Posts Tagged ‘Waterloo Sellers’
Friday, December 3rd, 2021
A NEW RECORD HIGH FOR NUMBER OF HOME SALES IN NOVEMBER AND AN ALL-TIME RECORD LOW SUPPLY READING
KITCHENER-WATERLOO, ON (December 3, 2021) –– There were 597 residential homes sold last month through the Multiple Listing Service® (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) setting a new record high for November. Compared to the same month last year, November sales were up 4.4% and on par with last month. The previous ten-year average number of residential sales for November is 446.
“The elevated pace of home sales we’ve seen for the past year and a half showed no sign of slowing down in November,” says KWAR’s president, Megan Bell. “Despite some speculation of there being a housing market correction in store for Waterloo Region, sustained homebuying demand combined with a record low level of inventory in November produced continued price growth in the MLS® HPI benchmark price.”
Total residential sales in November included 324 detached (down 3.9 per cent from November 2020), and 106 condominium units (up 27.7 per cent). Sales also included 30 semi-detached homes (down 25 per cent) and 136 townhouses (up 21.4 per cent).
In November, the average sale price for all residential properties in the Kitchener-Waterloo area was $821,969. This represents a 28.9 per cent increase over November 2020 and a 2 per cent decrease compared to October 2021.
- The average price of a detached home was $990,447. This represents a 31 per cent increase from November 2020 and a decrease of 0.6 per cent compared to October 2021.
- The average sale price for an apartment-style condominium was $494,548. This represents an increase of 23.5 per cent from November 2020 and an increase of 7.1 per cent compared to October 2021.
- The average sale price for a townhouse was $700,476. This represents a 44.8 per cent increase from November 2020 and an increase of 0.9 per cent compared to October 2021.
- The average sale price for a semi was $717,143. This represents an increase of 27.3 per cent compared to November 2020 and a decrease of 1.3 per cent compared to October 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 $825,000 in November. This represents a 34.1 per cent increase over November 2020 and a 2.6 per cent increase compared to October 2021.
- The benchmark price for a detached home was $915,800. This represents a 35.8 per cent increase from November 2020 and 3.2 per cent increase compared to October 2021.
- The benchmark price for an apartment-style condominium was $398,000. This represents a 16.7 per cent increase from November 2020 and a 2.1 per cent decrease compared to October 2021.
- The benchmark price for a townhouse is $627,900. This represents a 45.5 per cent increase from November 2020 and a 4.0 per cent increase compared to October 2021.
“Lack of supply continues to be the refrain in November,” says Bell. “With inventory hitting an all time low it is a tough time to be house hunting right now.”
There were 605 new listings added to the MLS® System in KW and area last month, an increase of 3.2 per cent compared to November of last year, and a 14.6 per cent decrease compared to the previous ten-year average for November.
The total number of homes available for sale in active status at the end of November was 207, a decrease of 40.2 per cent compared to November of last year, and 80.7 per cent below the previous ten-year average of 1,071 listings for November.
The number of months of inventory reached an all time low of 0.3 in November. Inventory has settled at under 1 month for thirteen consecutive months. 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 November stayed at 10 days, compared to 14 days in November 2020 and a previous 5-year average of 24 days.
Bell notes that while the housing market typically slows down around the holiday season, she still expects to see a busier than normal December. “There is growing anxiety out there among buyers caused by the fear of missing out against rumblings of interest rates eventually going up in the year ahead.”
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.
