Simplified Market Update – January 2020 for Kitchener-Waterloo – Sales dip in December, while prices continue to escalate year over year


By Cindy-lou Schmidt

It was a steadfast year for home sales in KW with single detached homes taking the lead on the most popular purchases by home buyers, while yes, prices continued to rise overall for all styles of homes for the year.

Substantially low inventory levels and a continual attraction of home buyers from outside of our Region is fueling continuing rising prices despite the number of homes sold slowing down in December.

Watch my first video of 2020 below for insight of what this means and insight into how things could look for you as a buyer, seller and homeowners!

NUMBER OF SALES: 

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.  

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. 

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.  

  • 424 homes sold through MLS in KWAR total (DOWN 12.8%)
  • 265 detached homes were sold (DOWN 1.5% )
  • 46 condominium apartments (DOWN 28.1%)
  • 75 freehold townhouses (DOWN 38.5%).
  • 38 semi-detached homes (UP 31%)

MY TIPS:

  1. Sellers: Start planning for Spring Market 2020. Meet with your agent in January.
  2. Buyers: Want to own, upsize or downsize? Be proactive. Rising prices and stats show you’re paying more over time for the same thing by waiting.
  3. Rent is rising….which is why more homes are showing up on the MLS for lease with real estate agents.

I hope you enjoyed our Simplified Market Update!  We strive to keep you  informed and aim to elevate your life through smart real estate decisions.

Kindly,

Simplified Market Update – December 2019 – Low inventory, rising prices, slowing sales


By Cindy-lou Schmidt

Substantially low inventory levels and a continual attraction of home buyers from outside of our Region is fueling continuing rising prices despite the number of homes sold slowing down in December.

Watch for full details for up-to-date market statistics for Kitchener Waterloo or read on below for specifics!

NUMBER OF SALES: 

  • 424 homes sold through MLS in KWAR total (DOWN 12.8%)
  • 265 detached homes were sold (DOWN 1.5% )
  • 46 condominium apartments (DOWN 28.1%)
  • 75 freehold townhouses (DOWN 38.5%).
  • 38 semi-detached homes (UP 31%)

AVERAGE SALES PRICE SUMMARY:

The average sale price of all residential properties sold UP 18.7% to $566,866.

Broken down by style of home:

  • Detached homes sold for an average price of $660,071 (UP 14.2%)
  • Apartment style condominiums increased by $342,561 (UP 13%).
  • Townhomes sold for an average of $443,633(UP 22.4%)
  • Semis sold for an average of $431,638 (UP 3.5%)

HOMES LISTED ON MARKET:

Realtors listed 432 residential properties in K-W and area last month, a 27.9% decrease

  • 17.5% decrease compared to the previous ten-year average
  • The total number of homes available for sale in active status at the end of June totaled 553, a decrease of 34% and well below the previous ten-year average of 1,252 listings for the month
  • The average days it took to sell a home was 27 days vs. 28 days

MY TIPS:

  1. Sellers: Start planning for Spring Market 2020
  2. Buyers: Want to own, upsize or downsize? Be proactive. Rising prices and stats show you’re paying more over time for the same thing by waiting.

I hope you enjoyed my Simplified Market Update!  I strive to keep you  informed and empowered so you can make smart real estate decisions for wealth and wellness.

Kindly,

Simplified Market Update – November 2019 – Low inventory, high prices


By Cindy-lou Schmidt

Low inventory levels are leading to home prices continuing to rise across the board!

Watch for full details for up-to-date market statistics for Kitchener Waterloo  or read on below for specifics!

NUMBER OF SALES:  October 2019 compared to October 2018

  • 538 homes sold through MLS in KWAR total (up 4.1%)
  • 334 detached homes were sold (up 11.3%% )
  • 65 condominium apartments (up 1.6%)
  • 108 freehold townhouses (up down 6.1%).
  • 31 semi-detached homes (down 18.4%)

AVERAGE SALES PRICE SUMMARY: October 2019 compared to October

The average sale price of all residential properties sold increased 9.1% to $533,288.

