Sustainable housing and real estate in Kitchener-Waterloo Region


KW REAL ESTATE UPDATE
December 11, 2009, 11:55 pm
Filed under: Judita Makos | Tags: , , , ,

A new record for residential sales was set by Kitchener-Waterloo Real Estate Board in November.  Mls sales reached 556 units, which is 87.8% increase from november 2008.

“For the third consecutive month we have seen a significant resurgence from the downturn that started last fall”  reports Ted Scharf, the new President of Kitchener-Waterloo Real Estate Board.

There have been 6,108 residential units sold, meaning sales will easily surpass 2008’s year-end total of 6,115 units.  Homes selling between $350,000 to $500,000 totalled 90 in November, and increase of 233 % compared with November 2008 and an increase of 67 % compared to last month.  Another bright sign for the local economy,  was the increase in the sale of builder product last month.  There were 85 new construction homes sold  in November, marking a 214.8 percent increase over the same month last year.

Kitchener – Waterloo Real Estate Market Update

September – November 2009

  SEPTEMBER OCTOBER NOVEMBER
Homes Currently for Sale 1917 1819 1696
Homes Sold 531 579 556
Selling Ratio 28% 33% 33%
Sale Price vs. List Price Ratio 98% 98% 98%
Average Days on the Market 47 46 51
Median Selling Price $239,900 $238,700 $252,900
Average Selling Price $255,400 $258,600 $277,600

Listings and Sales by Price Range

Price Range   Actives   Solds
  SEPT OCT NOV SEPT OCT NOV
$150,000 or less 190 167 137 66 61 53
$150,000 – $200,000 215 190 180 79 92 79
$200,000 – $250,000 328 293 300 153 168 137
$250,000 – $300,000 301 283 267 86 116 101
$300,000 – $400,000 434 441 386 103 93 120
and Over $400,000 449 445 426 44 49 66

 

For a detailed statistical report relevant to your specific property and neighbourhood please

JUDITA MAKOS, SALES REP

CENTURY21 HOME REALTY INC

DIRECT; 519-572-0765

EMAIL;  judita.makos@century21.ca

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Market Update- September 2009

The market remains steady with sales starting to close in on last year’s totals. As Karen Shartun of the K-W Real Estate Board explains, “After the first quarter of 2009 sales were down on a year-to-date basis by 25% compared to last year, by the end of the second quarter that gap decreased to 10% below, now after the third quarter the decrease is only 4.2%. The recession appears to have had its greatest effect during the first part of the year and now the market has returned to near normal levels.

There was a total of $108,337,581 in real estate sales in Kitchener-Waterloo region in September 2009. $62,476,342 of that was in single family detached homes, and $32,069,126 of that was in other single family dwellings. There was $8,075,800 in sales in multi-family units, $242,000 in land and $5,474,313 in commercial sales in September.

The average sales price for a single family detached home in September was $289,242, a 1.6% decline from the numbers this time last year. The average sales price for a semi-detached home was $204,428. The average price of a freehold townhouse unit was $247,326. The average price for a condo unit was $185,447. The average price for a co-operative unit was $136,000. The average price for a link home was $219,000. The average price for a mobile home was $68,000.

There were 408 unit sales last month in the Kitchener-Waterloo region; with 216 single family detached homes sold, 29 semi-detached homes sold, 38 freehold townhomes sold, 89 condominium units sold, 1 cooperative home sold, 1 link home sold, 1 mobile home sold, 14 multi-family dwellings sold, 1 land property sold, and 18 commercial properties sold.

Of the 375 residential sales, 342 were resale homes and 33 were new construction homes. The majority of these residential sales (177 or 342 sales) were in the $200,000 to $299,999 price range. There were 10 residential sales under $100,000; 81 residential sales in the $100,000-$199,999 price range; 69 residential sales in the $300,000-$399,999 price range; 19 residential sales in the $400,000-$499,999 price range; and 10 residential sales in the $500,000-$749,999 price range. There were no residential sales above $1,000,000 in September.

The majority of residential sales (155 units) happened in Kitchener West of King Street. 80 units were sold in Waterloo West of King Street, 72 units were sold in Kitchener East of King Street, and 68 units were sold in Waterloo East of King Street.

There were a total of 691 new listings processed in September, with 1,666 listings still on the market. This means there are still plenty of homes for you to choose from to find the home of your dreams and expectations that the value will still steadily increase over time. Sellers are getting still high values for their homes and are still selling fairly rapidly. The market will likely start to slow over the winter, as it normally does, picking up again in the early spring.



Condos are moving… August market remains fairly steady.

There were 520 unit sales in the month of August in the Kitchener-Waterloo region, a 19.3% increase from August of the previous year, with an average sales price of $255,311 for residential properties. Of the 482 residential properties sold, 278 were single family detached homes, 46 were semi-detached, 33 were freehold townhomes, 122 were condos, 1 cooperative home, 1 link home and 1 mobile home sold during this period.

The incentives for first time home buyers appear to be affecting the market as both condominium and semi-detached home sales were significantly up from last year with a 62.7% increase and 31.4% increase respectively.

Of the 482 residential properties, 454 were resale homes and 28 were newly constructed homes.

The volume of sales was highest in the $200K-$300K price bracket, which constituted nearly 49% of all sales (235 units). There were 9 sales in the under $100K price bracket, 131 sales in the $100K-$200K price bracket, 69 sales in the $300K-$400K price bracket, 23 sales in the $400K-$500K bracket, and 12 sales over $500K. There were no sales over $1 million this month.

