Simplified Market Update – February 2019 – Polar vortex were no match for buyers!


By Cindy-lou Schmidt

Frigid January temperatures and a polar vortex were no match for buyers!

Home sales were up 14.6 per cent in January with 307 homes sold compared to the same month last year, and up nearly 15 per cent compared to the previous 10-year average for January.

DAYS ON MARKET:

The average days it took to sell a home in January was 26 days, which is 5 days less than the amount of time it took
in January 2018.

Cindy-lou’s Simplified Market Update

NUMBER OF SALES:

189 detached homes were sold in January (up 26 per cent compared to January 2018). Of those sold:

  • 80 condominium units (up 19.2 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.).
  • 20 semi-detached homes (down 28.6 per cent)
  • 17 freehold townhouses (down 19 per cent).

AVERAGE SALES PRICE SUMMARY:

The average sale price of all residential properties sold in January increased 5.3 per cent to $484,076 compared to January 2018. Broken down by style of home:

  • Detached homes sold for an average price of $564,718 an increase of 1.9 per cent
  •  Apartment style condominiums increased by $305,334 on average (increase of 22.1 per cent).
  • Townhomes sold for an average of$368,227 (up 0.7 per cent)
  • Semis sold for an average of $407,852 (up 4.6 per cent)

HOMES LISTED ON MARKET

Realtors listed 858 residential homes in K-W and areas last month, a 25.5 per cent increase compared to January 2018. Trends:

  • 810 active listings
  • 11.4 per cent more than January of last year, but still well below the previous ten-year average of 1,189 listings for January

WHAT’S NEXT?

Sellers: Market is great for selling and be sure to make the efforts to present your home well because more listings are arriving on the scene to compete with.

Buyers: Prices seem to be leveling out in term of sold price increases; however Waterloo Region remains a desirable place to be sure to be an active and purposeful buyer on homes you are genuinely interested in.

Prices look to be stabilizing or increasing at a more reasonable rate. Single-detached homes and condominiums continue to lead the market in the number of units sold. This really reflects the buying power of those who can afford a single detached home and the challenge of those in the lower price bracket who are securing condominiums but finding that semi-detached homes and semi-detached homes priced out of their budget.

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I hope you enjoyed my Simplified Market Update. I strive to keep my clients and readers informed and empowered.

Kindly,

Full Official Full KWAR Media Release here.

Simplified Market Update – January 2019 – Typical trends make a come back


By Cindy-lou Schmidt

There were 5,823 residential homes sold through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® in 2018, a decline of 11.1 per cent compared to 2017.

With 263 transactions taking place last month, December’s home sales were down 13.2 per cent from this time last year and slightly behind the previous 10-year average of 268 sales for the month of December.

The combination of rising interest rates and the mortgage stress test have continued to impact our market here in Waterloo Region. As a result of the changes over the last year and a half, December showed evidence of a trend to typical sales numbers as seen in 2016 and previous.

NUMBER OF HOMES SALES SUMMARY:

Total residential sales in 2018 included 3,355 detached (down 16.2 per cent), and 1,553 condominium units (up 6.4 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 417 semi-detached homes (down 23.6 per cent) and 431 freehold townhouses (down 7.7 per cent).

 

Cindy-lou’s Simplified Market Update

AVERAGE SALES PRICE SUMMARY for 2018:

The average sale price of all residential properties sold in 2018 increased 3.4 per cent to $483,537 compared to 2017. Detached homes sold for an average price of $575,412, an increase of 4.8 per cent compared to 2017. During this same period, the average sale price for an apartment style condominium was $304,676 for an increase of 12 per cent. Townhomes and semis sold for an average of $373,307 (up 5.5 per cent) and $396,391 (up 4.7 per cent) respectively.

NUMBER OF SALES:

265 detached homes were sold in November (up 9.5 per cent compared to November 2017). Of those sold:

  • 152 condominium units (up 52 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.).
  • 27 semi-detached homes (down 46 per cent)
  • 31 freehold townhouses (up 14.8 per cent).

WHAT’S NEXT?

Sellers: Be very attentive to the price you plan to list at. What matters is what a home sells for, not what it lists for. So don’t set yourself up to chase a market in which your price is set for a 2018-2018 era when it needs to acclimatize to the current market value.

