Red Hot K-W Market Set to Continue
|THE KITCHENER-WATERLOO REAL ESTATE MARKET REPORT|
|Red hot K-W market set to continue on into the spring!
There were 474 residential sales in February through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR), an increase of 4.2 percent compared to February 2016.
“Sales in February were well above what we would see in a typical February,” says James Craig, President of the KWAR. The 10-year average for residential sales in Kitchener-Waterloo and area for February is 405 units. “Last month’s sales would have been much higher still were it not for the fact that we continue to have a real shortage of listings.”
Residential sales in February included 299 detached homes (up 5.7 percent compared to February 2016), 107 condominium units (up 3.9 percent) which include any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 32 semi-detached homes (down 3 percent) and 31 freehold townhouses (up 3.3 percent).
A lack of listings to satisfy the strong consumer demand is fuelling multiple offers often resulting in sale prices above the actual asking price, which pushed the total residential average sale price in February up 27.5% compared to the same month last year to $463,355.
Detached homes sold for an average price of $549,691 an increase of 30.7 percent, while the average sale price for an apartment style condominium was $246,736, an increase of 8.8 percent. Townhomes and semis sold for an average of $388,721 (up 20.6 percent) and $369,624 (up 31 percent) respectively.
“It’s a similar story throughout Ontario’s Greater Golden Horseshoe,” notes Craig. “In their January release, the Canadian Real Estate Association called the region’s imbalance between limited housing supply and robust demand without precedent”. Last month there were 427 active listings on the KWAR’s MLS® System, compared to 1,226 in February of last year.
The average days on market in February were significantly shorter than a year ago: 18 days, compared to 39 days. On a month to month basis, the market was in a real frenzy in February, with it taking four fewer days from list to sale date last month compared to January.
“The dream of homeownership is very much alive and well,” says, Craig. “It’s a challenging time to be selling or purchasing a home and sellers may be tempted into thinking they can simply stick a sign in the yard because it’s such a strong sellers’ market.” But Craig notes that in these market conditions it is even more important than ever to avail yourself of the professional knowledge of a local REALTOR® to guide you through these unique and evolving market conditions.
|KITCHENER-WATERLOO HOME & GARDEN SHOW|
|Get a head start this spring on all your gardening and renovation plans!
The annual Kitchener Waterloo Home & Garden Show is coming to town which means that spring is right around the corner!
Come out and enjoy Waterloo Region’s most popular home and garden show where over 150 exhibitors are on hand to help you with your renovating, decorating and landscaping questions. It’s a great opportunity to connect with a variety of professionals and get answers to your questions – all under one roof!
The Kitchener-Waterloo Home & Garden Show, which will be held at the Kitchener Auditorium between March 31st and April 2nd, is the place to be if you’re planning on sprucing up your home this spring. Hope to see you there!
|BREATHE EASY IN A HEALTHY, HAPPY HOME|
|Improving your home’s air quality is easier than you might think.
The term "air quality" is usually associated with outdoor air pollution caused by cars and factories. The truth however is that the toxins in our home can be just as dangerous.
Hazards include pet dander, dust mites, nitrous dioxides, formaldehyde and fungi. Fear not though as there are a variety of ways to improve your home's air quality such as:
We focus so much time and effort decorating our home for aesthetic appeal but we often ignore our indoor air quality. Implementing just a few of these ideas will make a huge difference. Nothing in life is quite as precious as the air we breathe so it’s important that we don’t take it for granted.
|NEW TECHNOLOGY FOR PET PARENTS|
|You’re now able to watch, chat and play with your pets from anywhere!
It’s now easier than ever before to check in with Fido or Fluffy while you’re away. Here are just a few of the ways the latest hi-tech pet gadgets can help:
Leaving our best friends home alone is hard but innovative technology can now alleviate some of that stress while providing peace of mind. Now you can check in on a sick pet, keep tabs on a mischievous pup or simply give your pet some love while you’re away.
|UPPER LEVEL FIRE ESCAPE PLANNING|
|No one wants to think about a house fire but it’s important to be prepared.
Hopefully your family already has a fire escape plan but an often-overlooked element are fire escape ladders.
This compact yet fully functional ladder will protect you and your family by providing a safe, reliable means of escape. It’s important to measure the windowsills and purchase one for each upstairs room.
Once you’ve made the purchase, make sure every family member knows where they’re stored and how to use them. It’s a good idea to have a practice run so that everyone will be comfortable using them in the event of an emergency.
MORE ARTICLESKitchener-Waterloo Real Estate Market Update October 2019 Real Estate Update October 2019 Investing in Airbnb Real Estate in the Waterloo Region Kitchener-Waterloo Real Estate Market Update September 2019 Real Estate Update September 2019 What Qualifies as a Dream Neighborhood Kitchener-Waterloo Real Estate Market Update August 2019 Real Estate Update August 2019 Kitchener-Waterloo Real Estate Market Update July 2019 Flipping Properties for Profit in Canada 2019