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Kitchener – Waterloo real estate market recap: July 2020

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Last month home sales in Kitchener-Waterloo were up 25.7% compared to July 2019.

 

“Competition was high for buyers looking to lock down a house in July…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.”

Colleen Koehler, President of KWAR

 

July Sales Breakdown:

  • 464 Detached Home Sales
  • 65 Condominium Sales
  • 153 Freehold Townhouse Sales
  • 52 Semi-Detached Home Sales

The average sale price of all residential properties sold in July were up by 22.8% to $639,814 compared to July 2019.

Average Home Price:

  • $745,149 Detached Homes
  • $392,770 Apartment-Style Condominiums
  • $465,756 Townhomes
  • $522,872 Semis

It took an average of 17 days to sell a home in July, compared to 22 days in July 2019.

Market recap from Colleen Koehler, President of KWAR:

“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.

To learn more about the market and what this means to you, meet with Suzanne for coffee. Book a time with Suzanne now.

Find more information about the Kitchener-Waterloo real estate market here.

Source: kwar.ca/july-2020-sales

Kitchener – Waterloo real estate market recap: June 2020

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Last month home sales in Kitchener-Waterloo were up 2.1% compared to June 2019. Up 57.6% compared to May 2020.

 

After a pandemicinduced delay to the typical spring market, home sales sprung back to life in a big way in June. As Waterloo region entered stage two oreopening, we saw many buyers and sellers resuming their home buying and selling plans.

Colleen Koehler, President of KWAR

 

 

June Sales Breakdown:

  • 413 Detached Home Sales
  • 67 Condominium Sales
  • 134 Freehold Townhouse Sales
  • 59 Semi-Detached Home Sales

The average sale price of all residential properties sold in June are up by 12.8% to $601,285 compared to June 2019.

Average Home Price:

  • $698,736 Detached Homes
  • $372,392 Apartment-Style Condominiums
  • $457,851 Townhomes
  • $504,816 Semis

It took an average of 16 days to sell a home in June, compared to 20 days in June 2019.

Market recap from Colleen Koehler, President of KWAR:

I expect for the remainder of 2020 will see the number of home sales returning to near historical levels…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.

To learn more about the market and what this means to you, meet with Suzanne for coffee. Book a time with Suzanne now.

Find more information about the Kitchener-Waterloo real estate market here.

Source: kwar.ca/june-2020-sales

Kitchener – Waterloo real estate market recap: May 2020

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In May, home sales in Kitchener-Waterloo were down 40.5% compared to May 2019.

 

“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.”

Colleen Koehler, President of KWAR

 

 

May Sales Breakdown:

  • 255 Detached Home Sales
  • 42 Condominium Sales
  • 79 Freehold Townhouse Sales
  • 43 Semi-Detached Home Sales

The average sale price of all residential properties sold in May increased by 6.5% to $568,275 compared to May 2019.

Average Home Price:

  • $657,274 Detached Homes
  • $330,336 Apartment-Style Condominiums
  • $454,197 Townhomes
  • $482,479 Semis

It took an average of 20 days to sell a home in May, compared to 19 days in May 2019.

Market recap from Colleen Koehler, President of KWAR:

“In May we saw the strong appetite for homes in the Kitchener-Waterloo area is still very much alive…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.”

To learn more about the market and what this means to you, meet with Suzanne for coffee. Book a time with Suzanne now.

Find more information about the Kitchener-Waterloo real estate market here.

Source: kwar.ca/may-home-sales-climb/

Kitchener – Waterloo real estate market recap: April 2020

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In April, home sales in Kitchener-Waterloo were down 63.6% compared to April 2019.

 

“It goes without saying the current pandemic has had a major impact on the number of sales we would normally see in April…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.”

Colleen Koehler, President of KWAR

 

 

April Sales Breakdown:

  • 145 Detached Home Sales
  • 22 Condominium Sales
  • 44 Freehold Townhouse Sales
  • 16 Semi-Detached Home Sales

The average sale price of all residential properties sold in April increased by 7.3% to $568,738 compared to April 2020.

Average Home Price:

  • $657,042 Detached Homes
  • $367,230 Apartment-Style Condominiums
  • $406,463 Townhomes
  • $491,816 Semis

It took an average of 19 days to sell a home in April, compared to 21 days in April 2019.

Market recap from Colleen Koehler, President of KWAR:

“It has been a strong sellers’ market for the past few years with buyers competing for a scare number of listings…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.”