Tags: buyers, for sale, Homes For Sale, house, housing, Kitchener Buyers, Kitchener Sellers, kitchener-waterloo, kitchener-waterloo association of realtors, KW Market Update, real estate market, the riz team, waterloo, Waterloo Homes, waterloo real estate, Waterloo Sellers
Posted in Kitchener Buyers, Kitchener Sellers, Market Stats, Market Update, Real Estate News, Realtor Tips, Waterloo Buyers, Waterloo Sellers | Comments Off on Kitchener-Waterloo Market Snapshot November 2021
Thursday, March 4th, 2021
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
Tags: buyers, for sale, Homes For Sale, kitchener, kitchener real estate, kitchener-waterloo, kitchener-waterloo association of realtors, KW Market Update, Market Update, real estate, real estate market, realtor, riz jadavji, royal lepage, Royal Lepage Wolle Realty, sales representative, the riz team, waterloo, Waterloo Buyers, waterloo for sale, Waterloo Homes, waterloo real estate, waterloo realtor, Waterloo Sellers
Posted in Kitchener Buyers, Kitchener Sellers, Market Stats, Market Update, Real Estate News, Waterloo Buyers, Waterloo Sellers | Comments Off on Kitchener Market Snapshot February 2021
Thursday, January 7th, 2021
RECORD-BREAKING HOME SALES IN DECEMBER CAPS OFF AN EXCEPTIONAL 2020
KW Housing Market Remains in High Demand
KITCHENER-WATERLOO, ON (Jan 7, 2021) ––There were 6,492 residential homes sold through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® in 2020, an increase of 9 per cent compared to 2019. Compared to previous years, 2020’s annual sales were 5 per cent above the previous 5-year average, and 11.6 per cent above the previous 10-year average.
On a monthly basis, there were 42 per cent more home sales compared to last year, with 351 home sales in the month of December.
“December’s home sales were the highest on record for the month,” says Nicole Pohl, President of KWAR. “This marks the sixth consecutive month of record home sales in Kitchener-Waterloo and helps propel 2020’s annual number of transactions over the 6,000-unit threshold for only the third time in our history.”
Total residential sales in December included 204 detached (up 46.7 per cent), and 63 condominium units (up 34 per cent) which includes any property regardless of style (i.e., semis, townhomes, apartment, detached etc.). Sales also included 20 semi-detached homes (down 9.1 per cent) and 64 freehold townhouses (up 68.4 per cent).
For 2020, total residential sales included 3,899 detached (up 8.1 per cent), and 804 condominium units (up 18.9 per cent) which includes any property regardless of style (i.e., semis, townhomes, apartment, detached etc.). Sales also included 450 semi-detached homes (up 6.8 per cent) and 1,346 freehold townhouses (up 7 per cent).
In December, the average sale price of all residential properties sold in 2020 increased by 14.4 per cent to $634,545 compared to 2019. Detached homes sold for an average price of $755,618 an increase of 11.9 per cent compared to 2019. During this same period, the average sale price for an apartment-style condominium was $383,196 for an increase of 5.4 per cent. Townhomes and semis sold for an average of $514,760 (up 27.7 per cent) and $574,659 (up 20.2 per cent) respectively.
On a year-to-date basis, the average sale price of all residential properties sold in 2020 increased by 16.1 per cent to $612,521 compared to 2019. Detached homes sold for an average price of $719,203 an increase of 16.9 per cent compared to 2019. During this same period, the average sale price for an apartment-style condominium was $391,698 for an increase of 13.7 per cent. Townhomes and semis sold for an average of $468,891 (up 14.6 per cent) and $520,753 (up 18.3 per cent) respectively.
The median price of all residential properties sold last year increased 17.3 per cent to $575,000 and the median price of a detached home during the same period increased 15.7 per cent to $660,000.
“Even well before the pandemic we had noted a trend of consumers migrating out of the GTA to our region,” says Pohl. “As the pandemic heated up it only fueled this fire more as the very concept of what home means was shifting. With more people working from home, some permanently, space has become a greater concern than ever before. When you combine this with all the other great attributes of our region, it is no surprise this occurred.”
Like many other parts of Ontario, low inventory has become a defining factor of Waterloo Region’s housing market and the new normal. The number of months of inventory remained at just 1 month or less throughout most of 2020.
For historical context, the number of months inventory in Kitchener-Waterloo between 2011 and 2015 averaged 4. Between 2016 and 2020 it was a monthly average of 1.5 months. 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 2020 was 16 days, compared to 23 days in 2019 and a previous 5-year average of 27 days.
