HOMEBUYING DEMAND CONTINUES TO OVERWHELM HOUSING SUPPLY

KITCHENER-WATERLOO, ON (September 3, 2021) –– A total of 535 residential homes sold last month through the Multiple Listing Service® (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR), a decrease of 22.1 per cent compared to last August’s record-smashing month, and a decrease of 12.3 per cent compared to July.

While sales were down relative to last month and last August, they remained well above average notes KWAR’s president, Nicole Pohl. “The main reason for the decrease is simply that last month was the first full month in Step 3 of the reopening, and people were tired of the lockdown,” says Pohl. “They got out and enjoyed their summer and shifted their real estate needs to the back burner for a much-needed change of focus.”

Total residential sales in August included 299 detached (down 30.6 per cent from August 2020), and 80 condominium units (down 1.2 per cent). Sales also included 38 semi-detached homes (down 2.6) and 118 townhouses (down 13.2 per cent).

In August, the average sale price for all residential properties in the Kitchener-Waterloo area was $753,296. This represents a 19.3 per cent increase over August 2020 and a 0.3 per cent decrease compared to July 2021

• The average price of a detached home was $895,756. This represents a 22.5 per cent increase from August 2020 and a decrease of 1.3 per cent compared to July 2021.
• The average sale price for an apartment-style condominium was $445,280. This represents an increase of 18.2 per cent from August 2020 and an increase of 3.7 per cent compared to July 2021.
• The average sale price for a townhouse was $623,767. This represents a 26.1 per cent increase from August 2020 and an increase of 0.1 per cent compared to July 2021.
• The average sale price for a semi was $683,048. This represents an increase of 26.5 per cent compared to August 2020 and an increase of 2.3 per cent compared to July 2021.

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 MLS® Home Price Index (HPI) provides the best way to gauge price trends because averages are strongly distorted by changes in the mix of sales activity from one month to the next.

The MLS® HPI composite benchmark price for all residential properties in Kitchener-Waterloo was $757,900 in August. This represents a 29.5 per cent increase over August 2020 and a 1.2 per cent increase compared to July 2021.

• The benchmark price for a detached home was $837,100. This represents a 31.5 per cent increase from August 2020 and 1.8 per cent increase compared to July 2021.
• The benchmark price for an apartment-style condominium was $380,700. This represents a 11.7 per cent increase from August 2020 and a 1.3 per cent decrease compared to July 2021.
• The benchmark price for a townhouse is $568,000. This represents a 37.3 per cent increase from August 2020 and a 0.6 per cent increase compared to July 2021.

There were 590 new listings added to the MLS® System in KW and area last month, a decrease of 27.6 per cent compared to August of last year, and a 13 per cent decrease compared to the previous ten-year average for August.

The total number of homes available for sale in active status at the end of August was 255, a decrease of 53.6 per cent compared to August of last year, and 79.5 per cent below the previous ten-year average of 1,252 listings for August.

“The number of homes coming to market continues to be overwhelmed by the number of homebuyers we have wanting to purchase in Waterloo Region,” says Pohl.

The number of months of inventory persisted from the July level of 0.4 months in August. Inventory has numbered less than 1 month since October. The number of months of inventory represents how long it would take to sell off current inventories at the current rate of sales.

The average number of days to sell in August was 12 days, compared to 17 days in August 2020 and a previous 5-year average of 26 days.

Those requiring specific information on property values should contact a local REALTOR®.  Working with a Realtor is the best way to get a complete picture of the property and community you are considering.

View our HPI tool here to learn more: https://kwar.ca/hpi-dashboard

Historical Sales By Property Type

Months Supply of Homes for Sale

Historical Median Sales Price – By Property Type

Historical Average Sales Price – By Property Type

Average Days on Market 

“Although home sales slowed down to some degree in July compared to June, overall demand remains very strong,” says Nicole Pohl, President of KWAR. “The current inventory of homes available for sale in the Kitchener-Waterloo and area is extremely low, making Waterloo Region one of the most competitive markets in Ontario.”

Total residential sales in July included 339 detached (down 27.1 per cent from July 2020), and 91 condominium units (up 30 per cent). Sales also included 46 semi-detached homes (down 4.2) and 135 townhouses (down 11.8 per cent).

