Regional Real Estate Stats

FRIGID FEBRUARY HOME SALES

 KITCHENER‐WATERLOO, ON (Mar 5, 2019) –– There were 343 residential sales in February through the Multiple Listing System (MLS® System) of the Kitchener‐Waterloo Association of REALTORS® (KWAR), a decrease of 8.3 per cent compared to February 2018.

“The series of winter storms in February not only kept buyers indoors and off the roads, but also away from open houses and viewings,” says Brian Santos, KWAR President. “This was the lowest amount of sales we’ve seen in February in a long time, but it really isn’t surprising given the wild weather we experienced last month.”

Total residential sales in February included 178 detached (down 14.8 per cent), and 105 condominium units (down 11 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 23 semi‐detached homes (down 8 per cent), 36 freehold townhouses (down 112 per cent).

The average sale price of all residential properties sold in February increased 3 per cent to $490,668 compared to February 2018. Detached homes sold for an average price of $597,965 an increase of 3.9 per cent compared to February of last year. During this same period, the average sale price for an apartment style condominium was $319,536 for an increase of 20.5 per cent. Townhomes and semis sold for an average of $395,331 (up 2.6 per cent) and $448,123 (up 14.4 per cent) respectively.

The median price of all residential properties sold last month increased 6.9 per cent to $465,000 and the median price of a detached home during the same period increased 2 per cent to $533,500.

“Despite the chill we saw in the number of sales last month, the price gains reflect that demand continues to outpace supply,” says Santos.

EALTORS® listed 562 residential properties in K‐W and area last month, a small increase of 1.1 per cent compared to February of 2018. The number of active residential listings on the KWAR’s MLS® System to the end of February totalled 785, which is 9 per cent more than February of last year, but still well below the previous ten‐year average of 1,296 listings for February.

The average days it took to sell a home in February was 25 days, which is 4 days longer than the amount of time it took in February 2018.

Santos says, “the market remains very much as it has been for the past several months, but the delayed winter weather finally caught up with it.” Santos says, “while the market is coming in like a lamb in March, I’m expecting it will go out like a lion.”

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. 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.

 

JANUARY HOME SALES UP OVER LAST YEAR

KITCHENER-WATERLOO, ON (Feb 4, 2019) –– There were 307 residential sales in January through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR), an increase of 14.6 per cent compared to January 2018.

“January was surprisingly busy with an above average number of home sales,” says Brian Santos, KWAR President. “The number of units sold last month were up nearly fifteen per cent compared to the previous ten-year average for January.”

Total residential sales in January included 189 detached (up 26 per cent), and 80 condominium units (up 19.4 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 20 semi-detached homes (down 28.6 per cent) and 17 freehold townhouses (down 19 per cent).

The average sale price of all residential properties sold in January increased 5.3 per cent to $484,076 compared to January 2018. Detached homes sold for an average price of $564,718 an increase of 1.9 per cent compared to January of last year. During this same period, the average sale price for an apartment style condominium was $303,379 for an increase of 22.1 per cent. Townhomes and semis sold for an average of $368,227 (up 0.7 per cent) and $407,852 (up 4.6 per cent) respectively.

The median price of all residential properties sold last month increased 5.3 per cent to $455,000, and the median price of a detached home during the same period increased 7.1 per cent to $530,000

“It was a positive sign to see an uptick in the number of residential listings hitting the MLS® system last month,” says Santos. “However, the total number of homes available for sale continues to perform well below historical averages.”

REALTORS® listed 585 residential properties in K-W and area last month, an increase of 25.5per cent compared to January of 2018. The number of active residential listings on the KWAR’s MLS® System to the end of January totalled 810, which is 11.4 per cent more than January of last year, but still well below the previous ten-year average of 1,189 listings for January.

The average days it took to sell a home in January was 26 days, which is 5 days less than the amount of time it took in January 2018.

Santos says, “We have a positive outlook for 2019. I think we’re going to see home prices remain steady or have small increases, sales will continue to be strong but we’re also beginning to see more homes being listed for sale to increase our inventory and provide buyers with additional options. So long as everything else remains equal Waterloo Region should remain a strong and stable 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. 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.

KITCHENER WATERLOO HOME SALES RETURN TO MORE TYPICAL LEVELS IN 2018
Home Sales Dip in December, While Prices Increase

KITCHENER-WATERLOO, ON (Jan 4, 2019) –– There were 5,823 residential homes sold through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® in 2018, a decline of 11.1 per cent compared to 2017.

With 263 transactions taking place last month, December’s home sales were down 13.2 per cent from this time last year and slightly behind the previous 10-year average of 268 sales for the month of December.

“The combination of rising interest rates and the mortgage stress test definitely took some steam out of the market relative to what we saw in the previous two years,” says Brian Santos, President of KWAR. “These types of impediments are most impactful on first-time as well as other buyers entering the housing market.”

Total residential sales in 2018 included 3,355 detached (down 16.2 per cent), and 1,553 condominium units (up 6.4 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 417 semi-detached homes (down 23.6 per cent) and 431 freehold townhouses (down 7.7 per cent).

The average sale price of all residential properties sold in 2018 increased 3.4 per cent to $483,537 compared to 2017. Detached homes sold for an average price of $575,412, an increase of 4.8 per cent compared to 2017. During this same period, the average sale price for an apartment style condominium was $304,676 for an increase of 12 per cent. Townhomes and semis sold for an average of $373,307 (up 5.5 per cent) and $396,391 (up 4.7 per cent) respectively.

The median price of all residential properties sold last year increased 3.6 per cent to $445,304, and the median price of a detached home during the same period increased 6.1 per cent to $525,000.

The average time it took for a home to sell in 2018 was reflective of demand continuing to outpace supply. The number of months of inventory remained at under 2 months of supply throughout the year (3-4 months is historically normal for Waterloo region) and the average days to sell in 2018 was 24 days, compared to 19 days in 2017 and a previous 10-year average of 40 days.

While we may be seeing fewer buyers coming down the 401, Santos believes they are still a component of the Waterloo region real estate market, just not as speculative as what we saw in the previous two years. Santos says, “2018 continued to be a seller’s market in the region with stable sales activity and homeowners realizing solid gains in their property values.”

Santos points out that, “Even though prices increased more moderately overall compared to the last two years, they continue to respond to strong demand and the desirability of our area. For those would-be buyers who have been sitting on the fence these past two years, home prices are only getting further out of reach, as supply remains low and demand strong.”

Dollar volume of all residential real estate sold last year decreased 8 per cent to $2.8 Billion compared with 2017.

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, an increase of 22 per cent compared to 2017 and, a 40% increase compared to 2016.

The 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. 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.

 

Press Releases courtesy of the Kitchener-Waterloo Association of Realtors.

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