Dollar volume of all residential real estate sold last year increased 26.5 per cent to $3.9 billion compared with 2019.
While the majority of residential MLS® System activity is properties for sale, REALTORS® are increasingly representing landlords and tenants. Last year 848 residential leases occurred through KWAR’s MLS® System, which is an increase of 13.9 per cent compared to last year.
“Looking to the year ahead, we should expect more of the same” predicts Pohl. “Real estate continues to be one of the shining lights supporting the Ontario economy, so we do not expect to see any significant efforts to try to cool the market. Buyers should continue to expect stiff competition in Waterloo Region, and for sellers, there will continue to be a strong interest for all properties entering the market. Active markets are difficult markets, but the only way for a seller to ensure they are getting the full market value of their home is through the level playing field of the KWAR MLS® System. For buyers, they should ensure they are working with a local REALTOR® to assist with the speed and challenges of this 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.
Tags: buyers, for sale, Homes For Sale, kitchener, kitchener real estate, kitchener-waterloo, kitchener-waterloo association of realtors, KW Market Update, Market Update, real estate, real estate market, realtor, riz jadavji, royal lepage, Royal Lepage Wolle Realty, sales representative, the riz team, waterloo, Waterloo Buyers, waterloo for sale, Waterloo Homes, waterloo real estate, waterloo realtor, Waterloo Sellers
Posted in Market Stats, Market Update | Comments Off on Kitchener Market Snapshot for December 2020
Thursday, December 3rd, 2020
ANOTHER RECORD-BREAKING MONTH FOR HOME SALES IN NOVEMBER
KITCHENER-WATERLOO, ON (December 3, 2020) ––There were 575 residential homes sold through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® in November, marking another record-breaking month of homes sold in the Kitchener-Waterloo area. November’s home sales represented an increase of 35 per cent compared to the same month last year, and a decrease of 17 per cent compared to the previous month. The previous ten-year average number of residential sales for November is 433.
November is the fifth consecutive month of record home sales in the Kitchener-Waterloo area.
“We are now well beyond any pent-up demand from the first lockdown,” said Nicole Pohl, President of KWAR. “Now we’re simply dealing with straight-up demand for our community as an attractive place to put down roots, and the current COVID-19 pandemic is only further fuelling the already hot market and elevating Waterloo region as a desirable place to own a home.”
Total residential sales in November included 341 detached homes (up 28.6 per cent from November 2019), and 82 condominium apartments (up 60.7 per cent). Sales also included 112 townhouses (up 53.4 per cent) and 40 semi-detached homes (up 5.2 per cent).
The average sale price of all residential properties sold in November increased 13 per cent to $637,336 compared to the same month last year, while detached homes sold for an average price of $753,641 an increase of 14.4 per cent. During this same period, the average sale price for an apartment-style condominium was $400,882 for an increase of 12 per cent. Townhomes and semis sold for an average of $482,901 (up 8.6 per cent) and $562,988 (up 30.4 per cent) respectively.
The median price of all residential properties sold in November increased 16.5 per cent to $600,000 and the median price of a detached home during the same period increased 15 per cent to $685,000.
“Prices continued to climb in November as buyers across all price points compete for listings as soon as they come on the market,” said Pohl. “The number of available properties going up for sale simply can’t keep up to the number of people wanting to purchase them.”
There were 584 new listings added to the MLS® System in KW and area last month, an increase of 34.8 per cent compared to November of last year, and 13 per cent more than the previous ten-year average for November.
The number of Months of Supply (also known as absorption rate) continues to be very low at just 1 month for the month of November. The previous ten-year average supply of homes for November was 3 months, and in the past 5 years, the average supply for November was 1.8 months.
KWAR’s president says the sales-price-to-list-price ratio for all residential properties sold in November was 107.9 per cent. “The only other time I’ve seen the sale to list ratio this high was in May of 2017 when it hit 108.6 per cent,” says Pohl. For comparison, in 2019, the monthly close price to list price ratio was at or near 100 per cent from January through to December. Since August it has been over 105 per cent.
