Simplified Market Update – February 2020 for Kitchener-Waterloo – Fewer Home Sold and Not Enough Homes for Buyers


By Cindy-lou Schmidt

So what was the theme for January 2020? It was a tough one for buyers and a little misleading when you see that sales have been on the decline for three months. But why are they on the decline? It’s because there at not enough homes on the market to fulfill buyer need here in Waterloo Region1

Substantially low inventory levels and a continual attraction of home buyers from outside of our Region is feeding the rising prices and it doesn’t look like it will slow down as we head into the heat of spring market.

Watch my Simplified Market Update for February 2020 to see how things could look for you as a buyer, seller and homeowner!

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 8.2 percent compared to last year, with 281 home sales in the month of January. It was also 3.6% below the 10 year average and 3.8 % below the 5 year average.

Total residential sales in January included 153 detached homes (down 19 per cent), and 39 condominium units (up 18.2 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 21 semi-detached homes (on par) and 68 freehold townhouses (up 7.9 per cent).

The average sale price of all residential properties sold in January increased 15.7 per cent to $561,029 compared to the same month last year, while detached homes sold for an average price of $670,944 an increase of 18.8 per cent. During this same period, the average sale price for an apartment-style condominium was 382,636 for an increase of 26.1 per cent. Townhomes and semis sold for an average of $439,765 (up 20.3 per cent) and $484,190 (up 18.7 per cent) respectively.

The median price of all residential properties sold in January increased 17.3 per cent to $536,000 and the median price of a detached home during the same period increased 22.6 per cent to $650,000.

REALTORS® listed 464 residential properties in KW and area last month, a drop of 21.1 per cent compared to January of 2019, and a decrease of 35.4 per cent in comparison to the previous ten-year average for January. The total number of homes available for sale in active status at the end of January was 392, a decrease of 38.7 per cent compared to January of last year, and 63.7 per cent below the previous ten-year average of 1,080 listings for January. The number of Months Supply (also known as absorption rate) in January was just 0.8 months, 38.5 per cent below the same period last year. The previous ten-year average supply of homes for January was 2.32 months, however, in the past 5 years the average supply for January was 1.96 months.

The average days to sell in January was 22 days, compared to 27 days in January 2019.

MY TIPS:

  1. Sellers: Start planning for Spring Market 2020. Meet with your agent now to maximize the sale of one of your biggest assets.
  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. Imagine if you bought last year. How would you feel now?
  3. Homeowners: Enjoy your asset and think about home maintenance to keep your home in great condition.

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 – 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,