Real estate listings in the K-W area continue to be outstripped by buyer demand.

A total of 506 residential homes sold last month through the Multiple Listing Service® (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR), a decrease of 32.1 per cent compared to last September and a decrease of 5.9 per cent compared to August.

“While the total number of homes sold last month was down considerably compared to last September, it can still be considered an above average month of activity when we remember that last September smashed any previous September for number of sales,” says KWAR’s president, Nicole Pohl.

“In fact, I would say we are on track for setting a record number of annual sales in 2021.”

Total residential sales in September included 267 detached (down 37.3 per cent from September 2020), and 83 condominium units (down 11.7 per cent). Sales also included 41 semi-detached homes (down 21.2) and 115 townhouses (down 33.5 per cent).

In September, the average sale price for all residential properties in the Kitchener-Waterloo area was $792,599. This represents a 24.2 per cent increase over September 2020 and a 5.7 per cent increase compared to August 2021.

The average price of a detached home was $963,646. This represents a 24.9 per cent increase from September 2020 and an increase of 7.9 per cent compared to August 2021.

The average sale price for an apartment-style condominium was $497,949. This represents an increase of 28.6 per cent from September 2020 and an increase of 12.4 per cent compared to August 2021.

The average sale price for a townhouse was $646,026. This represents a 35.7 per cent increase from September 2020 and an increase of 3.7 per cent compared to August 2021.

The average sale price for a semi was $686,316. This represents an increase of 26.1 per cent compared to September 2020 and an increase of 0.5 per cent compared to August 2021.

The MLS® HPI composite benchmark price for all residential properties in Kitchener-Waterloo was $784,200 in September. This represents a 33.0 per cent increase over September 2020 and a 3.5 per cent increase compared to August 2021.

The benchmark price for a detached home was $869,220. This represents a 34.2 per cent increase from September 2020 and 3.8 per cent increase compared to August 2021.

The benchmark price for an apartment-style condominium was $392,600. This represents a 21.5 per cent increase from September 2020 and a 3.1 per cent increase compared to August 2021.

The benchmark price for a townhouse is $581,700. This represents a 40.0 per cent increase from September 2020 and a 2.4 per cent increase compared to August 2021.

There were 698 new listings added to the MLS® System in KW and area last month, a decrease of 23.4 per cent compared to September of last year, and a 13 per cent decrease compared to the previous ten-year average for September.

The total number of homes available for sale in active status at the end of September was 345, a decrease of 35.3 per cent compared to September of last year, and 73.2 per cent below the previous ten-year average of 1,285 listings for September.

“Home prices reached all new highs in September, “says Pohl. “And while there is a growing call to add more transparency to how real estate is traded in Ontario —the brutal reality of this market is that supply is simply not keeping up with demand and that is what is driving up prices.”

The President of KWAR says: “While there are many who have zeroed in on the blind bidding process, the greater concern is that homes are being purchased without all the normal conditions you would see in a balanced market."

"I completely support and hope the government will add the ability for REALTORS® to provide greater transparency on offers,” says Pohl. “But as it is, we are legislatively restricted from disclosing anything more than simply the number of offers, which is not working for homebuyers.”

The number of months of inventory nudged up slightly from August’s 0.4 months to half a month in September. Inventory has settled at under 1 month for the past 11 consecutive months. The number of months of inventory represents how long it would take to sell off current inventories at the current rate of sales.

The average number of days to sell in September was 10 days, compared to 14 days in September 2020 and a previous 5-year average of 23 days.

FALL FUN IN K-W

If you’re feeling sad now that summer’s come to a close, hopefully some frightening Halloween events will help revitalize your spirits!

Screampark returns to Bingemans with a variety of horrifying attractions including The Death Marsh, The Boneyard, Shivering Woods, The Blood Bar and The Slaughter Shed.

Fear Farm is also back for the 2021 season! There are a number of terrifying haunted attractions to explore at the 100-acre farm such as the Stalking Dead Corn Maze or the Hillbilly Hike.

If you’re looking for some fall family fun that won’t scare you half to death, check out Snyder’s Farm which offers acres of fun for the entire family!

There are various attractions to enjoy including an animal barnyard, hayride, corn maze, jumping pillows, a giant peddle cart track and a straw jump.

Whatever you end up doing this Halloween, stay safe and make sure to have fun!

GET AN EVALUATION...ON THE HOUSE!

Your home is likely your biggest asset so it’s important to keep tabs on its value.

Pricing your property is both an art and a science and if you’re looking to sell your home, it’s critical that you get it right from the start rather than adjusting the price later on.

A comparative market analysis (CMA) is a report that estimates your home's value by comparing it to similar properties that have recently sold in your neighbourhood.

In addition to homes that have recently sold, homes currently on the market are researched along with homes that didn’t sell in order to give you a better understanding of current market conditions.

It’s important to compare homes that are similar in style, age, square footage, etc. Adjustments should be made for features such as a fully-finished basement, a double car garage and any recent updates or renovations that can affect a home’s value.

Online home evaluations are quick and easy but they’re not always accurate as it’s hard to capture the nuances that make your home unique. It's therefore best to have an agent do a walkthrough so they can see your home firsthand.

A professionally done CMA is essential for setting a competitive asking price that will lead to a successful sale. Even in today’s highly competitive market, if you set the price too high, you might end up scaring buyers off and redirecting their interest to other homes that seem more reasonably priced.

Aside from setting a price that will attract the maximum amount of interest from buyers, a CMA will also be a valuable tool during negotiations as concrete facts of past sales will help justify your asking price.

You don’t have to necessarily be ready to sell your home to receive a CMA. If you’re thinking about renovating your home for instance, a CMA can help give you a better idea of how much value certain renovations will add to your home so that you can move forward with confidence.

A properly done CMA is a crucial tool in helping you get top dollar should you decide to sell whereas incorrectly pricing your home is a mistake that could end up costing you thousands of dollars and months of frustration.

Please don’t hesitate to get in touch if you’d like to get a better idea of what your home’s currently worth or even if you’re just curious about the latest local market trends – it’d be great to hear from you!

HALLOWEEN TIPS FOR HOMEOWNERS

Halloween will hopefully be a little busier this year with ghosts and goblins prowling around your property.

There will likely be a bit more foot traffic around your home than you’re used to so it’s important to put safety first.

Here are a few tips that will help keep the kids safe when they come knocking on your door:

Loose Ends
Repair any loose railings on your porch and steps.

Bright Idea
Have a spare light bulb on hand in case your porch light burns out.

The Shining
Use a light stick or flashlight in your jack-o'-lantern instead of candles.

Doggone It
Halloween can be a scary time for dogs so keep them secured in a separate room.

Lighten Up
Halloween is supposed to be dark and spooky but it’s important to ensure the path to your front door is well lit.

It’s easy to get caught up in the fun and festivities that surround Halloween but we also need to keep things safe for the little ones.

Halloween is an occasion where children form lifelong memories so it's important that we do our best to ensure they have a safe and happy time.