Broken down by style of home:

  • Detached homes sold for an average price of $610,840(up 6.2%)
  • Apartment style condominiums increased by $333,895 up 6.7%).
  • Townhomes sold for an average of $434,035 (up 11.2%)
  • Semis sold for an average of $461,590 (up 14.3%)

HOMES LISTED ON MARKET: October 2019 compared to October 2018

Realtors listed 670 residential properties in K-W and area last month, a 12.4% decrease

  • 3.3% decrease compared to the previous ten-year average
  • The total number of homes available for sale in active status at the end of June totaled 691, a decrease of 36.5% and well below the previous ten-year average of 1,412 listings for the month
  • The average days it took to sell a home was 22 days vs. 25 days

MY TIPS:

  1. Use a local agent that understands strategy in a competitive market
  2. If you want to sell, take advantage of this continuing low inventory market.

I hope you enjoyed my Simplified Market Update!  I strive to keep you  informed and empowered so you can make smart real estate decisions for wealth and wellness.

Kindly,

Simplified Market Update – October 2019 – Second strongest September sales


By Cindy-lou Schmidt

I definitely felt the heat with the homes I listed for my sellers last month and it was a good thing!

This September ended up being the second strongest record of September sales on records with this being on the second time this month has seen the number of units sold over 500.

Watch for full details for up-to-date market statistics for Kitchener Waterloo   or read on below for specifics!

NUMBER OF SALES:  September 2019 compared to September 2018

  • 526 homes sold through MLS in KWAR total (up 17.7%)
  • 330 detached homes were sold (up 20.4%% )
  • 38 condominium apartments (down 24%)
  • 125 freehold townhouses (up 34.4%).
  • 33 semi-detached homes (up 10%)

AVERAGE SALES PRICE SUMMARY: September 2019 compared to September 2018

The average sale price of all residential properties sold increased 10.2% to $541,850.

Broken down by style of home:

  • Detached homes sold for an average price of $612,643 (up 7.1%)
  • Apartment style condominiums increased by $335,110 up 3%).
  • Townhomes sold for an average of $439,522 (up 18.9%)
  • Semis sold for an average of $459,588 (up 18.9%)

HOMES LISTED ON MARKET: August 2019 compared to August 2018

Realtors listed 811 residential properties in K-W and area last month, a 2.1% decrease

  •  5.2% increase compared to the previous ten-year average
  • The total number of homes available for sale in active status at the end of June totaled 775, a decrease of 21.7% and well below the previous ten-year average of 1,458 listings for the month
  • The average days it took to sell a home in September was 22 days vs. 25 days.

MY TIPS:

  1. Use a local agent that understands strategy in a competitive market
  2. If you have a townhome you want to sell, take advantage of this continuing townhome-hungry market.

I hope you enjoyed my Simplified Market Update!  I strive to keep you  informed and empowered so you can make smart real estate decisions for wealth and wellness.

Kindly,

Simplified Market Update – September 2019 – Sales ease for sunny August


By Cindy-lou Schmidt

Our beautiful Canadian summer is coming to an end and it did not go unnoticed. The number of homes sold last month declined, but the sales prices continue to rise.

In this Simplified Market Update for September 2019, find out which style of home continued to rise in the numbers sold while the others dropped, and if you can still expect opportunities for multiple offers on the sale of your home– or when buying!

Watch for full details for up-to-date market statistics for Kitchener Waterloo   or read on below for specifics!

NUMBER OF SALES:  August 2019 compared to August 2018

  • 267 detached homes were sold (down 11.4% )
  • 56 condominium apartments (down 13.8%)
  • 97 freehold townhouses (down 4.9%).
  • 39 semi-detached homes (up 11.4%)

AVERAGE SALES PRICE SUMMARY: August 2019 compared to August 2018

The average sale price of all residential properties sold increased  6.4% to $524,482.

