Simplified Market Update – May 2018 – Spring Market Leveling Out


By Cindy-lou Schmidt

Home sales in Kitchener-Waterloo are seeing some changes along with the spring weather.

  • In April, 616 residential properties were sold, as compared to March’s 540 residential properties.
  • REALTORS® listed 974 residential properties in K-W and area last month, down 2.2 per cent compared to April of 2017.

“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,”  says Tony Schmidt, KWAR President.

April’s  residential sales units included:

343 detached (down 30.7 per cent)

185 condominium units (down 12.8) {includes semis, townhomes, apartment, detached etc.}

41 semi-detached homes (down 22.5 per cent)

46 freehold townhouses (up 13.2 per cent).

The average sales price of all residential properties sold last month decreased 6.06 per cent to $478,578 compared to April 2017. Accordingly:

Detached homes sold for an average price of $569,169 (down 4.2 per cent)

Average prices for an apartment style condominium was $296,958 (up 10 per cent)

Townhomes sold for an average of $386, 072 (up 2.5 per cent)

Semis sold for an average of $396,932 (down 3.7 per cent)

 

Cindy-lou’s Simplified Market Summary:

What does this mean?

1. There is a trend of slowing sales when compared to last year’s activity

a) Year-to-year : March was a 25% less busy in terms of home sales as compared to the same time last year, and now April is 30% less busy as compared to April 2017.

b) Month-to-month: While March sales really picked up by increasing over 40% from February to March, March to April only saw a 13.7%  increase.

2. There is a trend in decreasing sales prices.

a) The average sales price change in March compared to the same time last year was 0.7 percent. The average sales price in April as compared to April 2017 decreased by 6.06 percent.

b) While detached homes barely changed in price in March as compared to the same time last year, April 2018 saw a 4.2% decrease as compared to April 2017. Semi-detached homes have also seen a drop in sales price, by 3.3%

The stress test looks like it is definitely creating some impact on buyers as the under $500,000 price range heats up.   This may be part of the reason for the growth in condo apartment sales being the largest according to home style purchases over the last few months. The decrease in sales prices and numbers of detached and semi-detached properties may also be related to the challenges buyers face in getting approved under the most recent mortgage rules.

Sellers:

It takes 21 days on average for a home to sell so you can expect to receive offers with conditions. Don’t hesitate to invest some time in preparing your home for sale including tying up lose ends. Buyers are wanting to make sure they are getting value for their money as their buying power has been decreased due to series of mortgage rule changes.

Buyers: 

There were nearly 80% more  active residential listings this April as compared to last year so there are more choices. A little more breathing room is allowing you to have conditions including financing and inspection in some cases. However, you must remain competitive in a  desirable and strong market that is remains low on listings, particularly at the under $500,000 price range.

If you’d like an accurate valuation of your home, contact us for a complimentary assessment. The condition of your home, location, and other key factors matter. For more on the official report on April’s K-W Market Update including statistics from Wellesley, Wilmot and Woolwich Townships, click here.

Kindly,

DTK Condos: What the tallest building in KW can bring to downtown Kitchener


By Cindy-lou Schmidt

With condominium apartments seeing the greatest increase in prices last month, the addition of hundreds of more units could help to alleviate the low inventory numbers and make owning a home more affordable.

The new DTK Condo project planned by IN8 Developments, a Kitchener-Waterloo-based developer, is expected to build the more than $100-million, 33-storey condo tower  in the core of Downtown Kitchener at the corner of Duke and Frederick Street.

With a 97 walkscore, and over 10,000+ square feet of planned retail space, this project looks like it could be a game changer, merging 410 residential units and commercial space together—one of the prominent city planning goals of the Region.

Creating a more walkable, vibrant downtown in which residents are involved in their community and are attending local festivals and events is definitely on the docket for city planners.  This could be attractive with those who love to stay connected and enjoy grabbing a coffee in their own building or just steps out the door.

With units starting in the mid-$200’s for one and two bedrooms, first-time home buyers and investors may appreciate the simplified lifestyle and new development benefits.

As a homeowner, you’ll love the great features like smart technology, and electric vehicle parking availability that may bring out the techie in you!  And with the longer closing, this project could be a way for first-time home buyers to get a step into the home ownership market, with extra time to save additional funds before the 2020 occupancy dates.

 

For more inside information on this project, connect with me for floor plans, pricing and more.

Cheers,

Get outta’ town!

Have you ever dreamed about a lake life but don’t like the idea of purchasing bug spray in bulk or endless hours going up highway 400?

What if there was a beautiful executive home that was on the teal waters of Lake Huron, close to shopping, dining and on the front porch of a golf course?

Enjoy the best of both worlds at 5 Manor Wood Crescent in Kincardine, Ontario, rated 28th best place to live in Canada and 9th in Ontario!

Maybe a move closer to one of our most beautiful great lakes is the next step! Have you considered moving, and want to truly get value for your money?

With 5 bedrooms and 4 baths and nearly 4000 square feet of living space, you’ll find this is a beautiful home you could get used to! You can find more information about this home at 5manorwood.com

Moving out of town, can be a great way to capitalize on the sale of your home in Waterloo Region and take advantage of lower average home sale prices in other areas in Southern Ontario. This home is part of our Sunset Collection of Listings. Contact us and we can help you find the perfect place to start a new beginning!

Buyers, use your Realtors!

Are you looking for a new home? Have you found a REALTOR®  that you trust and that you can go to for your real estate questions? Great! Why not take full advantage of their service to you when you are looking at homes?

While many buyers enjoy the advantages of attending an open house, sometimes that may not be possible. So who is the first person that you should call? Your Realtor!

Your Realtor will be able to tell you how many days the home has been on the market, whether or not there is a conditional offer on the home, as well as other details that are not readily available to the public. Of course, they will schedule the private viewing as well!

We’re always here to answer your Buyer questions and assist you in buying a home, unless you have your agent under contract to help you. In that case it would be a violation of ethics. If you do have an agent that has committed to you, please call your agent to book that showing. They’ll be happy to help!