Kitchener-Waterloo Home Sales Slow Down Slightly in July.

Kitchener-Waterloo Home Sales Slow Down Slightly in July.

Kitchener-Waterloo Real Estate Market Update 

Mike Bolger 5Kitchener-Waterloo home sales slow down slightly in July.

In July there was a total of 558 residential sales through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR), a decline of 5.1 percent  compared to the same month last year, but still slightly above the previous 5-year average for July (542).

July’s sales bring the year-to-date total to 4,387 residential units, an increase of 6.9 per cent compared to 2016.

“Home sales remain very strong, and while they have eased in comparison to July of last year, we have to remember that was a crazy busy time,” says James Craig, President of KWAR.  “What we’re seeing now is the more typical summer slowdown, but overall July was still an above average month.”

Residential sales in July included 365 detached homes (on par with July 2016), and 113 condominium units (down 21.5 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.).  Sales also included 38 semi-detached homes (down 20.8 per cent) and 36 freehold townhouses (up 44 per cent).

The average sales price of all residential sales increased 17.4 per cent to $455,217 compared to July 2016.  Detached homes sold for an average price of $519,507 for an increase of 14.7 per cent, while the average sale price for an apartment style condominium was $277,866 for an increase of 13.9 per cent.  Townhomes and semis sold for an average of $350,342 (up 22.8 per cent) and $352,721 (up 14.3 per cent) respectively.

REALTORS® listed 811 residential properties in K-W and area last month, a 22.9 per cent increase compared to July of 2016.  While inventory levels continue to be low at just two months of inventory at the end of July – supply is up from where the measure has stubbornly stayed at just one month or less for the past 11 months.  The number of months of inventory represents the time it would take to deplete current inventories at the current rate of sales.  The long term average of months of inventory for KW and area is three and half months.

“The tight supply in the market continues to favour sellers; however the market seems to be shifting towards more balanced conditions,” says Craig.  The average days on market in July was 22, compared to 26 days a year ago.  On a month to month basis, it took six additional days on average from list to sale date in July compared to June.

Mark Your Calendar for Doors Open! 

Mike Bolger 4Don’t miss your chance to snoop through some of the Region’s most amazing buildings!

This is your chance to tour noteworthy buildings, heritage sites and other interesting places in the Waterloo Region, many of which are not regularly open to the public!

Since 2003, more than 250 sites in Waterloo Region have opened their doors to over 100,000 visitors.  This year’s Doors Open will be held on Saturday, September 16th with over 40 participating sites and as usual, there’s no admission charge!

The theme for the 15th annual year is Identity + Innovation. For Canada 150 and Ontario 150, the dual theme offers a sample of who we are as a region and the innovative spirit that contributes to our unique community.

Visitors will be able to check out nearly two dozen first-time sites and if you missed Google last year, they’re back!  Due to Google’s popularity last year, you can now sign up for pre-registered tours.  Hope to see you out and about!

Preparing for the Real Estate Roller Coaster Ride 

Mike Bolger 3Never wear your emotions on your sleeve during the real estate ride.

Selling your home is a huge financial transaction that can trigger a roller coaster of emotions.  When you're being tossed around at every turn, you need to hang on and stay on track.

Although you’ll likely have a strong connection to your home, try not to get offended if a potential buyer wants to rip up your kitchen or paint over the wood trim.

Also, never take comments personally.  It’s natural for people to complain when they're interested in something so while criticisms may seem negative, they’re actually a sign that the buyer’s interested in your home.

If you receive a “low ball” offer, remember that it’s often just a starting point but be aware of tactics such as “low balling” where an attractive price is initially offered only to be adjusted at a later point on the basis that circumstances have changed.  Recognizing these strategies will help you keep a balanced perspective.

If you’re able to generate multiple offers, make sure you consider more than just the price.  There’s nothing worse than accepting a conditional offer just because it's over the asking price only to have it fall apart a month later when you could have accepted a firm cash offer that was almost as good.

It’s completely natural for both buyers and sellers to experience a wide range of intense emotions as they navigate through the complex real estate process.  However, if you hop on the real estate roller coaster with a competent agent by your side, you’ll not only enjoy the ride but you'll look forward to doing it again!

Getting Ready for School Daze 

Mike Bolger 2Going back to school can be tough after the lazy days of summer.

Getting back into the school routine can sometimes be a little hectic.  Here are a few tips that will help make it a little bit less stressful on everyone:

  1. Shop Early- The first few weeks of school are very busy and unpredictable so be sure to purchase your back to school items as early as possible.
  2. Sleep Easy- Ease back into the school routine by gradually adjusting bedtimes (and wake up times) a week or so before to help everyone get back into the routine.
  3. After School Plans- Start discussing extra-curricular activities and homework routines so you can organize your Fall schedule.
  4. Have a Hub- Hang a calendar in a central spot where everyone can write down their activities and attach a folder for notices and permission slips so that everything's in one place.
  5. Be Positive- If your child is anxious, listen to their worries but also pay attention to how you’re feeling as sometimes the parent’s anxiety can rub off onto their kids.

Going back to school is a very exciting time (for you and the kids) but it’s also a period of emotional adjustment so try and make yourself available as much as possible during the first few weeks.  With just a little planning, getting back into the school routine can be a nice, smooth transition.

Do-It-Yourself Apps 

Mike Bolger 1Your smartphone should be an essential part of your DIY toolkit!

If you're constantly procrastinating over household projects, you should check out a few home improvement apps for some inspiration!

You’ll soon become a DIY master with the thousands of how-to guides at WikiHow complete with illustrations and videos on every imaginable topic.

There’s also iHandy Level which will help keep you on the level if you’re hanging a picture or if you need to measure a precise angle.

These are just a few examples of the many apps that are available.  From picking paint shades to renovating your home, a smartphone will be the lightest and most versatile tool you’ll ever own!


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