Trending to a Balanced Market!
After many months of incredible sales, it appears the typical summer slowdown has taken effect in the Waterloo Region. It was still an above average month, and while the market was favouring the sellers, the new trends are shifting towards a more balanced market.
Over 8000 Residential Home Sales!
After months of low inventory, this past month saw 1271 properties listed. This is the first time in 2 years that the number of new listings exceeded 1000. This is a 38.6% increase to May of last year and a 29% increase to last month. Buyers may find it a bit easier to search for properties now, with more selection and the average house on the market for 12 days, 2 days longer than last month.
April was Showered with Home Sales
It was another record setting month for home sales, we saw a bigger increase in listings this April than we've seen in quite some time! The demand for homes is still strong with homes selling in 10 days on average. However, the province recently announced the Ontario’s Fair Housing Plan, comprising of 16 measures for homebuyers and renters in efforts to cool the market. In the coming months, we will see how this plan impacts the housing market in the region.
January Home Sales
The demand for homes is still strong, there were only 367 active listings at the end of January, in comparison to 1068 in 2016, that is just 34% of the inventory we had at this time last year!! This significant decrease makes for an extremely competitive buying environment and homes are spending almost 50% less time on the market, on average. Prices are up by an average of $67,500 for Residential properties compared to last January! A HUGE 22.7% increase for detached average sale prices!!
Another Record Breaking Month of Sales
There have been a record breaking amount of sales this month, as well as year-to date sales. This is the first time since 2007 when sales have hit above 6000 transactions for the year, and we still have a month to go! Inventory levels remain frustrating low, 60.8% lower than this time last year!!!!!
Strong Demand Continues to Fuel Waterloo Region Housing Market
The "Seller's Market" continues with an increase in multiple offer situations and homes selling above the asking price. The average home price was pulled upward this month by an increase in homes selling for a half-million dollars and above (23% of residential sales) compared to the same month last year (14% of residential sales).
Hot Home Sales in August
On a year-to-date basis 5,241 residential units have sold compared to 4,456 during the same period in 2015, an increase of 17.6%. This is the first time sales have exceeded the 5000 mark at the end of the third quarter! It continues to be a seller's market in the Waterloo Region. The federal government's will be implementing a required mortgage rate "stress test" on new insured mortgages, this will impact some first time buyers and could cause a slight cooling of the market.
Hot Home Sales in August
The shortage of houses on the market have buyers competing for a limited number of homes.This time last year, there were OVER 60% more homes on the market! August home sales rank the highest on record and the highest monthly year-to-date sales for 2016. It was also above the 5 year record! PROVING TO BE VERY FRUSTRATING FOR BUYERS!
Region Still A Seller's Market
The shortage of houses on the market have buyers completing for a limited number of homes.This time last year, there were almost 60% more homes on the market! While sales have only increased by 0.9% in comparison to last July, it is still the most active July on record since 2008. PROVING TO BE VERY FRUSTRATING FOR BUYERS!
Home Sales Hot Streak Continues in April
It has been a crazy Spring so far. In April 31% of Residential sales sold for over asking price, a further 9% sold for full list price....
Sales continue to outperform previous years! While sales activity has been strong, the inventory is down from the previous year. With this sellers market, buyers are can find themselves in "bidding wars" and are buying properties above the asking price. More listings are expected to hit the market to take advantage of the traditional spring market, and that will increase the inventory in the near future.
Record Setting Sales in March
Sales in the Waterloo Region are the highest since March of 2010! During the first quarter of 2016, there were 1,350 home sales, 23.9% above last year’s total for the same period and 17.8% above the 5-year quarterly average and the highest quarter on record since 2010. On a monthly basis, home sales were 16.6% above the 5-year average for the month of March.
Residential Sales Off to a Good Start
The sale of homes has not slowed down in January. Perhaps it is the mild winter that has caused the spring boom! 2016 sales show a great start with a significant increase to sales in comparison to lasts years sluggish start and forecast a strong spring market. Now is a great time to sell in Waterloo Region!
Kitchener Waterloo Home Sales Finish Strong in 2015
As 2015 wrapped up, the final market statistical report indicates a great year for home sales in the Kitchener-Waterloo area. Waterloo Region is an ideal place to live due to it’s blend of rural and urban living, growing opportunities, and an emphasis on innovation. The recent trends show that it is a highly desirable place to live and invest.
Home Sales Remain Steady in November
There is a continued demand for homes in the Kitchener-Waterloo region due to steady mortgage rates and stronger employment. REATLORS® in this Region advocated passionately on behalf of homeowners to bring a stop to the proposed Municipal Land Transfer Tax (MLTT) in order to keep the dream of homeownership affordable for everyone in the Region and are pleased that the government with not give municipalities the ability to charge a MLTT.
September Sees Home Sales Slow
The decrease in sales numbers in the Waterloo Region are not out of the ordinary for September. Many stressful occurrences happen in September, which means people may not be as focused on purchasing a home. Year-to-date, 4,393 homes were sold, which is the highest number of units sold to the end of the third quarter since 2008 and up 4.6% over last year.
Home Sales Remain Strong
The month of August had a decrease in home sales compared to the same month last year, however, sales were still above the 5 year average. It is clear that the real estate sector shows long-term strength and stability.
Strong Home Sales in Julys
Sales activity in Kitchener-Waterloo remains strong this summer with the highest year-to-date sales since 2008! Above average market activity reflects that home buyers continue to view the regions properties as a solid investment..
It's Been a Busy June
Sales activity in Kitchener-Waterloo remains strong this summer with the highest year-to-date sales since 2008! Above average market activity reflects that home buyers continue to view the regions properties as a solid investment.
Summer is Around the Corner Already
May sales are above last year and 5 year averages, seeing similar trends to Aprils increase. Low mortgage interest rates and a diverse local economy continues to support home buying in Waterloo region.
K-W Real Estate Market Update
Residential sales through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) were strong in April with 539 properties sold in Kitchener-Waterloo. This represents an 11.4% increase compared to April of 2014, and 7.8% above the 5 year average for April.
Home Sales in March Trend Upwards!
There was a LARGE increase in March sales due to the abnormal low temperatures in February. This surge of buyers and home inventory levels below average are increasing the price of homes especially in the $250 to $350 price range. It is going to be an exciting spring if you have debated selling there is no better time than now, an abundance of Buyers and low housing inventory.