With competition this fierce, Pohl says working with a local REALTOR® has never been more important.
The average number of days to sell in November was 14 days, compared to 28 days in November 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 are considering.
Tags: buyers, for sale, Homes For Sale, kitchener, kitchener real estate, kitchener-waterloo, kitchener-waterloo association of realtors, KW Market Update, Market Update, real estate, real estate market, realtor, riz jadavji, royal lepage, Royal Lepage Wolle Realty, sales representative, the riz team, waterloo, Waterloo Buyers, waterloo for sale, Waterloo Homes, waterloo real estate, waterloo realtor, Waterloo Sellers
Posted in Market Stats, Market Update | Comments Off on Kitchener Market Snapshot for November 2020
Wednesday, November 4th, 2020
KITCHENER-WATERLOO, ON (November 4, 2020) ––There were 691 residential homes sold through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® in October, the most ever recorded for the month. October’s home sales represented an increase of 28 per cent compared to the same month last year, and a decrease of 9.6 per cent compared to the previous month. The previous ten-year average number of residential sales for October is 471.
“This is the fourth month in a row we have set a monthly record number of home sales,” said Colleen Koehler, President of KWAR. “Demand for homes in October continued to strongly outpace supply in Kitchener-Waterloo and area.”
Total residential sales in October included 417 detached homes (up 25.6 per cent from October 2019), and 94 condominium apartments (up 34 per cent). Sales also included 134 townhouses (up 26.4 per cent) and 46 semi-detached homes (up 48.3 per cent).
The average sale price of all residential properties sold in October increased 19.4 per cent to $635,301 compared to the same month last year, while detached homes sold for an average price of $742,596 an increase of 21.7 per cent. During this same period, the average sale price for an apartment-style condominium was $395,627 for an increase of 14.8 per cent. Townhomes and semis sold for an average of $499,641 (up 15.6 per cent) and $539,434 (up 16.6 per cent) respectively.
The median price of all residential properties sold in October increased 19.2 per cent to $595,000 and the median price of a detached home during the same period increased 20.5 per cent to $686,000.
“Consumers buying/selling real estate continues to be one of the few shining lights to help Ontario’s economy recover from the pandemic,” said Koehler. “We’re continuing to see more buyers than sellers, including additional buyers migrating here from out of the region looking for the quality of life this region offers.”
There were 783 new listings added to the MLS® System in KW and area last month, an increase of 16 per cent compared to October of last year, and 11.5 per cent more than the previous ten-year average for October.
The number of Months Supply (also known as absorption rate) continues to be very low at just 1 month for the month of October. The previous ten-year average supply of homes for October was 3.2 months, and in the past 5 years, the average supply for October was 1.8 months.
KWAR’s president says the market we have been experiencing is extraordinary. “While our association does not track where buyers are coming through the MLS® System, I can say unequivocally we are seeing strong demand from GTA buyers. What people want and need in a home, and where they want to be located has been redefined in a very short period. Waterloo region is quite rightly, a highly desirable place to own a home.”
The average days to sell in October was 13 days, compared to 23 days in October 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 are considering.
Tags: buyers, for sale, Homes For Sale, kitchener, kitchener real estate, kitchener-waterloo, kitchener-waterloo association of realtors, KW Market Update, Market Update, real estate, real estate market, realtor, riz jadavji, royal lepage, Royal Lepage Wolle Realty, sales representative, the riz team, waterloo, Waterloo Buyers, waterloo for sale, Waterloo Homes, waterloo real estate, waterloo realtor, Waterloo Sellers
Posted in Market Stats, Market Update | Comments Off on Kitchener Market Snapshot for October 2020
Monday, October 5th, 2020
REALTORS® SELL A RECORD NUMBER OF HOMES IN SEPTEMBER
There were 758 residential homes sold through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® in September, the most ever recorded for the month. September’s home sales represented an increase of 41.6 per cent compared to the same month last year, and an increase of 8 per cent compared to the previous month. The previous ten-year average number of residential sales for September is 460.
