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

STRONG HOME SALES IN FEBRUARY

KITCHENER-WATERLOO, ON (March 5, 2020) ––There were 467 residential homes sold through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® in February, an increase of 36.5 per cent compared to the same month last year, and 15.3 per cent above the previous 10-year average.

“After a few consecutive months of sluggish home sales, home buying activity in February was much stronger,” says Colleen Koehler, President of KWAR.

Total residential sales in February included 272 detached homes (up 52 per cent), and 62 condominium units (up 14.8 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 32 semi-detached homes (up 33.3 per cent) and 101 freehold townhouses (up 18.8 per cent).

The average sale price of all residential properties sold in February increased 16.3 per cent to $571,023 compared to the same month last year, while detached homes sold for an average price of $673,825 an increase of 13.2 per cent. During this same period, the average sale price for an apartment-style condominium was $371,923 for an increase of 16.4 per cent. Townhomes and semis sold for an average of $443,382 (up 12.9 per cent) and $485,831 (up 8.4 per cent) respectively.

The median price of all residential properties sold in February increased 18.2 per cent to $550,050 and the median price of a detached home during the same period increased 18.6 per cent to $630,000.

“Like many other markets across the province, the story of our local housing market continues to be one of supply and demand,” says Koehler. “Market-wide, the number of homes available for sale is simply not keeping up with the number of people wanting to purchase a home in the Kitchener-Waterloo area.”

REALTORS® listed 609 residential properties in KW and area last month, an increase of 7.8 per cent compared to February of 2019, and a decrease of 5.9 per cent in comparison 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 447, a decrease of 39.4 per cent compared to February of last year, and 62 per cent below the previous ten-year average of 1,179 listings for February. The number of Months Supply (also known as absorption rate) in February was just 0.9 months, 40 per cent below the same period last year. The previous ten-year average supply of homes for February was 2.55 months, and in the past 5 years the average supply for February was 1.76 months.

KWAR’s president points out that now more than ever sellers should avail themselves of a REALTOR®. “With a multitude of buyers jumping on a scarcity of properties for sale, many homes are selling for more than the asking price.  A REALTOR® will ensure you have maximum exposure to these buyers through the MLS® System and will manage the intricate process of any multiple offers professionally.”

The average days to sell in February was 17 days, compared to 26 days in February 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

Kitchener Market Snapshot for 2019

2019 A STEADFAST YEAR FOR HOME SALES IN KW

Sales Dip in December, While Prices Continue to Escalate 

KITCHENER-WATERLOO, ON (Jan 6, 2020) ––There were 5,925 residential homes sold through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® in 2019, an increase of 1.6 per cent compared to 2018. Contrasted to past years, 2019’s annual sales were 2.3 per cent below the previous 5-year average, and 3 per cent above the previous 10-year average.

On a monthly basis, sales dipped 9 percent compared to last year, with 244 home sales in the month of December.

“Overall, it was a steadfast pace of home sales in 2019,” says Colleen Koehler, President of KWAR.  “When annual home sales in Kitchener-Waterloo hit near 6000 transactions, I consider it to be a strong real estate market.”

Total residential sales in 2019 included 3,590 detached (up 5.9 per cent), and 648 condominium units (down 7.8 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 421 semi-detached homes (down 0.7 per cent) and 1,266 freehold townhouses (down 3.7 per cent).

The average sale price of all residential properties sold in 2019 increased 9.3 per cent to $527,718 compared to 2018. Detached homes sold for an average price of $614,743 an increase of 7.1 per cent compared to 2018. During this same period, the average sale price for an apartment style condominium was 332,409 for an increase of 9.6 per cent. Townhomes and semis sold for an average of $409,979 (up 10 per cent) and $439,844 (up 11 per cent) respectively.

The median price of all residential properties sold last year increased 10.1 per cent to $490,000 and the median price of a detached home during the same period increased 8.6 per cent to $570,000.

“In 2019, the lack of supply continued to be a hurdle for anyone who was trying to buy their first home, move-up from their current residence, or downsize. This ongoing state of the market caused further escalation of home prices in 2019. With interest rates expected to stay low in the year ahead combined with Waterloo region’s ongoing growth, I expect 2020 will see more price gains alongside a steady increase in sales,” says Koehler.

The number of months of inventory averaged 1.5 throughout the year, hitting its highest point in May when there was 2.1 months of supply, and ending the year at 0.7 (3-4 months supply is historically normal for Waterloo region). The average days to sell in 2019 was 23 days, compared to 24 days in 2018 and a previous 10-year average of 38 days.

Dollar volume of all residential real estate sold last year increased 10.9 per cent to $3.1 Billion compared with 2018.

While the majority of residential MLS® System activity is properties for sale, REALTORS® are increasingly representing landlords and tenants. Last year 733 residential leases occurred through KWAR’s MLS® System, which is on par with last year and, 2.5 times as many as just four years ago.

Historical Sales by Property Type

Months Supply of Homes for Sale

Historical Median Sales Price – By Property Type

Average Sales Price – By Property Type

Historical Sales – By Price Range

Average Days on Market

KITCHENER-WATERLOO, ON (May 3, 2018) –– In April, the 616 residential properties sold through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) were up 13.7 per cent compared to last month and down 19.6 per cent compared to home sales a year ago. “Home sales in April were as brisk as the temperatures”, says Tony Schmidt, KWAR President. “While down from last year’s record breaking number of sales, it was a slightly more active April than average historically speaking.”

Read the Full Release Here! 

In March, the 540  residential properties sold through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR), represented an increase of 43.6 per cent compared to last month and a decrease of 25.8 per cent compared to home sales a year ago.

“Home sales in Waterloo Region last month mirrored the greater activity across the Greater Golden Horseshoe. Numbers are down year over year, but the market is showing signs of warming up after the long winter”, says Tony Schmidt, KWAR President. “Make no mistake; we are still deep in a sellers’ market and not expecting that to change for the remainder of the year. And while 2018 won’t be quite as hectic as 2017, the market is going to be demanding. REALTORS® on the street are reporting strong demand throughout the region and receiving multiple offers on many homes.”

VIEW FULL RELEASE

In February, the 377  residential properties sold through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR), were an increase of 40 per cent compared to last month and a decrease of 20.5 per cent compared to home sales a year ago.

“When we consider market activity we have to acknowledge that sales from the previous year or two were an anomaly”, says Tony Schmidt, KWAR President. “If you compare last February against the ten year average of sales, it was a pretty typical February”.

VIEW FULL RELEASE 

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

READ FULL RELEASE