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Market Updates

Kitchener – Waterloo real estate market recap: October 2018

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In October, there was a 7.8% increase in home sales compared to October in 2017.

 

“It was a stronger than average October for home sales and listing activity. Gradually increasing interest rates could be nudging both buyers and sellers from the sidelines of the housing market.”

Tony Schmidt, President of KWAR

 

October Sales Breakdown:

  • 297 Detached Home Sales
  • 128 Condominium Sales
  • 36 Semi-Detached Home Sales
  • 47 Freehold Townhouse Sales

The average sale price of all residential properties sold in October increased by 7.7% to $489,725 compared to October 2017.

Average Home Price:

  • $576,731 Detached Homes
  • $310,215 Apartment Style Condominiums
  • $387,602 Townhomes
  • $403,750 Semis

The median price of all residential properties sold in October increased by 6.5% to $444,500.

Market recap from Tony Schmidt, President of KWAR:

“Not surprisingly we’re seeing the biggest surges in average price happening in the denser forms of housing such as condos.”

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

Source: kwar.ca/october-home-sales/

Kitchener – Waterloo real estate market recap: September 2018

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In September, there was a 4.7% decrease in home sales compared to September in 2017.

 

“The stress-test that came into force on all new mortgages at the beginning of the year has taken some of the steam out of home sales activity…Meanwhile home prices continue to rise as inventory levels remain rather low.”

Tony Schmidt, President of KWAR

 

September Sales Breakdown:

  • 270 Detached Home Sales
  • 110 Condominium Sales
  • 30 Semi-Detached Home Sales
  • 30 Freehold Townhouse Sales

The average sale price of all residential properties sold in September increased by 10% to $492,398 compared to September 2017.

Average Home Price:

  • $574,653 Detached Homes
  • $325,378 Apartment Style Condominiums
  • $377,442 Townhomes
  • $386,670 Semis

The median price of all residential properties sold in September increased by 10.5% to $453,000.

Market recap from Tony Schmidt, President of KWAR:

“While the mortgage stress was intended to prevent homebuyers in overheated markets like Vancouver and Toronto from borrowing more than they could afford, it has had the unintended consequence of putting the goal of owning a home further out of reach for buyers across all housing markets, including in Waterloo region. This is particularly impactful for first-time homebuyers where every penny counts.”

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

Source: kwar.ca/september-home-sales/

Kitchener – Waterloo real estate market recap: August 2018

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In August, there was a 0.8% decrease compared to last month and an increase of 4.8% compared to home sales a year ago.

 

“On a year-to-date basis, we’re still well below last year’s record-breaking number of home sales but still in line with historical averages.”

Tony Schmidt, President of KWAR

 

August Sales Breakdown:

  • 301 Detached Home Sales
  • 129 Condominium Sales
  • 35 Semi-Detached Home Sales
  • 33 Freehold Townhouse Sales

The average sale price of all residential properties sold in August increased by 11.5% to $493,358 compared to August 2017.

Average Home Price:

  • $583,564 Detached Homes
  • $335,827 Apartment Style Condominiums
  • $350,803 Townhomes
  • $401,011 Semis

The median price of all residential properties sold in August increased 10.4% to $458,000.

Market recap from Tony Schmidt, President of KWAR:

“I certainly don’t see interest in Waterloo region as a place to live and work slowing down anytime soon, so we could definitely stand to see some more housing supply.”

The average days it took to sell a home in August was 28 days.

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

Source: kwar.ca/august-home-sales/

 

Kitchener – Waterloo real estate market recap: July 2018

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In July, there was a 16.8% decrease compared to last month and a decrease of 10.6% compared to home sales a year ago.

“On a year-to-date basis, there have been 3,601 home sales during the first half of the year, a decrease of 18.0 per cent.”

 

“The value of homes not only remains steady but continues to gradually increase.”