Buyers: Don’t let the declining number of homes being sold make you feel that prices are going to drop and waiting for this drop. Prices will likely continue to appreciate in a healthy manner because of the desirability of Waterloo Region.

Additionally, Realtors are beginning to handle more lease contracts between landlords and tenants indicating an increase in the trend in higher rental costs.

 


I hope you enjoyed my Simplified Market Update. I strive to keep my clients and readers informed and empowered to live and become Real Estate Champions. 

Kindly,

Full Official Full KWAR Media Release here.

Simplified Market Update – December 2018 – Temperatures cool, homes sales rise


By Cindy-lou Schmidt

While temperatures cooled in October and November, last month ended up being another hot month in real estate in Kitchener-Waterloo and area.

Home sales were up 14.2 per cent in November with 483 homes sold compared to the same month last year, and up 19 per cent compared to the previous 10-year November average of 406 sales, making it the second-best November on record.

Last month I discussed the effect of rising mortgage rates on getting buyers to act before another squeeze on their buying power materializes. In December 2018 Realtors and Mortgage agents cautioned buyers that their buying power would reduced by up to 20% come January 2018 and while some acted, others were cautious and many saw their choice of home style narrow due to the change in budget.

This year, buyers are taking rising interest rates and financing more seriously and  this trend along with others shows in the numbers:

Cindy-lou’s Simplified Market Update

NUMBER OF SALES:

265 detached homes were sold in November (up 9.5 per cent compared to November 2017). Of those sold:

  • 152 condominium units (up 52 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.).
  • 27 semi-detached homes (down 46 per cent)
  • 31 freehold townhouses (up 14.8 per cent).

AVERAGE SALES PRICE SUMMARY:

The average sale price of all residential properties sold  in  November  increased 7.6 per cent to $477,526 compared November 2017. Broken down by style of home:

  • Detached homes sold for an average price of $580,551 an increase of 12.8 per cent compared to November of last year.
  •  Apartment style condominiums increased by $305,334 on average (increase of 10 per cent).
  • Townhomes sold for an average of $361,177 (down 2 per cent)
  • Semis sold for an average of $416,878 (up 10.7 per cent)

MEDIAN PRICE:

The middle point that divides all sales prices into two equal parts. Comparing November 2018 to November 2017 median stats:

  • All residential properties – $443,800  (up 6.3 per cent)
  • Detached homes – $520,000 (up 9.5 per cent)

HOMES ARE ON MARKET

Realtors listed 597 residential homes in K-W and areas last month, a 1.1 per cent increase compared to November 2017. Trends:

  • homes listed were 8.2 per cent above the 10-year historical average of 505
  • active listings at the end of November totaled 888 (12.8 per cent lower and 449 units fewer than the 1337 homes listed in November 2017.

WHAT’S NEXT?

Sellers: Prices are naturally rising due to continued demand, particularly for single-detached homes. Waterloo Region is a great place to live and with more eyes on our market from prospective buyers in an outside of our area, we continue to see growth. I expect another very active spring market in 2019. And if your home is listed on the market now, serious buyers are still active and ready to buy before year’s end.

Buyers: Sales prices that are trending up mean that more buyers entering the market are taking advantage of resale and new build townhomes and condominiums. Move up buyers are still aiming to find their right-size home and competing for single-detached properties.

If I were a serious buyer, I would be actively considering homes available on market for the rest of December and take time to view homes if they looked viable. If it’s in the budget, I recommend you contact your agent to explore new-build options.

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I hope you enjoyed my Simplified Market Update. I strive to keep my clients and readers informed and empowered.

Kindly,

Full Official Full KWAR Media Release here.

Simplified Market Update – November 2018 – Higher than normal sales activity


By Cindy-lou Schmidt

October saw higher than normal sales activity and buyers and sellers alike were enjoying the boom.

Rising interest rates lead to buyers getting off the sidelines, ready to buy and sellers wanting to sell before the end of 2018 were ready to list. In fact, 760 homes were listed last month in the Kitchener Waterloo Association of Realtors Board. This was 14% higher than October 2017, and 12.7 higher than the 10 year average for homes listed during October.  Buyers rejoice!