“This is far more home sales then what we would normally see in September as buyers continue to play catch up from the COVID-19 hindered spring market,” said Colleen Koehler, President of KWAR. “While the pandemic has had devastating impacts on many aspects of our lives it has only solidified the importance of home and homeownership.”
Total residential sales in September included 431 detached homes (up 28.6 per cent from September 2019), and 93 condominium apartments (up 127 per cent). Sales also included 178 townhouses (up 43.5 per cent) and 54 semi-detached homes (up 59 per cent).
The average sale price of all residential properties sold in September increased 17.5 per cent to $637,691 compared to the same month last year, while detached homes sold for an average price of $768,762 an increase of 25 per cent. During this same period, the average sale price for an apartment-style condominium was $390,690 for an increase of 13 per cent. Townhomes and semis sold for an average of $ 476,636 (up 8.7 per cent) and $544,874 (up 16.5 per cent) respectively.
The median price of all residential properties sold in September increased 13.7 per cent to $580,250 and the median price of a detached home during the same period increased 16.5 per cent to $676,000.
“We saw more new listings coming to the market in September which was welcome,” said Koehler. “However, demand continues to outpace supply.”
There were 929 new listings added to the MLS® System in KW and area last month, an increase of 13 per cent compared to September of last year, and 17.7 per cent more than the previous ten-year average for September.
The number of Months Supply (also known as absorption rate) continues to be very low at just 1 month for the month of September. The previous ten-year average supply of homes for September was 3.3 months, and in the past 5 years, the average supply for September was 2.2 months.
The year-to-date number of residential sales has increased 2.6% over 2019 indicating that the decreased activity in April and May has been more than made up in the past four months.
KWAR’s president believes one of the results of the pandemic is that it has forced many employers to realize their staff can in fact work remotely. This has freed employees to migrate from some large urban areas to more affordable areas such as Waterloo Region that offers a higher quality of life.
To help encourage new listings and address our supply shortage, Ontario’s REALTORS® are asking the government to introduce a short-term Land Transfer Tax holiday. More information about this and other proposals can be read in the Ontario Real Estate Association’s (OREA) recently released policy report, Rebuilding Ontario: A Framework for Recovery.
The average days to sell in September was 14 days, compared to 23 days in September 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 are considering.
Tags: buyers, for sale, Homes For Sale, kitchener, kitchener real estate, kitchener-waterloo, kitchener-waterloo association of realtors, KW Market Update, Market Update, real estate, real estate market, realtor, riz jadavji, royal lepage, Royal Lepage Wolle Realty, sales representative, the riz team, waterloo, Waterloo Buyers, waterloo for sale, Waterloo Homes, waterloo real estate, waterloo realtor, Waterloo Sellers
Posted in Market Stats, Market Update | Comments Off on Kitchener Market Snapshot for September 2020
Thursday, September 3rd, 2020
AUGUST HOME SALES SET ANOTHER RECORD
There were 686 residential homes sold through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® in August, the most ever recorded for the month. August’s home sales represented an increase of 48 per cent compared to the same month last year, and a decrease of 8 per cent compared to the previous month. The previous ten-year average number of residential sales for August is 470.
“Waterloo Region has had an extremely hot market all summer,” said Colleen Koehler, President of KWAR. ”Following a spring market where most people were observing physical distancing guidelines, sales in August continued to be very active with demand continuing to outstrip supply forcing buyers to act quickly.”
Total residential sales in August included 433 detached homes (up 61.5 per cent from August 2019), and 79 condominium apartments (up 38.5 per cent). Sales also included 138 townhouses (up 40 per cent) and 39 semi-detached homes (no change).