Broken down by style of home:

  • Detached homes sold for an average price of $615,568 (up 5.4%)
  • Apartment style condominiums increased by $324,778 (down 3.1%).
  • Townhomes sold for an average of $420,239 (up 18.3%)
  • Semis sold for an average of $441,802 (up 10.2%)

HOMES LISTED ON MARKET: August 2019 compared to August 2018

Realtors listed 574 residential properties in K-W and area last month, a 12.8% increase

  •  13% decrease compared to the previous ten-year average
  • The total number of homes available for sale in active status at the end of June totaled 734, a decrease of 17.3% and well below the previous ten-year average of 1,426 listings for the month
  • The average days it took to sell a home in June was 26 days vs. 28 days.

MY TIPS:

  1. Price well if under $600k to incite multiple offers
  2. Price well if over $600k to avoid sitting on the market too long
  3. If you have a townhome you want to sell, take advantage of this townhome-hungry market.

I hope you enjoyed my Simplified Market Update!  I strive to keep you  informed and empowered so you can make smart real estate decisions for wealth and wellness.

Kindly,

Simplified Market Update – August 2019 – Sales continue to heat up


By Cindy-lou Schmidt

Did the summer vacation months cause real estate activity to dip? I think not!

In this Simplified Market Update for August 2019, we see a big number show up for townhomes and average sale prices rise yet again! Watch for full details for up-to-date market statistics for Kitchener Waterloo during the month of July.  Or read on below for specifics!

NUMBER OF SALES:  July 2019 compared to July 2018

  • 322 detached homes were sold (up 16.4% )
  • 62 condominium apartments (down 6.1%)
  • 148 freehold townhouses (up 45.1%).
  • 42 semi-detached homes (down 22.2%)

AVERAGE SALES PRICE SUMMARY: July 2019 compared to July 2018

The average sale price of all residential properties sold increased 9.3% to $521,101

Broken down by style of home:

  • Detached homes sold for an average price of $613,244 (up 5.4%)
  • Apartment style condominiums increased by $339,137 (up 15.9%).
  • Townhomes sold for an average of $414,062 (up 17.0%)
  • Semis sold for an average of $434,136 (up 11.9%)

HOMES LISTED ON MARKET: July 2019 compared to July 2018

Realtors listed 844 residential properties in K-W and area last month, a 12.8% increase

  • 10.4% increase compared to the previous ten-year average
  • The total number of homes available for sale in active status at the end of June totaled 863, a decrease of 8.7 per cent compared to July of last year, and well below the previous ten-year average of 1467 listings for July.
  • The average days it took to sell a home in June was 22 days equal to July 2018.

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I hope you enjoyed my Simplified Market Update!  I strive to keep you  informed and empowered so you can make smart real estate decisions and build lifelong wealth.

Kindly,

Simplified Market Update – July 2019 – Sales continue up over last year


By Cindy-lou Schmidt

Sales are up like the temperatures! Townhomes lead the way in popularity and sale price, while condos take a dip.

NUMBER OF SALES:  June 2019 compared to June 2018

  • 404 detached homes were sold (up 8.9% )
  • 50 condominium apartment (down 28.6%)
  • 159 freehold townhouses (up 27.2%).
  • 45 semi-detached homes (up 15.4%)

AVERAGE SALES PRICE SUMMARY: June 2019 compared to June 2018

The average sale price of all residential properties sold increased 8.9% to $533,619 compared to June 2018

Broken down by style of home:

  • Detached homes sold for an average price of $618,186 (up 7.9%)
  • Apartment style condominiums increased by $332,716 (up 4.4%).
  • Townhomes sold for an average of $411,126(up 10.7%)
  • Semis sold for an average of $430,427 (up 9.9%)

HOMES LISTED ON MARKET: June 2019 compared to June 2018

Realtors listed 888 residential properties in K-W and area last month, a 4.3% decrease

  • 0.5% increase compared to the previous ten-year average
  • The total number of homes available for sale in active status at the end of June totalled 890, a decrease of 10.8 per cent compared to June of last year, and well below the previous ten-year average of 1,581 listings for June.
  • The average days it took to sell a home in June was 20 days, compared to 22 days in June 2018.

