The Riz Team Blog

STRONG HOME SALES CONTINUE IN OCTOBER IN FACE OF LOW INVENTORY

KITCHENER-WATERLOO, ON (November 5, 2019) ––538 residential properties sold through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) in October, an increase of 4.1 per cent compared to the same month last year.

Home sales in October included 334 detached (up 11.3 per cent), and 65 condominium apartments (up 1.6 per cent). Sales also included 108 townhouses (down 6.1 per cent) and 31 semi-detached homes (down 18.4 per cent).

“Home sales were up again last month led by strong sales of detached single family properties,” says Brian Santos, KWAR President.

The average sale price of all residential properties sold in October increased by 9.1 per cent to $533,288 compared to October 2018. Detached homes sold for an average price of $610,840 (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 $333,895 for an increase of 6.7 per cent. Townhomes and semis sold for an average of $434,035 (up 11.2 per cent) and $461,590 (up 14.3 per cent) respectively.

The median price of all residential properties sold last month increased 12.4 per cent to $500,000 and the median price of a detached home during the same period increased by 8.3 per cent to $568,950.

The average days it took to sell a home in October was 22 days, which is three days fewer than it took in October 2018.

REALTORS® listed 670 residential properties in K-W and area last month, a decrease of 12.4 per cent compared to October of 2018, and a decrease of 3.3 per cent in comparison to the previous ten-year average for the month of October. The total number of homes available for sale in active status at the end of October totalled 691, a decrease of 26.5 per cent compared to October of last year, and well below the previous ten-year average of 1,412 listings for October. Months Supply of Homes for sale stood at 1.4 months in October, which is 26.3 percent lower than the same period last year. The previous ten-year average months supply of homes for October was 3.03.

“Seasonal strength in October is common as people to look to make moves before Winter. With a scarcity of listings, buyers continue to snap up properties in the Kitchener-Waterloo area at a robust rate,” says Santos.

In this highly competitive real estate market, Santos emphasizes the importance of working with a local REALTOR® who has a complete understanding of our unique region and its market dynamics.

SECOND STRONGEST SEPTEMBER FOR HOME SALES

KITCHENER-WATERLOO, ON (October 3, 2019) ––526 residential properties sold through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) in September, an increase of 17.7 per cent compared to the same month last year.

Home sales in September included 330 detached (up 20.4 per cent), and 38 condominium apartments (down 24 per cent). Sales also included 125 townhouses (up 34.4 per cent) and 33 semi-detached homes (up 10 per cent).

“This was the second strongest September for home sales we’ve had on record, and only the second time transactions exceeded 500 units in the month of September,” says Brian Santos, KWAR President.

Alongside the strong sales in September, average and median prices of all residential properties hit all-time highs.

The average sale price of all residential properties sold in September increased by 10.2 per cent to $541,850 compared to September 2018. Detached homes sold for an average price of $612,643 (an increase of 7.1 per cent compared to September of last year. During this same period, the average sale price for an apartment-style condominium was $335,110 for an increase of 3 per cent. Townhomes and semis sold for an average of $439,522 (up 16.3 per cent) and $459,588 (up 18.9 per cent) respectively.

The median price of all residential properties sold last month increased 12.6 per cent to $510,000 and the median price of a detached home during the same period increased by 10.9 per cent to $576,500.

The average days it took to sell a home in September was 22 days, which is three days fewer than it took in September 2018.

REALTORS® listed 811 residential properties in K-W and area last month, a decrease of 2.1 per cent compared to September of 2018, but an increase of 5.2 per cent in comparison to the previous ten-year average for the month of September. The total number of homes available for sale in active status at the end of September totalled 775, a decrease of 21.7 per cent compared to September of last year, and well below the previous ten-year average of 1,458 listings for September. Months Supply of Homes for sale stood at 1.6 months in September, which is 23.8 percent lower than the same period last year. The previous ten-year average months supply of homes for September was 3.16.

“Tight supply is the new normal,” says Santos. “We’ve been tracking under two months of supply for over three years now, and this has put steady upward pressure on prices.”

Santos says market conditions have made it especially challenging for first time home buyers, noting that all the major political parties have made policy commitments related to home buying going into the upcoming federal election.

Santos advises buyers work with a local REALTOR® who has a complete understanding of our region to give them an advantage in the highly competitive KW housing market.

KITCHENER-WATERLOO, ON (September 5, 2019) ––459 residential properties sold through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) in August, a decrease of 9.1 per cent compared to the same month last year.

Home sales in August included 267 detached (down 11.9 per cent), and 56 condominium apartments (down 13.8 per cent). Sales also included 97 townhouses (down 4.9 per cent) and 39 semi-detached homes (up 11.4 per cent).

“The number of homes sold last month was below the average for August; however, we continue to see strong price gains across all property types,” says Brian Santos, KWAR President.