In July, the average sale price for all residential properties in the Kitchener-Waterloo area was $755,681. This represents a 18.2 per cent increase over July 2020 and a 0.6 per cent decrease compared to June 2021.

• • • The average price of a detached home was $907,192. This represents a 21.9 per cent increase from July 2020 and a decrease of 1.4 per cent compared to June 2021.
  • • The average sale price for an apartment-style condominium was $429,630. This represents an increase of 6.7 per cent from July 2020 and a decrease of 3.6 per cent compared to June 2021.
  • • The average sale price for a townhouse was $623,732. This represents a 33.8 per cent increase from July 2020 and an increase of 5.4 per cent compared to June 2021.
  • • The average sale price for a semi was $667,570. This represents an increase of 28.6 per cent compared to July 2020 and an increase of 2.9 per cent compared to June 2021.

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 MLS® Home Price Index (HPI) provides the best way to gauge price trends because averages are strongly distorted by changes in the mix of sales activity from one month to the next.

The MLS® HPI composite benchmark price for all residential properties in Kitchener-Waterloo was $748,700 in July. This represents a 30.5 per cent increase over July 2020 and a 0.4 per cent increase compared to June 2021.

• The benchmark price for a detached home was $822,300. This represents a 31.1 per cent increase from July 2020 and 0.2 per cent increase compared to June 2021.
• The benchmark price for an apartment-style condominium was $385,900. This represents a 19.5 per cent increase from July 2020 and a 3.3 per cent increase compared to June 2021.
• The benchmark price for a townhouse is $564,500. This represents a 40 per cent increase from July 2020 and a 0.4 per cent decrease compared to June 2021.

“The housing market took a bit of a breather last month,” notes Pohl. “July is typically a quieter month with families taking vacation, and with the region coming out of lockdown there were certainly more staycations happening.  But we do anticipate the market will pick up steam again and it will be another busy fall.”

There were 675 new listings added to the MLS® System in KW and area last month, a decrease of 24 per cent compared to July of last year, and a 14.4 per cent decrease compared to the previous ten-year average for July.

The total number of homes available for sale in active status at the end of July was 281, a decrease of 52.7 per cent compared to July of last year, and 79.1 per cent below the previous ten-year average of 1,346 listings for July.

The number of months of inventory was 0.4 in July, a decline from 0.5 months in June. Inventory has numbered less than 1 month since October. The number of months of inventory represents how long it would take to sell off current inventories at the current rate of sales.

The average number of days to sell in July was 11 days, compared to 17 days in July 2020 and a previous 5-year average of 22 days.

Those requiring specific information on property values should contact a local REALTOR®.  Working with a Realtor is the best way to get a complete picture of the property and community you are considering.

View our HPI tool here to learn more: https://kwar.ca/hpi-dashboard

Historical Sales By Property Type

Months Supply of Homes for Sale

Historical Median Sales Price – By Property Type

Historical Average Sales Price – By Property Type

Average Days on Market

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. 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 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.

Number of Home Sales Set New June Record

KITCHENER-WATERLOO, ON (July 6, 2021) –– The 740 residential homes sold last month through the Multiple Listing Service® (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) set a new monthly high for June and represented an increase of 10.1 per cent compared to June 2020, and a 13.6 per cent decrease compared to May 2021.

“The number of homes sold in the Kitchener-Waterloo area these past 6 months surpasses any previous 6 months of activity through our MLS® System,” says Nicole Pohl, President of KWAR. “Since the beginning of the year, we have reported 4,393 home sales in Kitchener-Waterloo and area, which is remarkable.”

Total residential sales during this second quarter (April, May, June) are up 83.7 per cent compared to last year. On a year-to-date basis, they are up 65.7 per cent.

Total residential sales in June included 411 detached (down 0.2 per cent from June 2020), and 103 condominium units (up 51.5 per cent). Sales also included 74 semi-detached homes (on par) and 152 townhouses (up 14.3 per cent).

In June, the average sale price for all residential properties in the Kitchener-Waterloo area was $759,115. This represents a 26.4 per cent increase over June 2020 and a 2.6 per cent increase compared to May 2021.