Tony Schmidt, President of KWAR

 

July Sales Breakdown:

  • 282 Detached Home Sales
  • 130 Condominium Sales
  • 53 Semi-Detached Home Sales
  • 35 Freehold Townhouse Sales

The average sale price of all residential properties sold in July increased by 5.3% to $480,145 compared to July 2017.

Average Home Price:

  • $584,337 Detached Homes
  • $292,714 Apartment Style Condominiums
  • $359,278 Townhomes
  • $387,664 Semis

The median price of all residential properties sold in July increased 7.1% to $443,700.

Market recap from Tony Schmidt, President of KWAR:

“The competition from buyers is still out there, but not nearly as prevalent as the past two years. This is showing up in the $400,000-$600,000 price point where we continue to see the shortest average days on market.”

The average days it took to sell a home in July was 23 days, equivalent to July 2017.

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

Source: kwar.ca/home-sales-july

 

Kitchener – Waterloo real estate market recap: June 2018

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In June, there was a 12.8% decrease compared to last month and a decrease of 15.6% compared to home sales a year ago.

 

“After two consecutive years of extraordinary activity where we saw home sales exceeding 700 units in June, some normality has returned to the market.”

Tony Schmidt, President of KWAR

 

June Sales Breakdown:

  • 365 Detached Home Sales
  • 151 Condominium Sales
  • 38 Semi-Detached Home Sales
  • 43 Freehold Townhouse Sales

The average sale price of all residential properties sold in June increased 5.2% to $489,584 compared to June 2017.

Average Home Price:

  • $575,003 Detached Homes
  • $314,180 Apartment Style Condominiums
  • $378,562 Townhomes
  • $391,830 Semis

The median price of all residential properties sold in June increased 5.9% to $450,000.

Market recap from Tony Schmidt, President of KWAR:

“This is a good time to sell as demand remains strong and very competitive within some price ranges.”

The average days it took to sell a home in June was 22 days, compared to 16 days in June 2017.

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

Source: kwar.ca/home-sales-june

Kitchener – Waterloo real estate market recap: May 2018

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In May, there was a 12.5 percent increase compared to last month and a decrease of 15.3 percent compared to home sales a year ago.

 

“Although unit sales were down substantially compared to last year’s manic market, May was still a strong month of home buying and selling in Kitchener-Waterloo and area.”

Tony Schmidt, President of KWAR

 

May Sales Breakdown:

  • 412 Detached Home Sales
  • 169 Condominium Sales
  • 46 Semi-Detached Home Sales
  • 53 Freehold Townhouse Sales

The average sale price of all residential properties sold in May decreased 2.4 percent to $482,873 compared to May 2017.

Average Home Price:

  • $572,206Detached Homes
  • $301,052 Apartment Style Condominiums
  • $365,715 Townhomes
  • $393,616 Semis

The median price of all residential properties sold in May decreased 0.9 percent to $445,000.

Market recap from Tony Schmidt, President of KWAR:

“With interest rates expected to increase in July, we’re seeing strong demand for homes in Waterloo region.”

The average days it took to sell a home in May was 20 days, compared to 11 days in May 2017.

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

Source: kwar.ca/home-sales-may

Kitchener – Waterloo real estate market recap: April 2018

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In April, there was a 13.7 percent increase compared to last month and a decrease of 19.6  percent compared to home sales a year ago.

 

“Home sales in April were as brisk as the temperatures. While down from last year’s record breaking number of sales, it was a slightly more active April than average historically speaking.”

Tony Schmidt, President of KWAR

 

April Sales Breakdown:

  • 343 Detached Home Sales
  • 185 Condominium Sales
  • 41 Semi-Detached Home Sales
  • 46 Freehold Townhouse Sales

The average sale price of all residential properties sold in April decreased 6.6 percent to $478,578 compared to April 2017.

Average Home Price:

  • $569,159 Detached Homes
  • $296,958 Apartment Style Condominiums
  • $386,072 Townhomes
  • $402,842 Semis

The median price of all residential properties sold in April decreased 7.4 percent to $440,000.