The average sale price of all residential properties sold in August increased by 6.4 per cent to $524,482 compared to August 2018. Detached homes sold for an average price of $615,568 (an increase of 5.4 per cent compared to August of last year. During this same period, the average sale price for an apartment-style condominium was $324,778 for a decrease of 3.1 per cent. Townhomes and semis sold for an average of $420,239 (up 18.3 per cent) and $441,802 (up 10.2 per cent) respectively.

The median price of all residential properties sold last month increased 8.1 per cent to $495,000 and the median price of a detached home during the same period increased by 2.8 per cent to $560,000.

REALTORS® listed 574 residential properties in K-W and area last month, a decrease of 14.5 per cent compared to August of 2018, and a decrease of 13 per cent in comparison to the previous ten-year average for the month of August. The total number of homes available for sale in active status at the end of August totalled 734, a decrease of 17.3 per cent compared to August of last year, and well below the previous ten-year average of 1,426 listings for August. Months Supply of Homes for sale stood at 1.5 months in August, which is 16.7 percent lower than the same period last year.

The average days it took to sell a home in August was 26 days, which is two days fewer than it took in August 2018.

“We’re noting differences in market balance depending on the price range,” says Santos. “For homes priced under $600 thousand, it is still a strong seller’s market, whereas above $600 thousand, it is a more balanced situation.”

As an indicator, Santos points to the month’s supply of homes, also known as the absorption rate. For homes priced at more than $600,000, the months of supply stood at 3.4 in August, compared to 0.9 months for homes prices under that amount. Months supply is the inventory of homes for sale at the end of a given month, divided by the average monthly closed sales from the last 12 months. The previous ten-year average months supply across all price ranges has been just over 3 months.

“It all comes down to what the buyers can find in their price range,” says Santos. “Homes in Kitchener-Waterloo are definitely in high demand, and there is strong competition among buyers trying to find one that will suit them.”

Santos advises buyers to work with a local REALTOR® who has a complete understanding of our region to give them an advantage in this crowded KW housing market.

KITCHENER-WATERLOO, ON (August 6, 2019) ––586 residential properties sold through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) in July, representing an increase of 15.1 per cent compared to the same month last year.

Home sales in July included 322 detached (up 16.4 per cent), and 62 condominium apartments (down 6.1 per cent). Sales also included 148 townhouses (up 45.1 per cent) and 42 semi-detached homes (down 22.2 per cent).

“Home sales continued their strong momentum from last month,” says Brian Santos, KWAR President. “On a year-to-date basis we’re seeing sales have increased slightly over last year.”

The average sale price of all residential properties sold in July increased by 9.3 per cent to $521,101 compared to July 2018. Detached homes sold for an average price of $613,244 (an increase of 5.4 per cent compared to July of last year. During this same period, the average sale price for an apartment-style condominium was $339,137 for an increase of 15.9 per cent. Townhomes and semis sold for an average of $414,062 (up 17 per cent) and $434,136 (up 11.9 per cent) respectively.

The median price of all residential properties sold last month increased 10.8 per cent to $489,450 and the median price of a detached home during the same period increased by 8.8 per cent to $575,750

REALTORS® listed 844  residential properties in K-W and area last month, an increase of 12.8 per cent compared to July of 2018, and an increase of 10.4 per cent in comparison to the previous ten-year average for the month of July The total number of homes available for sale in active status at the end of July totalled 863, a decrease of 8.7 per cent compared to July of last year, and well below the previous ten-year average of 1,467 listings for July. Months Supply of Homes for sale stood at 1.7 months in July, which is 15 percent lower than the same period last year.

“The temperature is matching the market,” says Santos. “we’re continuing to see strong consumer demand that is making for a busier than normal market for the middle of summer.”

The average days it took to sell a home in June was 22 days, which is the same number of days it took in July 2018.

KITCHENER-WATERLOO, ON (June 5, 2019) –– The number of home sales through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) in May were on par with the same month last year. There were 694 residential sales last month, an increase of 11 per cent compared to April, and an increase of 7.2 per cent compared to the previous ten-year average for May.

Total residential sales in May included 429 detached (up 2.6 per cent), and 68 condominium apartments (down 23.6 per cent). Sales also included 137 townhouses (down 4.2 per cent) and 60 semi-detached homes (up 36.4 per cent).

“Home sales were strong last month,” says Brian Santos, KWAR President. “May is often the most active month in a given year, but the way sales picked up in momentum after the Victoria Day holiday makes me think we could see sales activity in June surpass May.

The average sale price of all residential properties sold in May increased by 10.6 per cent to $534,348 compared to May 2018. Detached homes sold for an average price of $623,289 an increase of 9.1 per cent compared to May of last year. During this same period, the average sale price for an apartment style condominium was $332,309 for an increase of 11.3 per cent. Townhomes and semis sold for an average of $402,426 (up 9.8 per cent) and $432,207 (up 9.3 per cent) respectively.