• • • The average price of a detached home was $919,914. This represents a 31.9 per cent increase from June 2020 and an increase of 5.9 per cent compared to May 2021.
    • The average sale price for an apartment-style condominium was $445,493. This represents an increase of 19.3 per cent from June 2020 and a decrease of 2.3 per cent compared to May 2021.
    • The average sale price for a townhouse was $590,980. This represents a 29 per cent increase from June 2020 and a decrease of 1.9 per cent compared to May 2021.
    • The average sale price for a semi was $647,918. This represents an increase of 28.3 per cent compared to June 2020 and a decrease of 1.8 per cent compared to May 2021.

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 MLS® Home Price Index (HPI) provides the best way to gauge price trends because averages are strongly distorted by changes in the mix of sales activity from one month to the next.

The MLS® HPI composite benchmark price for all residential properties in Kitchener-Waterloo was $745,800 in June. This represents a 32.1 per cent increase over June 2020 and a 0.4 per cent decrease compared to May 2021.

The benchmark price for a detached home was $820,800. This represents a 32.7 per cent increase from June 2020 and 0.6 per cent increase compared to May 2021.

• • • The benchmark price for an apartment-style condominium was $373,400. This represents a 17 per cent increase from June 2020 and a 0.1 per cent decrease compared to May 2021.
    • The benchmark price for a townhouse is $566,900. This represents a 45 per cent increase from June 2020 and a 1.4 per cent decrease compared to May 2021.

“The greatest challenge of the housing market continues to be the limited supply of existing homes to purchase,” says Pohl. “What we could use right now is for more homes to get built to help meet the robust buyer demand which continues to exceed supply.”

There were 860 new listings added to the MLS® System in KW and area last month, a decrease of 6.6 per cent compared to June of last year, and a 5.4 per cent decrease compared to the previous ten-year average for June.

The total number of homes available for sale in active status at the end of June was 365, a decrease of 43 per cent compared to June of last year, and 73.9 per cent below the previous ten-year average of 1,400 listings for June.

The number of months of inventory was 0.5 in June, a decline from 0.7 months in May. Inventory has numbered less than 1 month since October. The number of months of inventory represents how long it would take to sell off current inventories at the current rate of sales.

The average number of days to sell in June was 11 days, compared to 17 days in June 2020 and a previous 5-year average of 20 days.

Those requiring specific information on property values should contact a local REALTOR®.  Working with a Realtor is the best way to get a complete picture of the property and community you are considering.

View our HPI tool here to learn more: https://kwar.ca/hpi-dashboard

Historical Sales By Property Type

Months Supply of Homes for Sale

Historical Median Sales Price – By Property Type

Historical Average Sales Price – By Property Type

Average Days on Market Chart

RECORD SMASHING NUMBER OF HOME SALES IN MARCH

KITCHENER-WATERLOO, ON (April 6, 2021) –– In March, the Kitchener-Waterloo Association of REALTORS® (KWAR) posted the highest number of monthly home sales in the board’s history. There were 993 residential homes sold through the Multiple Listing Service® (MLS® System) of KWAR in March, an increase of 72.7 per cent compared to March 2020, and an increase of 66 per cent compared to the previous month. The previous 10-year average number of residential sales for March is 552.

“This is the first time we’ve sold more than 900 homes in a single month,” says Nicole Pohl, President of KWAR. “The second highest number of sales occurred in May 2017 when there were 816 sales through our MLS® System.”

Total residential sales in March included 593 detached (up 69.4 per cent from March 2020), and 124 condominium units (up 82.4 per cent). Sales also included 79 semi-detached homes (up 216 per cent) and 197 townhouses (up 49.2 per cent).

In March, the average sale price for all residential properties in the Kitchener-Waterloo area was $765,393. This represents a 30.8 per cent increase over March 2020, and a 1.5 per cent increase compared to February 2021.

• • • The average price of a detached home was $899,460. This represents a 32.3 per cent increase from March 2020, and a decrease of 1.4 per cent compared to February 2021.

• • • The average sale price for an apartment-style condominium was $423,470. This represents an increase of 12 per cent from March 2020, and an increase of 1.6 per cent compared to February 2021.