The average sale price of all residential properties sold in August increased 21 per cent to $634,409 compared to the same month last year, while detached homes sold for an average price of $734,427 an increase of 18.9 per cent. During this same period, the average sale price for an apartment-style condominium was $386,972 for an increase of 16 per cent. Townhomes and semis sold for an average of $495,932 (up 18.3 per cent) and $535,330 (up 21.1 per cent) respectively.
The median price of all residential properties sold in August increased 20.8 per cent to $597,955 and the median price of a detached home during the same period increased 17.4 per cent to $675,000.
“This summer, local home sales rebounded from the COVID-19 slow down we had in the spring,” said Koehler. “While not as heated as July, August sales were another month for the record books, as home buyers returned to the market with renewed intensity.”
There were 833 new listings added to the MLS® System in KW and area last month, an increase of 43.8 per cent compared to August of last year, and 26.4 per cent more than the previous ten-year average for August.
The number of Months Supply (also known as absorption rate) continues to be very low at just 1 month for the month of August. The previous ten-year average supply of homes for August was 3.3 months, and in the past 5 years, the average supply for August was 2.2 months.
The average days to sell in August was 16 days, compared to 26 days in August 2019.
Koehler notes real estate was deemed an essential service from the beginning of the lockdown and REALTORS® have been taking all the necessary precautions to ensure transactions are done safely. KWAR’s president advises consumers to talk to their Realtor® about what measures they will be taking to protect your health and safety as they help you on your real estate journey.
Please note: regular stats charts are not available due to system maintenance. The stats charts will be posted here when available.
Tags: buyers, for sale, Homes For Sale, kitchener, kitchener real estate, kitchener-waterloo, kitchener-waterloo association of realtors, KW Market Update, Market Update, real estate, real estate market, realtor, riz jadavji, royal lepage, Royal Lepage Wolle Realty, sales representative, the riz team, waterloo, Waterloo Buyers, waterloo for sale, Waterloo Homes, waterloo real estate, waterloo realtor, Waterloo Sellers
Posted in Market Stats, Market Update | Comments Off on Kitchener Market Snapshot for August 2020
Saturday, August 8th, 2020
COMPETITIVE MARKET LEADS TO HUGE PRICE GAINS IN JULY
There were 734 residential homes sold through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® in July, an increase of 25.7 per cent compared to the same month last year, and well above the previous ten-year average for July of 531.
“Competition was high for buyers looking to lock down a house in July,” said Colleen Koehler, President of KWAR. “The rate of home sales in July resembled the kind of month we would normally see in May, and I chalk up much of that to the pent up demand that built as we moved into Stage 3 of reopening in mid-July.”
Total residential sales in July included 464 detached homes (up 39.3 per cent from July 2019), and 65 condominium apartments (up 3.2 per cent). Sales also included 153 townhouses (up 4.8 per cent) and 52 semi-detached homes (up 23.8 per cent).
The average sale price of all residential properties sold in July increased 22.8 per cent to $639,814 compared to the same month last year, while detached homes sold for an average price of $745,149 an increase of 21.4 per cent. During this same period, the average sale price for an apartment-style condominium was $392,770 for an increase of 15.2 per cent. Townhomes and semis sold for an average of $465,756 (up 12.8 per cent) and $522,872 (up 20.4 per cent) respectively.
The median price of all residential properties sold in July increased 21.7 per cent to $595,000 and the median price of a detached home during the same period increased 17.4 per cent to $675,000.
“Elevated homebuyer activity combined with constrained supply put huge pressure on prices last month,” said Koehler. “Homebuyers remain very confident about owning a home in Waterloo Region, and with mortgage rates still at near-record-low levels I expect we will continue to see strong home buyer demand going into the fall”.
There were 888 new listings added to the MLS® System in KW and area last month, an increase of 4.3 per cent compared to July of last year, and 15.5 per cent more than the previous ten-year average for July.
The total number of homes available for sale in active status at the end of July was 592, a decrease of 32.6 per cent compared to July of last year.
