The Riz Team Blog

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).

View Full Media Release

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.”

This article appeared in the Saturday, May 20, 2017 issue of Waterloo Region Homes.

Knock Knock? Who’s there? Someone who wants to buy your house? Consumer Beware! For most readers this is no newsflash: Waterloo region’s residential real estate market is red hot!

Like many markets across the Greater Golden Horseshoe (GGH), we in Waterloo region have been experiencing record breaking sales combined with low inventory levels for months now. In other words, it is a sellers’ market.

During the first quarter of 2017, there were 1,532 home sales through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR). The average price of a residential home during this same period increased a whopping 28.3 per cent on a year-over-year basis to $468,653.

While statistics like this can paint some of the picture, what it cannot tell you is what your home will sell for. The fact is no one really knows what price their home will fetch until it is put to the test of being listed with your Realtor on the MLS® System.

These days we are seeing some sticker shock. For example, when a house priced in the $300,000 range subsequently sells for a hundred-thousand dollars over asking! Does this mean that every home listed for $300,000 will bring substantially more? Absolutely not! In fact, it might sell for exactly $300,000 or even less. Only the market can determine sale price, but the experience of a knowledgeable local Realtor can certainly help predict it.

With a shortage of listings (we have been sitting at less than two month’s inventory or less for the past 12 months) inventory levels are at an unprecedented low and buyer creativity at an all-time high. One strategy some buyers and their Realtors have turned to in these times is good old fashioned door-knocking to find homeowners who could be tempted to sell while the market is hot.

Now, knowing what you do know about today’s market, what would you do if someone came knocking on your door tomorrow, offering you X amount for your house? Would you know if what they were offering was fair market value?

There is certainly nothing wrong with this practice and when it works out it can be a win-win for both buyer and seller. On the other hand, my caution to homeowners is: the person doing the knocking may be offering you a price that sounds attractive, but how can you be sure?

Sometimes in this scenario, sellers are attracted by the idea of a quick hassle-free transaction. They’ve been offered a price that is way more than what they originally paid for their home, and maybe even way more than what they ever dreamed they could ever get.

I have heard a few anecdotes recently where the buyer knocking on the door has actually encouraged the homeowner NOT to use a Realtor (It would be unethical and illegal for a Realtor to do this by the way).

In one case, the gentleman did sell his house without the aid of a Realtor, and the price he sold it for – while far more than what he paid when he purchased it over 30 years ago, was substantially less than what he would have got had he put it on the open market.

I think the Canadian Real Estate Association’s latest advertising campaign says it best: “Live with No Regrets.” Using a Realtor is the most important decision you can make when buying or selling.

On whatever side of the transaction you are on, if you have a Realtor in your corner (i.e. you’ve entered into either a listing agreement or a buyer representation agreement) they have a legal duty to only act in your best interests. Furthermore, they are bound by the Real Estate Council of Ontario, the Canadian Real Estate Association and their local real estate board’s Code of Ethics, rules and regulations.

When your home is listed by a Realtor you get the counsel of someone who understands the market and can guide you on the best pricing and selling strategy. If you’re purchasing, your Realtor will provide you with insight and advice on the home, the neighbourhood, and when it comes to submitting an offer, how many other buyers you are competing against and advice on the price you offer. So what should you do when someone comes knocking on your door? Please take my advice: take their information and then talk to a Realtor. He or she will be able to assist you in reviewing the doorknockers’ offer and help you understand all of your options to ensure you end up with the offer that is best for you.

Have you been grappling with this major decision since the start of this year – Keep my place and live here, or sell it and get way more for my asking price like everyone else around you?  What it all comes down to is exactly that – Should I stay or should I go??

Over the last six to eight months prior to the new year of 2017 we have seen an incredible change in the Kitchener-Waterloo Region Real Estate Marketplace with many homes netting far greater values than what they may be actually worth.  This is partially due to the lack of inventory levels and the influx of many new buyers from other surrounding areas wanting to get into the Kitchener-Waterloo market.

As mentioned in the KWAR (Kitchener Waterloo Association of Realtor’s) market update for December 2016 it was mentioned:

“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.”

read the full blog post in our last December Blog

With this I wanted to clear any misconceptions you may have towards why you should make the decision to SELL your home sooner rather than later, while also keeping in mind the transition of where you will move forward with this if in fact you decide to unlock your equity and make this dream a reality.

This home sold for $155,000 more than the asking price by Riz within 12 hours of listing onto the MLS market.

I have monitored the market place since the start of the year and while in I personally can attest to having a record breaking multiple offer sale of my own in 2016 netting my sellers $155,000 more than the asking price for the above home in Laurelwood, Waterloo, we have since seen some close records being made during the start of this year of 2017 which I will share with you below.

These homes below have been listed on MLS (Multiple Listing Service) and have SOLD within just under 1 week, one being 9 days.  In most cases the homes have been showcased by way of open houses or just visits from a vast number of buyers and some of these homes have had 30 – 40 offers presented with multiple offers.

Property 1:  Listed on January 18, 2017 and sold in 9 days this Kitchener home sold for 137% over the asking price with numerous offers.

 Property 2:  This Kitchener Townhome situated in popular Huron Village was listed on January 19, 2017 and sold in 2 days for 110% over the asking price with numerous offers.

 Property 3:  This Laurelwood, Waterloo single detached home sold within 6 days of listing on January 18, 2017 for 105% over the asking price with many buyer offers.

 Property 4:  This detached backsplit home nestled in the Maple Hills area of Westmount, Waterloo was listed on January 18, 2017 and sold in multiple offers for 117% over the asking price in just 6 days.

 Property 5:  This end unit townhome in Laurelwood lasted only 6 days while being offered 40 offers and netting 132% over the asking price after being listed on January 18, 2017.

 Property 6:  This Eastbridge, Waterloo Semi-Detached home was listed on January 17, 2017 and sold within 7 days at 127% over the asking price in multiple offer bids.

 Property 7:  This single detached home in sought after Laurentian Hills, Kitchener was listed on January 16, 2017 and sold within 6 days for 112% over the asking price in multiple offers.

In summary, you can see if you are considering selling your home this year, it is imperative that you contact your Real Estate Professional who can guide you with the activity on the current marketplace and get you ready for this fierce and competitive “Seller’s Market.”  Of course, as a buyer one must also consider the vast number of opportunities lost within multiple offers with the increased number of buyers looking to purchase and the lack of inventory available, hence my wanting to reach out to anyone considering selling this year in saying, Don’t put it on HOLD…Call RIZ to get it SOLD!!!™

Let’s setup a time to meet together and discuss how I can get you more money for your home with all the buyers I have waiting to purchase homes in various areas of Kitchener-Waterloo.  My enhanced proven marketing systems have allowed me to deal with thousands of people within the Region over the years and this has brought me many referral clients.  Let me put my marketing skills to work on selling your home!

Click on the image above to be directed to my FREE Home Evaluation Sign-Up Page and let me show you how I can get you more money for your home!!!

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.