Market recap from Tony Schmidt, President of KWAR:

“Looking closer at how the forces of supply and demand were at work last month, it becomes really clear that the question of it being a buyer’s or seller’s market really depends on which price range you’re in, last month 71 per cent of all residential sales were for less than half a million dollars, but the number of homes listed in that price range on our MLS® System right now is a little less than half of all the inventory.”

The average time it took to sell a home in April was 21 days, compared to 11 days in April 2017.

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

Source: kwar.ca/april-home-sales-brisk

Kitchener – Waterloo real estate market recap: March 2018

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In March, there was a 43.6 percent increase compared to last month and a decrease of 25.8  percent compared to home sales a year ago

 

“Numbers are down year over year, but the market is showing signs of warming up after the long winter”

Tony Schmidt, President of KWAR

 

March Sales Breakdown:

  • 310 Detached Home Sales
  • 136 Condominium Sales
  • 40 Semi-Detached Home Sales
  • 52 Freehold Townhouse Sales

The average sale price of all residential properties sold in March decreased 0.7 percent to $490,010 compared to March 2017.

Average Home Price:

  • $582,851 Detached Homes
  • $298,361 Apartment Style Condominiums
  • $375,702 Townhomes
  • $396,932 Semis

The median price of all residential properties sold in March increased 1.3 percent to $457,000.

Market recap from Tony Schmidt, President of KWAR:

“I think the flatter price acceleration we’re seeing is due to softer demand for higher-priced properties. The new stress test may be having the impact of slowing down aspiring move-up buyers, as well as making it more difficult for entry-level purchasers.”

The average time it took to sell a home in March was 19 days, compared to 14 days in March 2017.

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

Source: www.kwar.ca/march-home-sales-release

Kitchener – Waterloo real estate market recap: February 2018

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

 

“If you compare last February against the ten year average of sales, it was a pretty typical February”

Tony Schmidt, President of KWAR

 

February Sales Breakdown:

  • 212 Detached Home Sales
  • 118 Condominium Sales
  • 25 Semi-Detached Home Sales
  • 17 Freehold Townhouse Sales

The average sale price of all residential properties sold in February increased 3.1 percent to $478,801 compared to February 2017.

Average Home Price:

  • $577,609 Detached Homes
  • $265,144 Apartment Style Condominiums
  • $386,515 Townhomes
  • $391,628 Semis

The median price of all residential properties sold in February increased 4.8 percent to $524,000.

Market recap from Tony Schmidt, President of KWAR:

“The market has certainly cooled from this time last year, which is to be expected with the government’s efforts to make home ownership more difficult for home buyers,”

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

Source: www.kwar.ca/february-home-sales-release

Kitchener – Waterloo real estate market recap: January 2018

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“January home sales snowed under by low inventory.”

270 residential properties were sold in Kitchener-Waterloo and area through the Multiple Listing System (MLS). A decrease of 18 percent compared to January 2017.

 

“On the surface, activity appears to be somewhat sluggish in January…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.”

Tony Schmidt, President of KWAR

 

January Sales Breakdown:

  • 149 Detached Home Sales
  • 70 Condominium Sales
  • 27 Semi-Detached Home Sales
  • 22 Freehold Townhouse Sales

The average price of all residential properties sold in January increased 9 percent to $458,750 compared to January 2017.

Average Home Price:

  • $554,857 Detached Homes
  • $246,821 Apartment Style Condominiums
  • $371,095 Townhomes
  • $388,974 Semis

The median price of all residential properties sold in January increased 6.8 percent to $431,143.

Market recap from Tony Schmidt, President of KWAR:

“While the tougher mortgage rules that came into play on Jan. 1 have sidelined some homebuyers, the reality is we’re still experiencing more demand than supply right now,”

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

Source: www.kwar.ca/january-home-sales-low-inventory

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