• • • The average sale price for a townhouse was $622,258. This represents a 35.9 per cent increase from March 2020, and an increase of 2 per cent compared to February 2021.

• • • The average sale price for a semi was $652,669. This represents an increase of 32.5 per cent compared to March 2020, and a decrease of 4.8 per cent compared to February 2021.

“On a year-over-year basis we continued to see huge price increases in the average price in March, however compared to February we are seeing some signs that perhaps prices may be starting to stabilize a bit,” says Pohl.

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 MLS® Home Price Index (HPI) provides the best way to gauge price trends because averages are strongly distorted by changes in the mix of sales activity from one month to the next.

The MLS® HPI composite benchmark price for all residential properties in Kitchener-Waterloo was $738,200 in March. This represents a 33.4 per cent increase over March 2020 and a 4 per cent increase compared to February 2021.

• • • The benchmark price for a detached home was $817,000. This represents a 34.4 per cent increase from March 2020 and 3.6 per cent increase compared to February 2021.

• • • The benchmark price for an apartment-style condominium was $358,700. This represents a 14.9 per cent increase from March 2020 and a 5.1 per cent increase compared to February 2021.

• • • The benchmark price for a townhouse is $554,900. This represents a 38.3 per cent increase from March 2020 and a 5.4 per cent increase compared to February 2021.

“In addition to the record number of sales in March, we also had a record number of newly listed properties come on the market,” says Pohl. “The number of new listings last month was the most of any month, and the highest number since May of 2017 when there were 1,271 new listings.”

There were 1,359 new listings added to the MLS® System in KW and area last month, an increase of 56.2 per cent compared to March of last year, and a 63.9 per cent increase compared to the previous ten-year average for March.

Pohl notes while the additional inventory is welcome, home buying demand continues to substantially outpace supply.

The total number of homes available for sale in active status at the end of March was 434, a decrease of 23.5 per cent compared to March of last year, and 63.5 per cent below the previous ten-year average of 1,188 listings for March.

The number of months of inventory was 0.7 in March and has numbered less than 1 month since October. The number of months of inventory represents how long it would take to sell off current inventories at the current rate of sales.

The average number of days to sell in March was 8 days, compared to 16 days in March 2020 and a previous 5-year average of 21 days.

Those requiring specific information on property values should contact a local REALTOR®.  Working with a Realtor is the best way to get a complete picture of the property and community you are considering.

View our HPI tool here to learn more: https://kwar.ca/hpi-dashboard

Historical Sales By Property Type

Months Supply of Homes for Sale

Historical Median Sales Price – By Property Type

Historical Average Sales Price – By Property Type

Average Days on Market Chart

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. 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 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.

RECORD NUMBER OF HOME SALES IN FEBRUARY

KITCHENER-WATERLOO, ON (Mar 4, 2021) ––There were 597 residential homes sold through the Multiple Listing Service® (MLS® System) of the Kitchener-Waterloo Association of REALTORS® in February, an increase of 27.8 per cent compared to February 2020, and an increase of 66.7 per cent compared to the previous month. The previous 10-year average number of residential sales for February is 407.

“Competition for homes continued to be extremely intense in February, leading to a record-breaking number of home sales for the month,” says Nicole Pohl, President of KWAR.

Total residential sales in February included 337 detached (up 23.9 per cent from February 2020), and 101 condominium units (up 57.8 per cent). Sales also included 47 semi-detached homes (up 46.9 per cent) and 112 townhouses (up 13.1 per cent).

In February, the average sale price of all residential properties sold in 2021 increased by 32.1 per cent to $752,289 compared to the same month last year. Meanwhile the average price of a detached home hit yet another new milestone by exceeding 900-thousand-dollars for the first time, coming in at $910,126 an increase of 35.4 per cent. During this same period, the average sale price for an apartment-style condominium was $415,322 for an increase of 11.9 per cent. Townhomes and semis sold for an average of $609,566 (up 37.5 per cent) and $684,787 (up 41.1 per cent) respectively.

“We continued to see dramatic increases in the average price in February due to the persistent and fierce competition for homes in our region combined with short supply,” says Pohl.

The president of KWAR notes that buyers are very frustrated competing in this hyperactive market. The low inventory and mortgage rates are resulting in multiple offers, higher prices and creating a fear they are missing out on the chance to become homeowners in this unprecedented market.

