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
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.
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.
Full Official Full KWAR Media Release here.