To learn more about the market and what this means to you, meet with Suzanne for coffee. Book a time with Suzanne now.

Find more information about the Kitchener-Waterloo real estate market here.

Source: kwar.ca/april-home-prices-strong/

Kitchener – Waterloo real estate market recap: March 2020

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In March, home sales in Kitchener-Waterloo were up 13.1% compared to March 2019.

 

“We had a very strong start to the month which carried through right up until the province declared its COVID-19 related state of emergency on March 17th…Before the pandemic hit our region, I believe we were on pace to set a record number of sales for March with the continuance of high demand, low inventory, and a strong seller’s market.”

Colleen Koehler, President of KWAR

 

 

March Sales Breakdown:

  • 348 Detached Home Sales
  • 68 Condominium Sales
  • 136 Freehold Townhouse Sales
  • 25 Semi-Detached Home Sales

The average sale price of all residential properties sold in March increased by 15.3% to $583,752 compared to March 2020.

Average Home Price:

  • $679,728 Detached Homes
  • $378,443 Apartment-Style Condominiums
  • $457,547 Townhomes
  • $492,752 Semis

The median price of all residential properties sold in March increased by 14.6% to $544,500.

It took an average of 15 days to sell a home in March, compared to 21 days in March 2019.

Market recap from Colleen Koehler, President of KWAR:

“Of course, what is on everyone’s mind is the Coronavirus, and how this global pandemic is impacting every facet of our lives. The Ontario government included real estate services, legal and land registry as an essential service, but by no means is this business as usual for Realtors or their clients…As people everywhere follow instructions to only leave their homes for essential reasons, this is impacting the number of showings, and how properties are shown. Not everyone is in the position to postpone the purchase or sale of their home, and Realtors are adapting the technology we already use to serve our clients in this new environment and rigidly following Health Canada’s guidelines.”

To learn more about the market and what this means to you, meet with Suzanne for coffee. Book a time with Suzanne now.

Find more information about the Kitchener-Waterloo real estate market here.

Source: kwar.ca/home-sales-march-2020/

Kitchener – Waterloo real estate market recap: February 2020

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In February, home sales in Kitchener-Waterloo were up 36.5% compared to February 2019.

 

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

Colleen Koehler, President of KWAR

 

 

February Sales Breakdown:

  • 272 Detached Home Sales
  • 62 Condominium Sales
  • 101 Freehold Townhouse Sales
  • 32 Semi-Detached Home Sales

The average sale price of all residential properties sold in February increased by 16.3% to $571,023 compared to February 2020.

Average Home Price:

  • $673,825 Detached Homes
  • $371,923 Apartment Style Condominiums
  • $443,382 Townhomes
  • $485,831 Semis

The median price of all residential properties sold in February increased by 18.2% to $550,050.

It took an average of 17 days to sell a home in February, compared to 26 days in February 2019.

Market recap from Colleen Koehler, President of KWAR:

“Like many other markets across the province, the story of our local housing market continues to be one of supply and demand. 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.”

To learn more about the market and what this means to you, meet with Suzanne for coffee. Book a time with Suzanne now.

Find more information about the Kitchener-Waterloo real estate market here.

Source: kwar.ca/february-2020

Kitchener – Waterloo real estate market recap: January 2020

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In January, home sales in Kitchener-Waterloo were down 8.2% compared to January 2019.

 

“For the third consecutive month sales were down in January…Slower January sales are a result of fewer homes being put up for sale. This is causing further price acceleration as we have enough willing and able home buyers contending for those few homes that are available.”

Colleen Koehler, President of KWAR

 

 

January Sales Breakdown:

  • 153 Detached Home Sales
  • 39 Condominium Sales
  • 68 Freehold Townhouse Sales
  • 21 Semi-Detached Home Sales

The average sale price of all residential properties sold in January increased by 15.7% to $561,029 compared to January 2020.

Average Home Price:

  • $670,944 Detached Homes
  • $382,636 Apartment Style Condominiums
  • $439,765 Townhomes
  • $484,190 Semis

The median price of all residential properties sold in January increased by 17.3% to $536,000.

It took an average of 22 days to sell a home in January, compared to 27 days in January 2019.

Market recap from Colleen Koehler, President of KWAR:

“Consumers can’t buy what’s not there. The available number of homes for sale, or lack thereof, continued to evade home buyers in January…There is no doubt we would be reporting more sales if we had the inventory to match the demand.”