“The rise in the average price we’ve been tracking the past several months has included some exceptional sale prices. That’s why this month and going forward we will also be including the MLS® HPI to provide a clearer picture of our local housing market trends.”

The MLS® HPI is a sophisticated statistical model and more stable price indicator than average or median price measures because it considers how the features of a home affects its price – such as age, number of bedrooms, and number of bathrooms.

The MLS® Home Price Index composite benchmark price for all residential properties in Kitchener-Waterloo was $709,600 in February. This represents a 27.9 per cent increase over February 2020 and a 5.6 per cent increase compared to January 2021.

The benchmark price for a detached home was $788,500. This represents a 28.8 per cent increase from February 2020 and 6.1 per cent increase compared to January 2021.

The benchmark price for an apartment-style condominium was $341,200. This represents a 13.9 per cent increase from February 2020 and a 0.1 per cent increase compared to January 2021.

The benchmark price for a townhouse is $526,700. This represents a 33.1per cent increase from February 2020 and a 6 per cent increase compared to January 2021.

There were 737 new listings added to the MLS® System in KW and area last month, an increase of 21 per cent compared to February of last year, and a 15.7 per cent increase compared to the previous ten-year average for February.

The total number of homes available for sale in active status at the end of February was 295, a decrease of 33.6 per cent compared to February of last year, and 73 per cent below the previous ten-year average of 1,096 listings for February.

The number of months of inventory in Waterloo region was 0.5 in February and has numbered less than 1 month since October. The number of months of inventory represents how long it would take to sell off current inventories at the current rate of sales.

The average number of days to sell in February was 10 days, compared to 17 days in February 2020 and a previous 5-year average of 33 days.

The MLS® HPI provides the best way to gauge price trends because averages are strongly distorted by changes in the mix of sales activity from one month to the next. View our HPI tool here to learn more: https://kwar.ca/hpi-dashboard

Those requiring specific information on property values should contact a local REALTOR®. Working with a Realtor is the best way to get a complete picture of the property and community you are considering. View KWAR – CREA Residential Market Activity and MLS HPI Report

Historical Sales By Property Type

Months Supply of Homes for Sale 

Historical Median Sales Price – By Property Type 

Historical Average Sales Price – By Property Type

Average Days on Market

KITCHENER-WATERLOO, ON (Feb 4, 2021) ––There were 351 residential homes sold through the Multiple Listing Service (MLS® System) of the Kitchener-Waterloo Association of REALTORS® in January, an increase of 24.9 per cent compared to January 2020, and an increase of 1.4 per cent compared to the previous month. The previous 10-year average number of residential sales for January is 286.

“January’s home sales were more active than what we typically see this time of year,” says Nicole Pohl, President of KWAR. “But nothing has been typical about our housing market.”

Total residential sales in January included 201 detached (up 31.3 per cent from January 2020), and 71 condominium units (up 97 per cent). Sales also included 21 semi-detached homes (unchanged) and 56 freehold townhouses (down 17.6 per cent).

In January, the average sale price of all residential properties sold in 2021 increased by 23.9 per cent to $695,582 compared to the same month last year. Meanwhile, the average price of a detached home hit a new milestone by exceeding 800-thousand-dollars for the first time, coming in at $853,945 an increase of 27.3 per cent. During this same period, the average sale price for an apartment-style condominium was $383,196 for a decrease of 1.4 per cent. Townhomes and semis sold for an average of $566,345 (up 29 per cent) and $626,512 (up 29.3 per cent) respectively.

The median price of all residential properties sold in January increased 25.9 per cent to $680,000 and the median price of a detached home during the same period increased 23.3 per cent to $801,500.

“With demand for homes unabated and consumer preferences leaning predominantly toward single detached homes, in January we saw buyers paying a premium for this property type,” says Pohl. “Conversely, even as condo sales were increasing in January, we saw prices for this style of housing soften by comparison.”

KWAR’s president points to supply not being able to keep up with continuing demand, much of it coming from the GTA, for the strong increases in home prices in Waterloo Region and in many other parts across the province. The number of months of inventory in Waterloo region has numbered less than 1 month since October. The number of months of inventory represents how long it would take to sell off current inventories at the current rate of sales.

