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Market Updates

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

Kitchener – Waterloo real estate market recap: December

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Another steady performance for December.

6,549 residential properties were sold in Kitchener-Waterloo and area through the Multiple Listing System (MLS). Notably one percent behind matching last year’s impressive record-breaking results.

“There was a definite push by some buyers to purchase a home prior to the new mortgage stress test kicking in January of 2018…While we appreciate the intent of these additional changes, ultimately they will make it harder for some consumers to purchase the home they want.”

Tony Schmidt, President of KWAR

December Sales Breakdown:

  • 4,005 Detached Home Sales
  • 1,461 Condominium Sales
  • 545 Semi-Detached Home Sales
  • 467 Freehold Townhouse Sales

The average price of all residential properties sold in December increased 20.7 percent to $467,513 compared to December 2016.

Average Home Price:

  • $549,046 Detached Homes
  • $271,940 Apartment Style Condominiums
  • $353,692 Townhomes
  • $378,275 Semis

The median price of all residential properties sold in December increased 21.1 percent to $429,900.

Market recap from Tony Schmidt, President of KWAR:

“With the continued influence of GTA buyers migrating to Waterloo region last year, 2017 was a great year if you were selling your home, but not so fun for those who were in the purchasing position.”

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

Source: http://www.kwar.ca/2017-big-year-kitchener-waterloo-homes-sales/

Kitchener – Waterloo real estate market recap: November

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Another steady performance for November.

535 residential properties were sold in Kitchener-Waterloo and area through the Multiple Listing System (MLS)

November Sales Breakdown:

  • 352 Detached Homes
  • 118 Condominiums
  • 32 Semi-Detached Homes
  • 28 Freehold Townhouses

The average price of all residential properties sold in November increased 15.5 percent to $411,602 compared to November 2016

Average Home Price:

  • $473,104 Detached Homes
  • $209,360 Apartment Style Condominium
  • $310,151 Townhomes

The median price of all residential properties sold in November increased 18 percent to $377,500.

Market recap from James Craig, President of KWAR:

“With a notable shortage of inventory, many properties are selling above list price this is because you have many buyers competing for fewer properties, and this is pushing up the average price.”

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

Source: http://www.kwar.ca/stats/November_2016_Stats_Release.pdf

Kitchener – Waterloo real estate market recap: October

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Another steady performance for October.

481 residential properties were sold in Kitchener-Waterloo and area through the Multiple Listing System (MLS)

October Sales Breakdown:

  • 289 Detached Homes
  • 107 Condominiums
  • 44 Semi-Detached Homes
  • 38 Freehold Townhouses

The average price of all residential properties sold in October increased 11.4 percent to $454,398 compared to October 2016

Average Home Price:

  • $541,368 Detached Homes
  • $249,993 Apartment Style Condominium
  • $349,316 Townhomes

The median price of all residential properties sold in October increased 11.7 percent to $419,000

Average days on the market = 24

“While the number of home sold so far this year is pretty much on pace with last year’s record-breaking results, the demand from buyers continues to outpace new listings entering the market,” says James Craig, President of KWAR. “I anticipate this continuing for the remainder of the year while buyers rush to beat the additional mortgage changes.”

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/residential-sales-steady-october

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