The number of Months Supply (also known as absorption rate) continues to be very low at just 1.3 months for the month of July, 27.8 per cent below the same period last year. The previous ten-year average supply of homes for July was 3.1 months, and in the past 5 years, the average supply for July was 2.1 months.
The average days to sell in July was 17 days, compared to 22 days in July 2019.
Koehler notes real estate was deemed an essential service from the beginning of the lockdown and REALTORS® have been taking all the necessary precautions to ensure transactions are done safely. KWAR’s president advises consumers talk to their Realtor® about what measures they will be taking to protect your health and safety as they help you on your real estate journey.
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
Tags: buyers, for sale, home sales, Homes For Sale, kitchener, kitchener for sale, kitchener real estate, Kitchener Sellers, kitchener-waterloo, kitchener-waterloo association of realtors, KW Market Update, Market Update, real estate, real estate market, realtor, riz jadavji, royal lepage, Royal Lepage Wolle Realty, sales representative, the riz team, waterloo, Waterloo Buyers, waterloo for sale, Waterloo Homes, waterloo real estate, waterloo realtor, Waterloo Sellers, www.rizsellskw.com
Posted in Market Stats, Market Update | Comments Off on Kitchener Market Snapshot for July 2020
Tuesday, July 7th, 2020
JUNE HOME SALES SPRING BACK AND PRICES CLIMB
RESIDENTIAL AVERAGE TOPS $600K FOR FIRST TIME
KITCHENER-WATERLOO, ON (July 6, 2020) ––The number of homes sold in June shot up 57.6 per cent compared to May. There were 673 residential homes sold through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® in June 2020, an increase of 2.1 per cent compared to June 2019, and an increase of 8.5 per cent compared to the previous 10-year average for June.
“After a pandemic-induced delay to the typical spring market, home sales sprung back to life in a big way in June,” said Colleen Koehler, President of KWAR. “As Waterloo region entered stage two of reopening, we saw many buyers and sellers resuming their home buying and selling plans.”
Total residential sales in June included 413 detached homes (up 1.7 per cent from June 2019), and 67 condominium apartments (up 36.7 per cent). Sales also included 134 townhouses (down 15.7 per cent) and 59 semi-detached homes (up 31.1 per cent).
Total residential sales during this second quarter (April, May, June) are down 33 per cent compared to last year. On a year-to-date basis, they are down 15.6 per cent.
“I expect for the remainder of 2020 will see the number of home sales returning to near historical levels,” says Koehler. “There will be some catching up to do in the coming weeks, but I don’t think you will see the market taking a hiatus this summer.”
The average sale price of all residential properties sold in June increased 12.8 per cent to $601,285 compared to the same month last year, while detached homes sold for an average price of $698,736 an increase of 13.2 per cent. During this same period, the average sale price for an apartment-style condominium was $372,392 for an increase of 13.2 per cent. Townhomes and semis sold for an average of $457,851 (up 11.4 per cent) and $504,816 (up 17.3 per cent) respectively.
The median price of all residential properties sold in June increased 14.4 per cent to $564,000 and the median price of a detached home during the same period increased 11.9 per cent to $650,000.
There were 920 new listings added to the MLS® System in KW and area last month, the most added in a single month since May of last year, and 1.9 per cent more than the previous ten-year average for June.
The total number of homes available for sale in active status at the end of June was 640, a decrease of 28.7 per cent compared to June of last year.
The number of Months Supply (also known as absorption rate) continues to be very low at just 1.4 months for the month of June, 22.2 per cent below the same period last year. The previous ten-year average supply of homes for June was 3.22 months, and in the past 5 years, the average supply for June was 2.22 months.
The average days to sell in June was 16 days, compared to 20 days in June 2019.
Koehler notes real estate was deemed an essential service from the beginning of the lockdown and REALTORS® have been taking all the necessary precautions to ensure transactions are done safely. KWAR’s president advises consumers to talk to their Realtor® about what measures they will be taking to protect your health and safety as they help you on your real estate journey.