There were 432 new listings added to the MLS® System in KW and area last month, a decrease of 7.4 per cent compared to January of last year, and 37.6 per cent decrease compared to the previous ten-year average for January.

The average number of days to sell in January was 16 days, compared to 22 days in January 2020 and a previous 5-year average of 30 days

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. 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 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 (May 4, 2020) ––There were 227 residential homes sold through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® in April, a decrease of 63.6 per cent compared to the same month last year, and the lowest number of sales in a single month since December 2008.

“It goes without saying the current pandemic has had a major impact on the number of sales we would normally see in April,” says Colleen Koehler, President of KWAR. “With everyone doing their part to flatten the curve and doing their best to self-isolate, the buying and selling of homes have been greatly reduced.”

Total residential sales in April included 145 detached homes (down 63.3 per cent), and 22 condominium apartments (down 71.1 per cent). Sales also included 44 townhouses (down 61.1 per cent) and 16 semi-detached homes (down 60 per cent).

The average sale price of all residential properties sold in April increased 7.3 per cent to $568,738 compared to the same month last year, while detached homes sold for an average price of $657,042 an increase of 7.3 per cent. During this same period, the average sale price for an apartment-style condominium was $367,230 for an increase of 8.1 per cent. Townhomes and semis sold for an average of $406,463 (up 0.4 per cent) and $491,816 (up 13.3 per cent) respectively.

The median price of all residential properties sold in April increased by 7.1 per cent to $525,000 and the median price of a detached home during the same period increased 6.3 per cent to $605,000.

While still deemed an essential service, REALTORS® listed considerably fewer homes in April due to the current state of emergency. There were 417 new listings added to the MLS® System in KW and area last month, a decrease of 54.8 per cent compared to April of 2019, far fewer than the previous 10-year average of 937 listings in April.

The total number of homes available for sale in active status at the end of April was 571, a decrease of 36.6 per cent compared to April of last year.

The number of Months Supply (also known as absorption rate) continues to be very low at just 1.2 months for the month of April, 36.8 per cent below the same period last year. The previous ten-year average supply of homes for April was 2.95 months, and in the past 5 years, the average supply for April was 2.12 months.

Koehler says most REALTORS® are advising sellers to hold off on listing their properties until after the state of emergency has been lifted. However, not every seller or buyer has that option which is why real estate was deemed an essential service. Realtors who have been working with buyers and sellers through this unprecedented time have been carefully following the guidelines of health Canada and taking all the necessary precautions to protect themselves and their clients. “In addition to health safety measures, our members are quickly adapting to new ways of showing property by conducting virtual showings for their clients, and other innovative practices,” says Koehler.

The president of KWAR is confident that despite the current pandemic, the slowdown in housing sales will be temporary.  “It has been a strong sellers’ market for the past few years with buyers competing for a scare number of listings.” Now for the first time in a long time, April saw some balance with a sales-to-new-listings ratio of 54 percent – well within the balanced threshold. “We have witnessed some buyers expecting homes to sell at greatly reduced amounts, and frankly, that’s simply not the case. Home values have remained stable which we expect will continue,” says Koehler.

The average days to sell in April was 19 days, compared to 21 days in April 2019.

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. 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 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.

Historical Sales By Property Type

Months Supply of Homes for Sale

Historical Median Sales Price – By Property Type

Historical Average Sales Price – By Property Type

Historical Sales – By Price Range

Average Days on Market

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.

The Riz Team January Stats

There were 270 residential sales in January through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR), a decrease of 18 per cent compared to January 2017.

“On the surface, activity appears to be somewhat sluggish in January, says Tony Schmidt, KWAR President. “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).

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A total of 483 residential sales occurred through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) in August. This was 19.2 per cent below August 2016’s record breaking 598 units sold but still ahead of the previous 5-year August average of 473 sales. Residential sales last month brings a year-to-date total of 4,876 residential units, an increase of 3.7 per cent compared to 2016. “I think we’re seeing some stability return to the market” says James Craig, President of KWAR. “Last summer’s record setting sales was unsustainable and created a market that no one enjoyed.”