To learn more about the market and what this means to you, meet with Suzanne for coffee. Book a time with Suzanne now.

Find more information about the Kitchener-Waterloo real estate market here.

Source: kwar.ca/january-2020

Kitchener – Waterloo real estate market recap: December 2019

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In December, home sales in Kitchener-Waterloo were up 1.6% compared to December 2018.

 

Overall, it was a steadfast pace of home sales in 2019…When annual home sales in Kitchener-Waterloo hit near 6000 transactions, I consider it to be a strong real estate market.

Colleen Koehler, President of KWAR

 

 

2019 Sales Breakdown:

  • 3,590 Detached Home Sales
  • 648 Condominium Sales
  • 421 Freehold Townhouse Sales
  • 1,266 Semi-Detached Home Sales

The average sale price of all residential properties sold in December increased by 18.7% to $566,866 compared to December 2018.

Average Home Price (2019):

  • $614,743 Detached Homes
  • $332,409 Apartment Style Condominiums
  • $409,979 Townhomes
  • $439,844 Semis

The median price of all residential properties sold in 2019 increased by 10.1% to $490,000.

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.”

Market recap from Colleen Koehler, President of KWAR:

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 growthI expect 2020 will see more price gains alongside a steady increase in sales

To learn more about the market and what this means to you, meet with Suzanne for coffee. Book a time with Suzanne now.

Find more information about the Kitchener-Waterloo real estate market here.

Source: kwar.ca/2019-market-review

Kitchener – Waterloo real estate market recap: November 2019

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In November, home sales in Kitchener-Waterloo were down 12.4% compared to November 2018.

 

“Home sales were slower in November. However, looking at the last six months of activity combined, unit sales are up four per cent over last year, and trending above average.”

Colleen Koehler, President of KWAR

 

 

November Sales Breakdown:

  • 265 Detached Home Sales
  • 46 Condominium Sales
  • 75 Freehold Townhouse Sales
  • 38 Semi-Detached Home Sales

The average sale price of all residential properties sold in November increased by 18.7% to $566,866 compared to November 2018.

Average Home Price:

  • $660,071 Detached Homes
  • $342,561 Apartment Style Condominiums
  • $443,633 Townhomes
  • $31,635 Semis

The median price of all residential properties sold in November increased by 17.6% to $516,500.

It took an average of 27 days to sell a home in November, one day down from November 2018.

Market recap from Colleen Koehler, President of KWAR:

“People moving to this area from other places is continuing to be a significant factor for our market. These buyers are selling wherever they are coming from and buying here, removing homes from the inventory but not putting anything in. This has pushed up prices by decreasing inventory while demand persists,” says Koehler. “Prices are increasing because homebuyer demand is exceeding the number of homes on the market—as we learned at our Housing Market Insight event last week—this trend will continue throughout 2020.”

To learn more about the market and what this means to you, meet with Suzanne for coffee. Book a time with Suzanne now.

Find more information about the Kitchener-Waterloo real estate market here.

Source:kwar.ca/slow-sales-big-price-gains

Kitchener – Waterloo real estate market recap: October 2019

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In October, home sales in Kitchener-Waterloo were up 4.1% compared to October 2018.

 

“Home sales were up again last month led by strong sales of detached single family properties.”

Brian Santos, President of KWAR

 

 

October Sales Breakdown:

  • 334 Detached Home Sales
  • 65 Condominium Sales
  • 108 Freehold Townhouse Sales
  • 31 Semi-Detached Home Sales

The average sale price of all residential properties sold in October increased by 9.1% to $533,288 compared to October 2018.

Average Home Price:

  • $610,840 Detached Homes
  • $333,895 Apartment Style Condominiums
  • $434,035 Townhomes
  • $461,590 Semis

The median price of all residential properties sold in October increased by 12.4% to $500,000.

It took an average of 22 days to sell a home in October, down two days from October 2018.

Market recap from Brian Santos, President of KWAR:

“Seasonal strength in October is common as people to look to make moves before Winter. With a scarcity of listings, buyers continue to snap up properties in the Kitchener-Waterloo area at a robust rate.”

To learn more about the market and what this means to you, meet with Suzanne for coffee. Book a time with Suzanne now.

Find more information about the Kitchener-Waterloo real estate market here.

Source:kwar.ca/strong-october-despite-low-inventory