497-4646 or email to kevinbakerrealestate@gmail.com

Have a fantastic May!

Kevin


Kitchener Waterloo Housing Market Has Another Record Breaking Month in November

The trend continues here in the Kitchener Waterloo housing market as well as many other urban centers in Ontario. It was another record breaking month for homes sales in the region mostly due to the lack of inventory.

Home sales through the Multiple Listing System (MLS® System)  totaled 535 last month, an increase of 27.1 percent compared to November of 2015, marking another record breaking month for residential properties sold. November’s sales included 352 single detached homes (up 34.4 percent compared to November 2015) and 118 condominium type units (down 22.9%) which include any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 32 semi-detached homes (up 45.5 percent) and 28 freehold townhouses (down 20 percent).

Record breaking sales are also being tallied on a year-to-date basis with 6,352 residential transactions compared to 5,341 during the same period in 2015, representing an increase of 18.9 percent. “Year-to-Date Sales to the end of November have now exceeded any previous end-of-year totals on record.

In 2007, sales to the end of the year exceeded 6,000 units for the first time, and haven’t hit that high-water mark again, until now, an entire month earlier. Inventory levels on the other hand, remain stubbornly low. In their October release, the Canadian Real Estate Association stated that, “the tight balance between housing supply and demand in Ontario’s Greater Golden Horseshoe region is without precedent (including the GTA, Hamilton-Burlington, Oakville-Milton, Guelph, Kitchener-Waterloo, Cambridge, Brantford, the Niagara Region, Barrie and nearby cottage country).” As of the end of November, the KWAR’ MLS® System only had 565 active residential listings on the market, down 23.1 percent compared to the previous month, and 60.8 percent below the same period last year.

The average price of all residential properties sold in November was $411,602 a 15.5 percent increase over 2015. Detached homes sold for an average price of $473,104, an increase of 13.9 percent compared to November 2015. During this same period, the average sale price for an apartment style condominium was $209,360, a decrease of 8 percent. Townhomes and semis sold for an average of $310,151 (up 14.8 percent) and $330,534 (up 27.7 percent) respectively.

With a notable shortage of inventory, many properties are selling above list price and  this is because you have many buyers competing for fewer properties, and this is pushing up the average price. The median price of all residential properties sold in November increased 18 percent to $377,500, and the median price of a detached home during the same period increased 16.4 percent to $425,000.

In my opinion those are some staggering numbers and there is no sign of it slowing down in the near future.

If you have any questions on the information or are thinking of buying or selling your home now or in the spring please give me a call and we can sit down and discuss the best options and strategies for you and your family.

Have a wonderful December and Holiday Season!

Kevin