Cindy-lou’s Simplified Market  Update

While Year-to-Date sales for 2018 are 12.9% lower than 2017 at this time, we are still enjoying a very strong market here in Kitchener Waterloo.

The average sale price of all residential properties sold increased 7.7% to $489,725 compared to the same month a year ago, with apartment style condominiums continuing to make a huge price gain trend of 24.1% ($310,215), followed by semi-detached homes up 13.8%, ($403,750) then townhomes up 10.9%, and finally detached homes up 6.2% ($576,731).

As for the styles of homes that are trending in sales, we saw 47 freehold townhomes fly off the shelves with an 23.4% increase compared to the number of townhomes sold last October. This was closely fllowed by  128 condominiums of any style up 19.6%, chased by 47 freehold townhomes, up 18.2%, and finally 297 detached homes were sold up 4.6% as compared to last October.

So, let’s cut to the chase. What does this mean?

It means that Buyers are seeing an influx of homes coming to market this October,  and the rising interest rates are getting buyers off the sidelines to act and take advantage of locked in interest rates.  They are also enjoying more choice!

For Sellers, seasonal temperatures remain amiable which always helps home buyers get out for open houses and private showings. Families are also motivated to get in homes before the end of the year and sellers, you too are anticipating a purchase so you’d like to sell and buy sooner rather than later with the interest rate hikes.

All in all, another healthy market here in Kitchener Waterloo. If you’d like more details on this, check out the full Official Full KWAR Media Release here.

 


Thinking about selling?

Book a personal evaluation of your home so you can make an informed decision to net the most money when you list one of your biggest assets for sale. Contact me. The condition of your home, location, and other key factors matter.

Kindly,

Simplified Market Update – October 2018 – Sales Numbers Down, Prices Up


By Cindy-lou Schmidt

September saw the continuing impact of mortgage rules and housing regulation affect the market as affordability for first-time home buyers continues to be a challenge. Meanwhile, average home prices continue to rise and certain home styles are seeing big changes. Thinking that rising prices means it’s not a good time to invest? Think again!

The average sale price of all residential properties sold increased 10% to $492,398 compared to the same month a year ago, with condominiums and making a huge price gain of 24.1% ($325,378), followed by detached homes increasing by 11.4%, townhomes up 4.7% ($377,442), and semis up 4.1% ($386,670)

There is the continuing trend of fewer homes being sold, but prices continuing to climb reflect the decreased affordability but continuing interest in living in Waterloo Region.

Residential sales in September included 270 detached (down 6.3 per cent compared to September 2017), and 110 condominium units (up 7.8 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 30 semi-detached homes (down 18.9 per cent) and 30 freehold townhouses (down
18.9 per cent).

Great investment opportunities and selling opportunities are arising for those who own condominiums and for those looking to benefit from the trend in rising residential lease rates.

Cindy-lou’s Simplified Market  Update

 


Official Full KWAR Media Release here

 


Thinking about selling?

Book a personal evaluation of your home so you can make an informed decision to net the most money when you list one of your biggest assets for sale. Contact me . The condition of your home, location, and other key factors matter.

Kindly,

Simplified Market Update – September 2018 – Sales Up Year-Over-Year


By Cindy-lou Schmidt

The end of summer has brought more action! August was the first month this year that saw a year-over-year increase in monthly home sales. The number of homes sold was up 4.8% compared to August of last year.

The average sale price of all residential properties sold increased 11.5% to $493,358 compared to the same month a year ago, with condominiums and town homes making the greatest gains.

It looks as though buyers are beginning to gain confidence after the affects of the new mortgage rules on budgets that were enacted January 1, 2018 and are beginning to see that while fewer homes are selling, the prices continue to rise.

Cindy-lou’s Simplified Market  Update


Full Media Release

MONTHY HOME SALES UP ON YEAR-OVER-YEAR BASIS IN AUGUST FOR FIRST TIME IN 2018

KITCHENER-WATERLOO, ON (Septmeber 6, 2018)

August home sales through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) were down 0.8 per cent compared to last month and up 4.8 per cent compared to August of last year. A total of 505 residential properties sold in August compared to 482 the same time last year.

