KITCHENER-WATERLOO, ON (January 5, 2017) ––There were a total of 6,655 residential sales through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) in 2016. That’s a thousand more units than sold in 2015, amounting to an increase of 18.1 percent and setting a new record for total annual sales.

Dollar volume of all residential real estate sold last year increased 30.9 percent to $2,578,176,468 compared with 2015.

“2016 was marked by unrelenting demand for homes, in the face of fewer homes being put on the market,” said James Craig, President of the KWAR. There were 8,003 residential listings processed through the KWAR’s MLS® System in 2016, a decrease of 9.7 percent compared to 2015.

“For the past several months we’ve seen the number of months of inventory ranging between a ten-year low of 1 and 2 months,” says Craig. “While this puts sellers in a very strong position, it’s not so easy when those same sellers need to downsize or move-up.”

The average sales price of all residential properties sold in 2016 increased 10.8 percent to $387,404 in comparison to 2015. Detached homes sold for an average price of $451,738 an increase of 12.5 percent, while the average sale price for an apartment style condominium was $229,676, an increase of 3.6 percent. Townhomes and semis sold for an average of $287,396 (up 9.9 percent) and $300,806 (up 11.8 percent) respectively.

Home sales in 2016 included 4,203 detached homes (up 16.3 percent from 2015) and 1,511 condominium type units (up 28.1 percent) which include any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 430 semi-detached homes (up 6.2 percent) and 430 freehold townhouses (up 7.2 percent).

Craig says that he expects demand for home purchasing in 2017 will continue to be strong. “There is no smoking gun to explain the current market. Mortgage rates remain low, inducing more consumers to get into the market. We have an extremely attractive community, with a growing population and diverse economy bringing in new residents to the region. Home prices remain affordable when compared to the average GTA prices.” Adding, “The challenge is inventory levels remain low, as homeowners are staying in their homes longer and some who might have otherwise moved up are choosing to avoid the hot market. What I hope to see is more balance returning to the market, because I sure don’t see the appetite for home ownership in Waterloo region letting up anytime soon.”

The KWAR cautions that average sale price information can be useful in establishing long term trends, but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold. Those requiring specific information on property values should contact a local REALTOR®. REALTORS® have their fingers on the pulse of the market. They know the questions to ask, the areas to probe and what to look for so that you get a complete picture of the property and community you’re considering.

KITCHENER-WATERLOO, ON (December 2, 2016) ––Home sales through the Multiple Listing System (MLS^® System) of the Kitchener-Waterloo Association of REALTORS^® (KWAR),  totalled 535 last month, an increase of 27.1 percent compared to November of 2015, marking another record breaking month for residential properties sold in Kitchener-Waterloo and area.

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,” says James Craig, president of the KWAR. He points out that 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,” said Craig. “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.

2016 Was The Most Active February We’ve Seen On Record Since 2008

Residential sales through the Multiple Listing System (MLS®) of the Kitchener-Waterloo Association of REALTORS® (KWAR) were up 28.2% compared to the same month last year with 452 homes being sold in the month of February, 18.6% above the 5-year average for the month.

Residential sales (KW & Area) in February included 280 single detached homes (up 40.7% from last February), 33 semi-detached (down 17.5%), 31 townhomes (up 6.9%) and 103 condominium units (up 25.6%).

“This was the most active February we’ve seen on record since 2008, when 464 residential homes were sold,” stated Charlotte Zawada, President of the KWAR. “With interest rates holding steady and Waterloo Region remaining an attractive place to live and invest, I think we will continue to see buoyancy in our local housing market.”

Single detached homes sold for an average price of $419,480 an increase of 7.7% compared to last year. The average sale price for a condominium was $242,272, an increase of 8.3% while townhomes and semis sold for an average of $328,569 (up 10.0%) and $291,770 (up 12.0%) respectively. The average sale price of all residential sales through the KWAR’s MLS® System increased 10.3% to $361,889 compared to February 2015 with 42.0% of home sales in February occurring in the $250,000-$350,000 range.

“This time last year we were experiencing some really frigid temperatures that helped contribute to a 5-year low in home sales for the month. Things have been quite a bit warmer these past few weeks in comparison, and it goes to show how much of a role weather can play when it comes to buying or selling one’s home,” said Zawada.

The KWAR cautions that average sale price information can be useful in establishing long term trends, but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold.

Consumers uncertain about current market conditions should work with a REALTOR® to develop an effective selling strategy. If you are buying, a REALTOR® will negotiate on your behalf and guide you through every step. A REALTOR® understands the local market and must, by law, look after your best interests.