The median price of all residential properties sold last month increased 11.2 per cent to $495,000, and the median price of a detached home during the same period increased by 10.4 per cent to $575,000

REALTORS® listed 1,123 residential properties in K-W and area last month, an increase of 5 per cent compared to May of 2018, and an increase of 12 per cent in comparison to the previous ten-year average for the month of May. The total number of homes available for sale in active status at the end of May totalled 1,012, a decrease of 0.8 per cent compared to May of last year, and well below the previous ten-year average of 1,607 listings for May. Months Supply of Homes for sale stood at 2.1 months in May, which is on par with the same period last year.

“It was good to see more listings coming onto the market in May, but home buying demand continues to outpace the number of homes available,” says Santos. “I hope to see more listing activity in June and into the summer months. With mortgage rates as low as they are—demand from buyers is bound to stay strong, making it a good time to sell your home.”

The average days it took to sell a home in May was 12 days, compared to 13 days in May 2018.

While the majority of residential MLS® System activity is properties for sale, REALTORS® are increasingly asked to represent landlords and tenants. Last month 65 residential leases occurred through KWAR’s MLS® System, an increase of 8.3 per cent compared to May of last year and a 164.2 increase compared to the previous ten-year average.

KITCHENER-WATERLOO, ON (May 3, 2019) –– There were 623 residential sales in April through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR), 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,” says Brian Santos, KWAR President. “

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 notes Santos. “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

REALTORS® listed 913 residential properties 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 totalled 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,” says Santos. “In these challenging market conditions, consumers should seek the expert advice of a local REALTOR®. There is no single Ontario real estate market, and even within the local market there can be significant differences between property types and neighbourhoods.”

Number of Home Sales Slide in March

KITCHENER-WATERLOO, ON (April 3, 2019) –– There were 511 residential sales in March through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR), a decrease of 5.7 per cent versus the same month last year, and down 7 per cent compared to the previous ten-year average for March.

“The activity on detached homes continues to be strong,” says Brian Santos, KWAR President. “But the average number of sales in March was brought down by fewer semi-detached, townhomes and condos. I think this can be credited to the lack of inventory and options buyers have in those segments of the market.”

Total residential sales in March included 325 detached (up 3.2 per cent), and 45 condominium apartments (down 11.8 per cent). Sales also included 116 townhouses (down 14.7 per cent) and 25 semi-detached homes (down 37.5 per cent).

The average sale price of all residential properties sold in March increased 3.4 per cent to $505,855 compared to March 2018.  Detached homes sold for an average price of $585,668 an increase of 0.8 per cent compared to March of last year. During this same period, the average sale price for an apartment style condominium was $320,857 for an increase of 7.5 per cent. Townhomes and semis sold for an average of $372,003 (down 1 per cent) and $422,360 (up 6.4 per cent) respectively.

The median price of all residential properties sold last month increased 3.9 per cent to $474,900, and the median price of a detached home during the same period decreased by 0.8 per cent to $540,400

“Sale prices across Kitchener-Waterloo and area experienced increases in March,” says Santos. “While pundits are focussing on affordability challenges, this also reflects the greater attribute of livability and how Waterloo Region offers a great quality of life.”

REALTORS® listed 797 residential properties in K-W and area last month, a decrease of 4.8 per cent compared to March of 2018, and a decrease of 4.5% in comparison to the previous ten-year average for the month of March. On the other hand, the total number of homes available for sale in active status at the end of March totalled 819, an increase of 5.4 per cent compared to March of last year, but still well below the previous ten-year average of 1,371 listings for March.

Santos contends restrictions brought on by the B-20 mortgage stress test have pushed buyers into lower price points. “It’s difficult for buyers who are trying to find a house under the $500,000 mark – because demand is strongest in that range.”

KITCHENER‐WATERLOO, ON (Mar 5, 2019) –– There were 343 residential sales in February through the Multiple Listing System (MLS® System) of the Kitchener‐Waterloo Association of REALTORS® (KWAR), a decrease of 8.3 per cent 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,” says Brian Santos, KWAR President. “This was the lowest amount of sales we’ve seen in February in a long time, but it really isn’t surprising given the wild weather we experienced last month.”

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KITCHENER-WATERLOO, ON (Feb 4, 2019) –– There were 307 residential sales in January through the Multiple Listing
System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR), an increase of 14.6 per cent
compared to January 2018.
“January was surprisingly busy with an above average number of home sales,” says Brian Santos, KWAR President.
“The number of units sold last month were up nearly fifteen per cent compared to the previous ten-year average for
January.”

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KITCHENER WATERLOO HOME SALES RETURN TO MORE TYPICAL LEVELS IN 2018
Home Sales Dip in December, While Prices Increase

KITCHENER-WATERLOO, ON (Jan 4, 2019) –– There were 5,823 residential homes sold through the Multiple Listing
System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® in 2018, a decline of 11.1 per cent
compared to 2017.

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