Regional Real Estate Stats

STRONG HOME SALES IN MAY

KITCHENER-WATERLOO, ON (June 4, 2018) –– Last month home sales through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) were up 12.5 per cent compared to last month and down 15.3 per cent compared to last year’s record-setting May.

A total of 692 residential properties sold in May compared to 817 the same time last year.

“Although unit sales were down substantially compared to last year’s manic market, May was still a strong month of home buying and selling in Kitchener-Waterloo and area,” says Tony Schmidt, KWAR President. He highlights that the ten-year average number of home sales in Kitchener-Waterloo and area for the month of May is 625.

Residential sales in May included 414 detached (down 15.7 per cent compared to May 2017), and 169 condominium units (down 7.1 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 46 semi-detached homes (down 28.1 per cent) and 53 freehold townhouses (down 24.3 per cent).

The average sale price of all residential properties sold in May decreased 2.4 per cent to $482,873 compared to the same month a year ago. Detached homes sold for an average price of $572,206 a decrease of 3.4 per cent compared to May of last year. During this same period, the average sale price for an apartment style condominium was $301,052, an increase of 2.7 per cent. Townhomes and semis sold for an average of $365,715 (up 1.3 per cent) and $393,616 (up 2 per cent) respectively.

The median price of all residential properties sold last month was down 0.9 per cent compared to May of last year at $445,000, and the median price of a detached home during the same period decreased 2.8 per cent to $520,000.

REALTORS® listed 1,068 residential properties in K-W and area last month, down 15.8 per cent compared to May of 2017, but up 14.4 per cent compared to the historical (2007-2016) average. The number of active residential listings on the KWAR’s MLS® System to the end of May totalled 1,062, which is 27.9 per cent higher than May of last year but still significantly below the historical (2007-2016) ten-year average of 1,719 listings for May.

“With interest rates expected to increase in July, we’re seeing strong demand for homes in Waterloo region,” says Schmidt. “Sales are strongest in the four to five hundred thousand price range, and while we’re certainly seeing activity cool from the past two years, once you eliminate those you quickly realize that sales volume and prices remain ahead of the ten-year averages.”

The average days it took to sell a home in May was 20 days, compared to 11 days in May 2017.

APRIL HOME SALES BRISK

KITCHENER-WATERLOO, ON (May 3, 2018) –– In April, the 616 residential properties sold through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) were up 13.7 per cent compared to last month and down 19.6 per cent compared to home sales a year ago.

“Home sales in April were as brisk as the temperatures”, says Tony Schmidt, KWAR President. “While down from last year’s record breaking number of sales, it was a slightly more active April than average historically speaking.”

Residential sales in April included 343 detached (down 30.7 per cent compared to April 2017), and 185 condominium units (up 12.8 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 41 semi-detached homes (down 22.5 per cent) and 46 freehold townhouses (down 13.2 per cent).

The average sale price of all residential properties sold in April decreased 6.6 per cent to $478,578 compared to the same month a year ago. Detached homes sold for an average price of $569,159 a decrease of 4.2 per cent compared to April of last year. During this same period, the average sale price for an apartment style condominium was $296,958, an increase of 10 per cent. Townhomes and semis sold for an average of $386,072 (up 2.5 per cent) and $402,842 (down 3.3 per cent) respectively.

The median price of all residential properties sold last month was down 7.4 per cent compared to April of last year at $440,000, and the median price of a detached home during the same period decreased 3.9 per cent to $511,750.

REALTORS® listed 974 residential properties in K-W and area last month, down 2.2 per cent compared to April of 2017. The number of active residential listings on the KWAR’s MLS® System to the end of April totalled 993, which is 78.6 per cent more than April of last year but still significantly below the historical (2007-2016) ten-year average of 1,637 listings for April.

“Looking closer at how the forces of supply and demand were at work last month, it becomes really clear that the question of it being a buyer’s or seller’s market really depends on which price range you’re in,” notes Schmidt. “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.”

Schmidt believes the new stress test introduced earlier this year is fueling demand for lower priced homes and making it more difficult for prospective move-up buyers to get financing.

The average days it took to sell a home in April was 21 days, compared to 11 days in April 2017.

MARCH HOME SALES RELEASE
KITCHENER-WATERLOO, ON (April 6, 2018) –– In March, the 540 residential properties sold through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR), represented an increase of 43.6 per cent compared to last month and a decrease of 25.8 per cent compared to home sales a year ago.

