Regional Real Estate Stats

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

KITCHENER-WATERLOO, ON (September 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. Townhomes 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.

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.

HOME SALES DOWN IN JUNE, PRICES UP

KITCHENER-WATERLOO, ON (July 5, 2018) ––June home sales through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) were down 12.8 per cent compared to last month and down 15.6 per cent compared to last year’s June which was the second highest on record. A total of 604 residential properties sold in June compared to 716 the same time last year.

On a year-to-date basis there have been 3,096 home sales during the first half of the year, a decrease of 19.1 per cent.

“After two consecutive years of extraordinary activity where we saw home sales exceeding 700 units in June, some normality has returned to the market,” says Tony Schmidt, KWAR President. “The approximately 600 units that sold last month is in line with the ten-year average for June.”

Residential sales in June included 365 detached (down 21.2 per cent compared to June 2017), and 151 condominium units (up 6.3 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 38 semi-detached homes (down 29.6 per cent) and 43 freehold townhouses (down 15.7 per cent).

The average sale price of all residential properties sold in June increased 5.2 per cent to $489,584 compared to the same month a year ago. Detached homes sold for an average price of $575,003 an increase of 7 per cent compared to June of last year. During this same period, the average sale price for an apartment style condominium was $314,180, an increase of 13.2 per cent. Townhomes and semis sold for an average of $378,562 (up 10.8 per cent) and $391,830 (up 2.9 per cent) respectively.

The median price of all residential properties sold last month was up 5.9 per cent compared to June of last year at $450,000, and the median price of a detached home during the same period increased 9.5 per cent to $520,000.

REALTORS® listed 850 residential properties in K-W and area last month, down 21.5 per cent compared to June of 2017, but fairly close to the historical (2007-2016) average of 859. The number of active residential listings on the KWAR’s MLS® System to the end of June totalled 1,030, which is 11 per cent higher than June of last year but still significantly below the historical (2007-2016) ten-year average of 1,728 listings for June.

“This is a good time to sell as demand remains strong and very competitive within some price ranges,” reports Schmidt. “The mortgage stress-test is certainly impacting some buyers which has made some price ranges of homes even more competitive. Of course, this is also a great time to buy in Waterloo Region. I think we’ve been traditionally a little under-valued and even with the past two years of feverish activity, Waterloo Region remains an attractive area to live and homes here will remain a good investment over the long-haul.”“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 22 days, compared to 16 days in June 2017.

 

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

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