By Cindy-lou Schmidt
Spring has definitely sprung early in Waterloo Region. Both in weather and home prices! Sale prices across the board are rising, homes styles, particularly single detached homes are on the sights for serious buyers and the days on market dropped drastically since March 2019.
Yes the trend continues of our Greater Toronto Area neighbours moving to town. And these days, it’s not just predominently young families who want a home with a yard, it’s downsizers, and millennials as well.
Watch my Simplified Market Update for March 2020 to see how things could look for you as a buyer, seller and homeowner!
KITCHENER-WATERLOO, ON (March 5, 2020) ––There were 467 residential homes sold through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® in February, an increase of 36.5 per cent compared to the same month last year, and 15.3 per cent above the previous 10-year average.
Total residential sales in February included 272 detached homes (up 52 per cent), and 62 condominium units (up 14.8 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 32 semi-detached homes (up 33.3 per cent) and 101 freehold townhouses (up 18.8 per cent).
The average sale price of all residential properties sold in February increased 16.3 per cent to $571,023 compared to the same month last year, while detached homes sold for an average price of $673,825 an increase of 13.2 per cent. During this same period, the average sale price for an apartment-style condominium was $371,923 for an increase of 16.4 per cent. Townhomes and semis sold for an average of $443,382 (up 12.9 per cent) and $485,831 (up 8.4 per cent) respectively.
The median price of all residential properties sold in February increased 18.2 per cent to $550,050 and the median price of a detached home during the same period increased 18.6 per cent to $630,000.
REALTORS® listed 609 residential properties in KW and area last month, an increase of 7.8 per cent compared to February of 2019, and a decrease of 5.9 per cent in comparison to the previous ten-year average for February. The total number of homes available for sale in active status at the end of February was 447, a decrease of 39.4 per cent compared to February of last year, and 62 per cent below the previous ten-year average of 1,179 listings for February. The number of Months Supply (also known as absorption rate) in February was just 0.9 months, 40 per cent below the same period last year. The previous ten-year average supply of homes for February was 2.55 months, and in the past 5 years the average supply for February was 1.76 months.
The average days to sell in February was 17 days, compared to 26 days in February 2019.
- Sellers: Start planning for Spring Market 2020. Meet with your agent now to If there is ever a time to use a REALTOR® it’s now. Maximize this opportunity!
- Buyers: Write a letter to go with your offer, or make a video. This could tip the scales! It’s happened for us!
- Homeowners: Enjoy the market and watch your equity grow. Maintain your home and do necessary updates that you enjoy over time.
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.