“For the first time this year we saw monthly home sales increase on a year-over-year basis,” says Tony Schmidt, KWAR President. “On a year-to-date basis, we’re still well below last year’s record-breaking number of home sales but still in line with historical averages.”

Residential sales in August included 301 detached (up 5.2 per cent compared to August 2017), and 129 condominium units (up 25.2 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 35 semi-detached homes (down 30 per cent) and 33 freehold townhouses (no change).

The average sale price of all residential properties sold in August increased 11.5 per cent to $493,358 compared to the same month a year ago. Detached homes sold for an average price of $583,564 an increase of 13 per cent compared to August of last year. During this same period, the average sale price for an apartment style condominium was $335,827 an increase of 14.1 per cent. Town homes and semis sold for an average of $350,803 (up 4 per cent) and $401,011 (up 13.6 per cent) respectively.

The median price of all residential properties sold last month was up 10.4 per cent compared to August of last year at $458,000, and the median price of a detached home during the same period increased 18.1 per cent to $543,450.

REALTORS® listed 670 residential properties in K-W and area last month, up 12.7 per cent compared to August of 2017, and 3.4% above the historical (2007-2016) average of 648. The number of active residential listings on the KWAR’s MLS® System to the end of August totalled 917, which is 11.5 per cent higher than August of last year but still significantly below the historical (2007-2016) ten-year average of 1,550 listings for August.

 

“More homes selling in the higher prices ranges in August were at least partly responsible for the increase in the average sale price,” notes Schmidt. “But strong demand on the buying side combined with low inventory on the listing side is continuing to keep upward pressure on prices.”

Schmidt is encouraged by the increase in residential listings coming to market in August and hopes to see even more homes listed on the MLS® System in September. “I certainly don’t see interest in Waterloo region as a place to live and work slowing down anytime soon, so we could definitely stand to see some more housing supply.”

The average days it took to sell a home in August was 28 days, compared to 26 days in August 2017.


 

Book a personal evaluation of your home so you can make an informed decision to net the most money when you list one of your biggest assets for sale. Contact me for a complimentary assessment. The condition of your home, location, and other key factors matter.

Kindly,

Simplified Market Update – August 2018 – Home sales down, prices up


By Cindy-lou Schmidt

The Trend Continues! Home sales in Kitchener-Waterloo have continued to balance out with home sales numbers dropping while home prices continue to rise.

Cindy-lou’s Simplified Market  Update

 


Full Media Release

SALES RETURNING TO NORMAL WHILE PRICES REMAIN STABLE

KITCHENER-WATERLOO, ON (August 2, 2018)

July home sales through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) were down 16.8 per cent compared to last month and down 10.6 per cent compared to July of last year.  A total of 504 residential properties sold in July compared to 564 in the same month last year.

On a year-to-date basis, there have been 3,601 home sales during the first half of the year, a decrease of 18.0 per cent.

“The story for July is largely more of the same that we’ve been seeing for most of 2018,” says Tony Schmidt, KWAR President. “The number of sales has decreased from what we were seeing the past couple of years to more typical levels, but the value of homes not only remains steady but continues to gradually increase.”

Residential sales in July included 282 detached (down 23.4 per cent compared to July 2017), and 130 condominium units (up 14.0 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 53 semi-detached homes (up 35.9 per cent) and 35 freehold townhouses (down 5.4 per cent).

The average sale price of all residential properties sold in July increased 5.5 per cent to $480,145 compared to the same month a year ago. Detached homes sold for an average price of $584,337 – an increase of 12.4 per cent compared to July of last year. During this same period, the average sale price for an apartment style condominium was $292,714, an increase of 4.3 per cent. Townhomes and semis sold for an average of $359,278 (up 2.2 per cent) and $387,664 (up 9.8 per cent) respectively.

The median price of all residential properties sold last month was up 7.1 per cent compared to July of last year at $443,700, and the median price of a detached home during the same period increased 12.8 per cent to $530,000.

REALTORS® listed 739 residential properties in K-W and area last month, down 8.9 per cent compared to July of 2017. The number of active residential listings on the KWAR’s MLS® System to the end of July totalled 1,062, which is 3.3 per cent higher than July of last year but still down from the historical (2007-2016) ten-year average of 1,885 listings for July.

