Waterloo Region Real Estate Stats


 

AUGUST HOME SALES EASE AS PRICES CONTINUE TO RISE ALONG WITH DEMAND

KITCHENER-WATERLOO, ON (September 5, 2019) ––459 residential properties sold through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) in August, a decrease of 9.1 per cent compared to the same month last year.    

Home sales in August included 267 detached (down 11.9 per cent), and 56 condominium apartments (down 13.8 per cent). Sales also included 97 townhouses (down 4.9 per cent) and 39 semi-detached homes (up 11.4 per cent). 

“The number of homes sold last month was below the average for August; however, we continue to see strong price gains across all property types,” says Brian Santos, KWAR President.

The average sale price of all residential properties sold in August increased by 6.4 per cent to $524,482 compared to August 2018. Detached homes sold for an average price of $615,568 (an increase of 5.4 per cent compared to August of last year. During this same period, the average sale price for an apartment-style condominium was $324,778 for a decrease of 3.1 per cent. Townhomes and semis sold for an average of $420,239 (up 18.3 per cent) and $441,802 (up 10.2 per cent) respectively.

The median price of all residential properties sold last month increased 8.1 per cent to $495,000 and the median price of a detached home during the same period increased by 2.8 per cent to $560,000.

REALTORS® listed 574 residential properties in K-W and area last month, a decrease of 14.5 per cent compared to August of 2018, and a decrease of 13 per cent in comparison to the previous ten-year average for the month of August. The total number of homes available for sale in active status at the end of August totalled 734, a decrease of 17.3 per cent compared to August of last year, and well below the previous ten-year average of 1,426 listings for August. Months Supply of Homes for sale stood at 1.5 months in August, which is 16.7 percent lower than the same period last year.  

The average days it took to sell a home in August was 26 days, which is two days fewer than it took in August 2018.

“We’re noting differences in market balance depending on the price range,” says Santos. “For homes priced under $600 thousand, it is still a strong seller’s market, whereas above $600 thousand, it is a more balanced situation.”

As an indicator, Santos points to the month’s supply of homes, also known as the absorption rate. For homes priced at more than $600,000, the months of supply stood at 3.4 in August, compared to 0.9 months for homes prices under that amount. Months supply is the inventory of homes for sale at the end of a given month, divided by the average monthly closed sales from the last 12 months. The previous ten-year average months supply across all price ranges has been just over 3 months.  

“It all comes down to what the buyers can find in their price range,” says Santos. “Homes in Kitchener-Waterloo are definitely in high demand, and there is strong competition among buyers trying to find one that will suit them.”

Santos advises buyers to work with a local REALTOR® who has a complete understanding of our region to give them an advantage in this crowded KW housing market.

Strong Home Sales in July

KITCHENER-WATERLOO, ON (August 6, 2019) ––586 residential properties sold through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) in July, representing an increase of 15.1 per cent compared to the same month last year.    

Home sales in July included 322 detached (up 16.4 per cent), and 62 condominium apartments (down 6.1 per cent). Sales also included 148 townhouses (up 45.1 per cent) and 42 semi-detached homes (down 22.2 per cent). 

“Home sales continued their strong momentum from last month,” says Brian Santos, KWAR President. “On a year-to-date basis we’re seeing sales have increased slightly over last year.”

The average sale price of all residential properties sold in July increased by 9.3 per cent to $521,101 compared to July 2018. Detached homes sold for an average price of $613,244 (an increase of 5.4 per cent compared to July of last year. During this same period, the average sale price for an apartment-style condominium was $339,137 for an increase of 15.9 per cent. Townhomes and semis sold for an average of $414,062 (up 17 per cent) and $434,136 (up 11.9 per cent) respectively.

The median price of all residential properties sold last month increased 10.8 per cent to $489,450 and the median price of a detached home during the same period increased by 8.8 per cent to $575,750

REALTORS® listed 844  residential properties in K-W and area last month, an increase of 12.8 per cent compared to July of 2018, and an increase of 10.4 per cent in comparison to the previous ten-year average for the month of July The total number of homes available for sale in active status at the end of July totalled 863, a decrease of 8.7 per cent compared to July of last year, and well below the previous ten-year average of 1,467 listings for July. Months Supply of Homes for sale stood at 1.7 months in July, which is 15 percent lower than the same period last year.  

“The temperature is matching the market,” says Santos. “we’re continuing to see strong consumer demand that is making for a busier than normal market for the middle of summer.”      

The average days it took to sell a home in June was 22 days, which is the same number of days it took in July 2018.

STRONG HOME SALES IN JUNE

KITCHENER-WATERLOO, ON (July 4, 2019) ––658 residential properties sold through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) in June, representing an increase of 8.8 per cent compared to the same month last year.    

Home sales in June included 404 detached (up 8.9 per cent), and 50 condominium apartments (down 28.6 per cent). Sales also included 159 townhouses (up 27.2 per cent) and 45 semi-detached homes (up 15.4 per cent). 

“Home sales continued their strong momentum from last month,” says Brian Santos, KWAR President. “On a year-to-date basis we’re seeing sales have increased slightly over last year’s mid-year mark.”

A total of 3,154 homes have sold in Kitchener-Waterloo and area during the first half of this year, an increase of 1.4 per cent compared to 2018.

The average sale price of all residential properties sold in June increased by 8.9 per cent to $533,619 compared to June 2018. Detached homes sold for an average price of $618,186 an increase of 7.9 per cent compared to June of last year. During this same period, the average sale price for an apartment style condominium was $332,716 for an increase of 4.4 per cent. Townhomes and semis sold for an average of $411,126 (up 10.7 per cent) and $430,427 (up 9.9 per cent) respectively.

The median price of all residential properties sold last month increased 9.9 per cent to $494,500, and the median price of a detached home during the same period increased by 11.7 per cent to $581,500

REALTORS® listed 888 residential properties in K-W and area last month, an increase of 4.3 per cent compared to June of 2018, and a slight increase of 0.5 per cent in comparison to the previous ten-year average for the month of June. The total number of homes available for sale in active status at the end of June totalled 890, a decrease of 10.8 per cent compared to June of last year, and well below the previous ten-year average of 1,581 listings for June. Months Supply of Homes for sale stood at 1.8 months in June, which is 14.3 percent lower than the same period last year.  

“We’re still in a solid seller’s market situation heading into the summer months,” says Santos. “While more new listings are coming onto the market, strong buying demand is keeping supply tight.”      

The average days it took to sell a home in June was 20 days, compared to 22 days in June 2018.

 

Information provided courtesy of the Kitchener – Waterloo Association of Realtors