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I hope you enjoyed my Simplified Market Update!  I strive to keep you  informed and empowered so you can make smart real estate decisions that will benefit you for years to come. 

Kindly,

Simplified Market Update – May 2019 – Sales up over last year


By Cindy-lou Schmidt

April saw average prices increase across the board for all styles of homes and one style of home breaking a record!

A highly competitive market, particularly under the $600,000 price range has buyers and sellers seeing lots of activity with the average sales price rising 10.9% over the same time last year.

In April,  the number of homes sold inched up 1.1% as compared to April 2018 to 623 residential sales through the MLS in Kitchener Waterloo, and up 2.2%  from the 10-year average.

Interestingly, while the number of detached homes sold increased up 15.2% from last year, it is on par with the 10-year average which is quite healthy, particularly considering the introduction and restriction placed on mortgage applicants in January 2018 with the stress test.

But what is most notable is that not only were detached homes the biggest mover in April, they also broker a new record, eclipsing the $600,000 mark at an average sales price of $611,803, a 7.6% increase compared to April 2018.

Cindy-lou’s Simplified Market Update

NUMBER OF SALES:  April 2019 compared to April 2018

  • 394 detached homes were sold (up 15.2% )
  • 75 condominium apartment (up 1.4%)
  • 113 freehold townhouses (down 28.9%).
  • 41 semi-detached homes (no change%)

AVERAGE SALES PRICE SUMMARY: April 2019 compared to April 2018

The average sale price of all residential properties sold increased 10.9% to $529,800

Broken down by style of home:

  • Detached homes sold for an average price of $611,803 (up 7.6%)
  • Apartment style condominiums increased by $339,426 (up 14.3%).
  • Townhomes sold for an average of $405,013 (up 5.3%)
  • Semis sold for an average of $433,949 (up 7.7%)

HOMES LISTED ON MARKET: April 2019 compared to April 2018

Realtors listed 913 residential properties in K-W and area last month, a 6.98% decrease

  • 1.6% decrease compared to the previous ten-year average
  • Total number of homes available for sale in active status at the end of March totalled  884, an decrease of 601 %, but still well below the previous ten-year average of 1485 listings.

WHAT’S NEXT?

Sellers: Rising prices and broken records are a sign that this spring is a great time to sell so don’t wait if you know you’ll want to make a move this year.

Buyers: Waterloo Region  is going strong on the real estate front. Be proactive about your financing plan and partner with a market savvy real estate agent who understands what you want and need and how they can best help that happen for you.

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I hope you enjoyed my Simplified Market Update!  I strive to keep you  informed and empowered so you can make smart real estate decisions that will benefit you for years to come. 

Kindly,

Full Official Full KWAR Media Release here.

Simplified Market Update – April 2019 – A slide and a climb


By Cindy-lou Schmidt

A highly competitive market, particularly under the $500,000 price range appears to have had an impact on those buying semi-detached, townhomes and condos which were all down in sold numbers.

In March, we saw the number of homes sold slide with 511 residential sales.  There was a  5.7% decrease compared to March 2018 and a 7% decrease compared to the  the previous ten-year average for March.

Condos and townhomes are down 11-15%, while semi-detached homes took a big hit with a 37.5% drop in sales.

However, those with larger budgets have continued to push the sold prices up on single detached properties with a 3.2% increase. 

 

Cindy-lou’s Simplified Market Update

NUMBER OF SALES:  March 2019 compared to March 2018

  • 325 detached homes were sold in March (up 3.2% )
  • 45 condominium units (down 11.8%  which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.)
  • 116 freehold townhouses (down 14.7%).
  • 25 semi-detached homes (down 37.5%)

AVERAGE SALES PRICE SUMMARY: March 2019 compared to March 2018

The average sale price of all residential properties sold increased 3.4% to $505,855.