“The competition from buyers is still out there, but not nearly as prevalent as the past two years. This is showing up in the $400,000-$600,000 price point where we continue to see the shortest average days on market,” reports Schmidt. “I think this reflects both the move-up market as well as the typical home that buyers who migrated down the 401 were purchasing.”

“There is no doubt the mortgage stress-test is impacting buyers and the market. Our concern has always questioned the wisdom of introducing policy to respond to temporary market activity, so now the only question is whether this impact is beneficial or not.”

“Either way, Buyers are wise to avail themselves of a REALTOR® to help them navigate local market conditions and ensure the most successful outcome.”

The average days it took to sell a home in June was 23 days, the same as in June 2017.

 


 

Would you  like an practical valuation of your home to help you make an informed decision about selling? Contact me for a complimentary assessment. The condition of your home, location, and other key factors matter.

Kindly,

Choosing a neighbourhood based on the school

Every year, families move from one area of Kitchener-Waterloo to the other, or move in or out of the Region. One thing that holds true for many parents is ensuring that their children will have the opportunity to benefit from quality education.

Fortunately, in Waterloo Region, we have several schools that rank well according to the Fraser Institutes annual assessment which uses objective, publicly-available data to compile the rankings.

Waterloo’s Top elementary schools include Laurelwood Public School and St. Nicholas (8.8), and Millen Woods Public School  (8.3)

If you live in Kitchener, the top elementary schools include St. Teresa (9.5), Lackner Woods and St. Mark (8.2).

For students attending high school In Kitchener, Resurrection  (7.5), Kitchener Waterloo Collegiate Institute (6.7), and St. Mary’s (6.6)

For high school students in Waterloo, top ranking schools include Waterloo Collegiate Institute (8.2), Sir John A. Macdonald (8.1), and St. David (7.3).

We’re very fortunate to have many great schools to choose from in Kitchener-Waterloo. For more details about other school rankings or to compare schools, click here.

Navigating the real estate rise and fall

As many of you have likely noticed, particularly if you have been thinking about buying or selling property in the last year, the real estate market has seen a number of fluctuations. All you have to do is open your Facebook, or turn on the television to see headlines declaring that home prices are continuing to climb or drop. The most recent? Canadian home prices have seen the biggest drop in 7 years.

So what if you’re thinking about selling or downsizing? What if you need to buy a larger home for your family or move closer to work? While the news has kept some of you in the loop, it’s really REALTORS along with the local and national statistics that can help to make sense of what is happening at ground level in Waterloo Region. How can you best take advantage of the market to meet your goals?

As real estate professionals, Landon and I have been anticipating the economical and psychological effects of the changes in lending rates and policy regulations and prepare our clients with how that will change the real estate experience.

Our market knowledge, strategy, timing, marketing, and active assessments of patterns and statistics can be an asset that you too can benefit from. What’s your next move? Let’s talk about where you want to go, and how we’ll get you there. Make an appointment with me now and we’ll develop a plan that works for you.

Strong buyer demand endures

Last month, we saw fewer homes sold in Waterloo Region than compared to June 2016. This is the first time this has in nearly two years.

Still, with more homes being listed than ever before, the continued strong demand for homes means that most homes are still selling within weeks.

“Home sales in June were very strong, and we’re on track to have another record breaking year of residential sales,” says James Craig, President of KWAR. “June is the fourth consecutive month home sales in the Kitchener-Waterloo area have exceeded 700 units. Historically sales in KW and area have only ever surpassed the 700 unit threshold in a single month three previous times.”

Home prices remain higher than last year, with the average sales price of all residential sales increasing 19.8 per cent to $465,772 compared to June 2016.

Meanwhile, detached homes sold for an average price of $537,389 for an increase of 19.3 per cent, while the average sale price for an apartment style condominium was $276,443 for an increase of 17.6 per cent. Townhomes and semis sold for an average of $341,716 (up 23.2 per cent) and $380,660 (up 28.4 per cent) respectively.

For more on the official report on June’s K-W Market Update including statistics from Wellesley, Wilmot and Woolwich Townships, click here.