Kitchener-Waterloo Real Estate Market December 2020



There were 575 residential homes sold through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® in November, marking another record-breaking month of homes sold in the Kitchener-Waterloo area.

November’s home sales represented an increase of 35 per cent compared to the same month last year, and a decrease of 17 per cent compared to the previous month. The previous ten-year average number of residential sales for November is 433.

November is the fifth consecutive month of record home sales in the Kitchener-Waterloo area.

“We are now well beyond any pent-up demand from the first lockdown,” said Nicole Pohl, President of KWAR.

“Now we’re simply dealing with straight-up demand for our community as an attractive place to put down roots, and the current COVID-19 pandemic is only further fuelling the already hot market and elevating Waterloo region as a desirable place to own a home.”

Total residential sales in November included 341 detached homes (up 28.6 per cent from November 2019), and 82 condominium apartments (up 60.7 per cent). Sales also included 112 townhouses (up 53.4 per cent) and 40 semi-detached homes (up 5.2 per cent).

The average sale price of all residential properties sold in November increased 13 per cent to $637,336 compared to the same month last year, while detached homes sold for an average price of $753,641 an increase of 14.4 per cent.

During this same period, the average sale price for an apartment-style condominium was $400,882 for an increase of 12 per cent. Townhomes and semis sold for an average of $482,901 (up 8.6 per cent) and $562,988 (up 30.4 per cent) respectively.

The median price of all residential properties sold in November increased 16.5 per cent to $600,000 and the median price of a detached home during the same period increased 15 per cent to $685,000.

“Prices continued to climb in November as buyers across all price points compete for listings as soon as they come on the market,” said Pohl. “The number of available properties going up for sale simply can’t keep up to the number of people wanting to purchase them.”

There were 584 new listings added to the MLS® System in KW and area last month, an increase of 34.8 per cent compared to November of last year, and 13 per cent more than the previous ten-year average for November.

The number of Months of Supply (also known as absorption rate) continues to be very low at just 1 month for the month of November. The previous ten-year average supply of homes for November was 3 months, and in the past 5 years, the average supply for November was 1.8 months.

KWAR’s president says the sales-price-to-list-price ratio for all residential properties sold in November was 107.9 per cent. “The only other time I’ve seen the sale to list ratio this high was in May of 2017 when it hit 108.6 per cent,” says Pohl.

For comparison, in 2019, the monthly close price to list price ratio was at or near 100 per cent from January through to December. Since August it has been over 105 per cent.

With competition this fierce, Pohl says working with a local REALTOR® has never been more important.

The average number of days to sell in November was 14 days, compared to 28 days in November 2019.
MASTERING THE K-W REAL ESTATE MARKET

MASTERING THE K-W REAL ESTATE MARKET

Real estate is my passion. I love everything about it, but what I love most is meeting new people and helping them find the perfect home!

There are various online sites where you can search around for listings but to really enjoy the full experience, you’ll want to get set up on a search that will automatically flag new listings that match your criteria.

It’s easy! Just let me know what you’re looking for and as soon as a new home hits the market that matches your criteria, the full listing details will be automatically flagged and sent to you the second they hit the market!

In my opinion, it’s never too early to set clients up on an online search as it’s a great way to get acquainted with the K-W real estate market, but there’s an even better way that will turn you into the neighbourhood real estate market expert in no time!

In addition to new listings, I can set you up on a search for sold listings that match your criteria so that you’ll be automatically notified whenever a home sells in your neighbourhood. Before long, you’ll be the person that others turn to for real estate advice!

To get started, just let me know the area you’re interested in. It can be your entire neighbourhood, a few blocks or even just your street. We can always adjust your criteria later on in order to custom tailor your results.

Whether you’re curious about what homes are selling for in your neighbourhood or you’re looking to buy a home across town, it’s never too early to start getting acquainted with the K-W market. Setting up and fine-tuning searches is one of the things I love about this business so let’s get started and have some fun!

HELP SUPPORT OUR K-W BUSINESSES

HELP SUPPORT OUR K-W BUSINESSES

The holiday season is usually the busiest time of the year for our small businesses as they rely heavily on the Christmas rush.

Competition from big box stores and online retailers has been especially intense this year so our local, hard-working businesses need our help now more than ever before.

Many small businesses have responded to the pandemic by setting up online stores and curbside pickup options. If you’re a last-minute shopper, there’s still plenty of time to buy from our local businesses as orders can often be prepared right away.

If you’re having trouble figuring out what type of gift to get, you may need to think outside the (gift) box. For instance, a virtual cooking class hosted by a local business is a unique idea! Gift certificates are another great way to help support our local businesses.

In addition to shopping at local businesses, be sure to subscribe to their newsletter, tag and follow them on social media, like and share their posts and spread the word to family and friends. Leaving a Google review is also a great way to get the word out!

Our small businesses are integral to the character of our community. Buying local improves our community’s economy and helps connect us with our neighbours. You’ll also be helping to drive a cycle of local support that includes local charities.

Now’s the time when we all need to support one another, whether it be family, friends or those who are trying so hard to keep their businesses afloat. In times like these, the slightest gesture can make a huge difference!

HOMEMADE CHOCOLATE TRUFFLES

HOMEMADE CHOCOLATE TRUFFLES

These decadent truffles may look impressive but they’re incredibly easy to make! They’re also the perfect last-minute holiday gift! Here’s all you need:

Ingredients
8 ounces of high quality 60% chocolate
½ cup of whipping cream
3 crushed candy canes

Break up the chocolate into small pieces and place in a bowl. Next, heat up the cream in a saucepan and pour it over the chocolate until it melts. Finally, whisk until shiny and then pour into a shallow pan and refrigerate for a few hours.

Once chilled, roll the mixture into 12 separate balls and place them on a parchment-lined cookie sheet and then coat them with the crushed candy canes. You can also use cocoa powder or pistachios.

These decadent treats can be stored in the fridge for about two weeks. Just be sure to bring them to room temperature before serving. If you’re giving these treats as a gift, place each truffle in a mini decorative baking cup. Enjoy!





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