Broken down by style of home:

  • Detached homes sold for an average price of $585,668 (up 0.8%)
  • Apartment style condominiums increased by $320,857 (up 7.5 per cent).
  • Townhomes sold for an average of $372,003 (down 1.0%)
  • Semis sold for an average of $422,360 (up 6.4%)

HOMES LISTED ON MARKET: March 2019 compared to March 2018

Realtors listed 797 residential properties in K-W and area last month, a 4.8% decrease

  • 4.5% decrease compared to the previous ten-year average of 1296 listings for March
  • Total number of homes available for sale in active status at the end of March totalled  819, an increase of 5.4 %, but still well below the previous ten-year average of 1,371 listings for March.

WHAT’S NEXT?

Sellers: Demand for homes is keeping the price rising but at much more reasonable rates of growth. Don’t get complacent – clean, stage, repair, choose the right REALTOR® to partner with.

This is the third month in which home prices are rising between the traditional or “normal” 3-5% rate of price growth for Waterloo Region.

Buyers: Waterloo Region remains a desirable place to live! Be an active and purposeful buyer on homes you are genuinely interested in especially if you’re looking for a home or investment under $500,000.

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I hope you enjoyed my Simplified Market Update!  I strive to keep you  informed and empowered so you can make smart real estate decisions that will benefit you for years to come. 

Kindly,

Full Official Full KWAR Media Release here.

Simplified Market Update – March 2019 – A chill in the market


By Cindy-lou Schmidt

January may have been frigid but February was a polar bear’s paradise! Snow storms and extreme negative temperatures did put a damper on the market with fewer homes sold as compared to the same time last year.

Home sales were down 8.3 per cent in February with 343 homes sold compared to the same month last year.

DAYS ON MARKET:

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

Cindy-lou’s Simplified Market Update

NUMBER OF SALES:

178 detached homes were sold in February (down 14.8 per cent compared to February 2018). Of those sold:

  • 105 condominium units (down 11 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.).
  • 23 semi-detached homes (down 8 per cent)
  • 36 freehold townhouses (up 112 per cent).

AVERAGE SALES PRICE SUMMARY:

The average sale price of all residential properties sold in February increased 3.0 per cent to $490,668 compared to February 2018. Broken down by style of home:

  • Detached homes sold for an average price of $597,965  an increase of 3.9 per cent
  •  Apartment style condominiums increased by $319,536 on average (increase of 20.5 per cent).
  • Townhomes sold for an average of $395,331 (up 2.6 per cent)
  • Semis sold for an average of $448,123 (up 14.4 per cent)

HOMES LISTED ON MARKET

Realtors listed 562 residential homes in K-W and areas last month, a 1.1 per cent increase compared to February 2018. Trends:

  • 785 active listings
  • 9.0 per cent more than February of last year, but still well below the previous ten-year average of 1296 listings for February

WHAT’S NEXT?

Sellers: Demand for homes is keeping the price rising but at much more reasonable rates of growth.

This is the second month in which home prices are rising between the traditional or “normal” 3-4 per cent rate of growth for Waterloo Region.

Buyers: Prices are not rising as quickly as before; however Waterloo Region remains a desirable place to be sure to be an active and purposeful buyer on homes you are genuinely interested in especially if you’re looking for a home or investment under $450,000.

Prices look to be stabilizing or increasing at a more reasonable rate.

Apartment-style condos and semi-detached homes are taking the lead in sold prices.

This really reflects the more affordable nature of these styles of homes as well as desirability for affordable condo living and opportunity for new construction or nearly new construction homes.

It also looks like people who were holding out for a single-detached home are more seriously considering a freehold townhome.

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I hope you enjoyed my Simplified Market Update for March. I strive to keep you  informed and empowered so you can make smart real estate decisions that will benefit you years to come. 

Kindly,

Full Official Full KWAR Media Release here.