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
Tags: 2020, buyers, for sale, home sales, homes, Homes For Sale, June, kitchener, kitchener real estate, kitchener-waterloo, kitchener-waterloo association of realtors, KW Market Update, KW Realtor, Kwawesome, Market Report, Market Update, MLS, Ontario, real estate, Real Estate Board, real estate market, realtor, realtors, riz jadavji, royal lepage, Royal Lepage Wolle Realty, sales representative, Stats, Stats Release, Stats Report, the riz team, Top Team, waterloo, Waterloo Buyers, waterloo for sale, Waterloo Homes, waterloo real estate, waterloo realtor, waterloo region, Waterloo Sellers
Posted in Market Stats, Market Update | Comments Off on Kitchener Market Snapshot for June 2020
Wednesday, June 3rd, 2020
Home Sales Climb in May Compared to Record-Low April
Average Sale Prices Show Strength
KITCHENER-WATERLOO, ON (June 3, 2020) ––There were 419 residential homes sold through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® in May 2020, a decrease of 40.5 per cent compared to May 2019, and an 80 per cent increase compared to April 2020 when sales contracted sharply due to COVID-19.
“Real estate was included as an essential service in Ontario from the outset of the COVID-19 shutdown, and Realtors have stepped up to ensure those who need to list or buy can do so safely,” said Colleen Koehler, President of KWAR.
Total residential sales in May included 255 detached homes (down 41 per cent from May 2019), and 42 condominium apartments (down 42.5 per cent). Sales also included 79 townhouses (down 42.8 per cent) and 43 semi-detached homes (down 29.5 per cent).
The average sale price of all residential properties sold in May increased 6.5 per cent to $568,275 compared to the same month last year, while detached homes sold for an average price of $657,274 an increase of 5.4 per cent. During this same period, the average sale price for an apartment-style condominium was $330,336 for an increase of 0.6 per cent. Townhomes and semis sold for an average of $454,197 (up 13 per cent) and $482,479 (up 11.4 per cent) respectively.
The median price of all residential properties sold in May increased 10.1 per cent to $545,000 and the median price of a detached home during the same period increased 9.6 per cent to $630,000.
“In May we saw the strong appetite for homes in the Kitchener-Waterloo area is still very much alive,” said Koehler. “But as the virus continued to circulate in the community many would-be sellers were reluctant to put their homes on the market. For the homebuyers who cannot wait out the pandemic, they are not finding any fire sales as homes are not only maintaining their value, but also increasing.”
There were 577 new listings added to the MLS® System in KW and area last month, a decrease of 48.7 per cent compared to May of 2019, far fewer than the previous 10-year average of 1,035 listings in May.
The total number of homes available for sale in active status at the end of May was 567, a decrease of 43.9 per cent compared to May of last year.
The number of Months Supply (also known as absorption rate) continues to be very low at just 1.3 months for the month of May, 38.1 per cent below the same period last year. The previous ten-year average supply of homes for May was 3.25 months, and in the past 5 years, the average supply for May was 2.32 months.
Koehler acknowledges the pandemic has pushed even the most traditional real estate practitioners to adopt to digital and virtual technology to interact with clients. She advises consumers should talk to their Realtor about the digital tools they use to minimize the need for physical contact and to ensure that all of Health Canada’s guidelines are in place to reduce the risk of transmission of the virus when in-person showings are required.”
The average days to sell in May was 20 days, compared to 19 days in May 2019.
Media Contact: Tania Benninger, Stakeholder Relations, 519-584-1141
Read Online: https://kwar.ca/category/market-updates
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
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.
Tags: buyers, for sale, Homes For Sale, kitchener-waterloo, kitchener-waterloo association of realtors, KW Market Update, Market Update, preparing to sell, real estate, riz jadavji, royal lepage, Royal Lepage Wolle Realty, the riz team, Waterloo Homes, waterloo real estate, Waterloo Sellers
Posted in Market Stats, Market Update | Comments Off on Kitchener Market Snapshot for May 2020