“Home sales in Waterloo Region last month mirrored the greater activity across the Greater Golden Horseshoe. Numbers are down year over year, but the market is showing signs of warming up after the long winter”, says Tony Schmidt, KWAR President. “Make no mistake; we are still deep in a sellers’ market and not expecting that to change for the remainder of the year. And while 2018 won’t be quite as hectic as 2017, the market is going to be demanding. REALTORS® on the street are reporting strong demand throughout the region and receiving multiple offers on many homes.”

Residential sales in March included 310 detached (down 29.6 per cent), and 136 condominium units (down 17.6 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 40 semi-detached homes (down 40.3 per cent) and 52 freehold townhouses (up 8.3 per cent).

The average sale price of all residential properties sold in March decreased 0.7 per cent to $490,010 compared to March. Detached homes sold for an average price of $582,851 a decrease of 0.1 per cent compared to March of last year. During this same period, the average sale price for an apartment style condominium was $298,361 an increase of 11.3 per cent. Townhomes and semis sold for an average of $375,702 (up 2 per cent) and $396,932 (down 3.7 per cent) respectively.

The median price of all residential properties sold last month was up 1.3 per cent compared to March of last year at $457,000, and the median price of a detached home during the same period increased 2.8 per cent to $545,000.

“I think the flatter price acceleration we’re seeing is due to softer demand for higher-priced properties. The new stress test may be having the impact of slowing down aspiring move-up buyers, as well as making it more difficult for entry-level purchasers.”

REALTORS® listed 833 residential properties in K-W and area last month, down 1.5 per cent compared to March of 2017. The number of active residential listings on the KWAR’s MLS® System to the end of March totalled 792, which is 80 per cent more than March of last year but still significantly below the previous ten-year average of 1424 listings for March. The absorption rate (how long it would take to sell all of the active listings if no new properties are listed) remains at less than one month which is a further indicator there is insufficient supply to meet the local demand.

Schmidt says, “For sellers, I would caution that just because there is a shortage of inventory does not mean they should cut-corners preparing their home for sale. I am hearing that homes that do not show well, are definitely taking longer to sell over those that do.”

The average days it took to sell a home in March was 19 days, compared to 14 days in March 2017.

FEBRUARY HOME SALES RELEASE

KITCHENER-WATERLOO, ON (Mar 5, 2018) –– In February, the 377 residential properties sold through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR), were an increase of 40 per cent compared to last month and a decrease of 20.5 per cent compared to home sales a year ago.

“When we consider market activity we have to acknowledge that sales from the previous year or two were an anomaly”, says Tony Schmidt, KWAR President. “If you compare last February against the ten year average of sales, it was a pretty typical February. “

Residential sales in February included 212 detached (down 29.3 per cent), and 118 condominium units (up 11.3 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 25 semi-detached homes (down 21.9 per cent) and 17 freehold townhouses (down 45.2 per cent).

The average sale price of all residential properties sold in February increased 3.1 per cent to $478,801 compared to February 2017. Detached homes sold for an average price of $577,609 an increase of 5 per cent compared to February of last year. During this same period, the average sale price for an apartment style condominium was $265,144 for an increase of 6.8 per cent. Townhomes and semis sold for an average of $386,515 (up 14.1 per cent) and $391,628 (up 6 per cent) respectively.

The median price of all residential properties sold last month was practically on par with February of last year at $436,143, and the median price of a detached home during the same period increased 4.8 per cent to $524,000.

“The market has certainly cooled from this time last year, which is to be expected with the government’s efforts to make home ownership more difficult for home buyers,” says Schmidt.

REALTORS® listed 551 residential properties in K-W and area last month, an increase of 0.5 per cent compared to February of 2017. The number of active residential listings on the KWAR’s MLS® System to the end of February totalled 667, which is 61.5 per cent more than February of last year, but still significantly below the previous ten-year average of 1445 listings for February. Months of inventory continues to track at a low 2 months.

The average days it took to sell a home in February was 22 days, compared to 18 days in February 2017.

Schmidt says, “We still have some homes that are selling in short order and with multiple offers, but others are taking longer and multiple offers are no longer the rule. Sellers need to adjust their expectation in this evolving market and in order to sell quickly they must be priced and marketed appropriately.” Schmidt advises buyers to do their homework and come to the table knowing exactly what they can afford. “While listing inventory is increasing, this is a slow process and we expect home inventory to remain low for at least the remainder of the year.”

 

Press Releases provided courtesy of the Kitchener-Waterloo Association of Realtors.

Translate »