Kitchener west of King Street topped the sales again this month with 208 units sold in August. Waterloo west of King Street followed this with 102 sales during this time period. Waterloo east of King Street had 79 sales, while Kitchener east of King Street had 93 sales. Kitchener east properties seem to moving more quickly as sales volumes were up 78.8% from last year’s numbers and nearly 20% from last month’s.

In total there was $131,995,819 in sales in real estate in the Kitchener-Waterloo region for August, up nearly 15% from last year. Residential sales accounted for the majority of these sales, with $119,428,287 of sales recorded ($80,282,630 in single family detached homes and $39,145,657 in other single family dwellings). Multi-family unit sales were worth $4,529,500, vacant land sales were worth $1,356,000, and commercial sales at $6,682,032.

The average sales price for a single family detached home last month was valued at $289,829, down about 3.4% from this time last year. The average sales price for all other single family dwellings was valued at $193,790, up about 2% from last year. The average semi-detached home sold for $210,510, while the average townhome sold for $224,399. The average condo unit sold for $180,968, the average cooperative unit for $132,900 and the average link home for $229,900. The average mobile home sold for $21,500.

There were a total of 599 new listings processed in the Kitchener-Waterloo region in August, 327 new single family detached homes, 182 other single family homes, 26 multi-family units, 6 vacant land properties, and 58 commercial properties. There are 1,665 active listings still available to search from, with 710 single family detached properties, 421 other single family properties, 78 multi-family units, 53 vacant land properties, and 403 commercial proeprties still on the market.

If you have any questions about any of these statistics or require further information– please be sure to ask me at rebecca.sargent@century21.ca.



July keeps the pace. The market is still going strong!

The market is going strong, with the unit sales and average sale price for homes sold in July 2009 being the second highest ever recorded for the Kitchener-Waterloo region. The 2008 housing peak, broken by recession fears, appears to be normalizing on an higher slope than the pre-2008 levels.

There were 522 unit sales last month in the K-W, with an average sale price of $274,895.  A total of 486 residential units sold in July; 314 of which were single family detached homes. The average sale price for single family detached homes was $316,436. Of the other residential properties sold, there were 38 semi-detached properties (average sale price $210,050), 33 freehold properties (average sale price $227,324), 97 condo units (average sale price $178,773), 1 co-operative unit (sale price $62,000), and 3 link homes (average sale price $202,500). 12 multi family units were sold,  1 non-residential land unit sold, and 23 commercial properties sold.

Of the 486 units sold, 452 were resale homes and 34 were new homes.

The majority of home sold in July were in the $200,000 to $299,999 range (233 out of the 486 sales). There were 96 sales in the $100,000 to $199,999 price range and 12 homes in the under $99,999 price range. 89 (of 486) homes sold in the $300,000 to $399,999 price range. 35 homes sold in the $400,000 to $499,999 price range. 17 homes sold in the $500,000 to $749,999 price range. 3 homes sold in the $750,000 to $999,999 price range, with one home over a $1 million sold.

Kitchener west of King Street once again had the highest number of sales with 203 units sold, followed by Waterloo west of King Street with 131 units sold. Waterloo east of King Street had 73 sales and Kitchener east of King Street had 79 sales.

The total volume of sales in Kitchener-Waterloo region in July was worth $143,495,025, the majority of that ($133,095,923) in residential sales.

There were 789 new listing processed in July, 667 of those in residential units and 91 commercial units. A total of 1,862 units remain active in the Kitchener-Waterloo region and are just awaiting the proper buyer. Now’s your chance to find the perfect property for you! Ask me if you’d like to start viewing some properties today (rebecca.sargent@century21.ca or Direct at 519-591-4299!)



Forecast for the K-W region housing market.
January 13, 2009, 2:59 am
Filed under: Market Conditions, Rebecca Sargent | Tags: ,

A slight decrease in sales in Kitchener from October to November demonstrates a move towards a more balanced market, and not a catastrophe. Many buyers are waiting until 2009, while others are taking advantage of the current beneficial market conditions. While currently it may take a few days longer to sell a home in the area, the value of home ownership investment remains high, with the average sale price of a single family-detached residential property increasing by 7.6% last year. In fact, the average price in Canada is projected to appreciate by at least 9% this year, up over $25,000 from 2006 levels in the nation. What does that mean for you?

It means that if you buy a home today, it is likely to increase in value over time. It also means that sellers that list their homes at fair market value are continuing to sell and make money. Housing supply is currently exceeding demand, allowing for more selection for buyers to choose from. It is good time for buyers. The market should pick up more buyers starting in the New Year, increasing the competition and levelling out the excess in supply.

Condominium and town home unit sales are on the rise, and likely to continue to increase due to downsizing baby boomers. Single family dwellings remain the most popular choice for purchasers.

Major economic drivers in the K-W region keep the housing market moving. The K-W is home to two major universities, Canada’s technology triangle and a strong financial sector which make for high employment rates. While manufacturing and automotive sectors are slowing, these other economic drivers ensure the area still has one of the lowest unemployment rates in the province, keeping the housing market fairly healthy.

The mortgage crisis in the US has not been as severe here in Canada. According to CMHC, mortgage arrears in Canada remain incredibly low with only slightly more than one-quarter of a per cent of Canadian households (0.26%) falling three or more months behind in their mortgage payments. Mortgage rates have settled  and are expected to remain relatively flat over the next few months.

Rental properties are a fairly good investment, with vacancy rates in the region as low as 2.5% in October. The average rental rate for a two bedroom apartment was around $841 per month.

These factors indicate that the K-W region is moving towards a healthy market, and is not in trouble. If you are a buyer, NOW is the time to buy. If you are a seller, it is important now more than ever that you obtain a fair market value for your home to ensure it sells quickly.