K-W Real Estate Market Update March 2018

K-W Real Estate Market Update March 2018

K-W Real Estate Market Update 
Sales up from last month but down from last year.

In February, the 377 residential properties sold through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR), were an increase of 40 per cent compared to last month and a decrease of 20.5 per cent compared to home sales a year ago.

When we consider market activity we have to acknowledge that sales from the previous year or two were an anomaly, says Tony Schmidt, KWAR President. If you compare last February against the ten-year average of sales, it was a pretty typical February.

Residential sales in February included 212 detached (down 29.3 per cent), and 118 condominium units (up 11.3 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 25 semi-detached homes (down 21.9 per cent) and 17 freehold townhouses (down 45.2 per cent).

The average sale price of all residential properties sold in February increased 3.1 per cent to $478,801 compared to February 2017. Detached homes sold for an average price of $577,609 an increase of 5 per cent compared to February of last year. During this same period, the average sale price for an apartment style condominium was $265,144 for an increase of 6.8 per cent. Townhomes and semis sold for an average of $386,515 (up 14.1 per cent) and $391,628 (up 6 per cent) respectively.

The median price of all residential properties sold last month was practically on par with February of last year at $436,143, and the median price of a detached home during the same period increased 4.8 per cent to $524,000.

The market has certainly cooled from this time last year, which is to be expected with the government’s efforts to make home ownership more difficult for home buyers, says Schmidt.

REALTORS® listed 551 residential properties in K-W and area last month, an increase of 0.5 per cent compared to February of 2017. The number of active residential listings on the KWAR’s MLS® System to the end of February totaled 667, which is 61.5 per cent more than February of last year, but still significantly below the previous ten-year average of 1445 listings for February. Months of inventory continues to track at a low 2 months.

The average days it took to sell a home in February was 22 days, compared to 18 days in February 2017.Schmidt says, We still have some homes that are selling in short order and with multiple offers, but others are taking longer and multiple offers are no longer the rule. Sellers need to adjust their expectation in this evolving market and in order to sell quickly they must be priced and marketed appropriately.

Schmidt advises buyers to do their homework and come to the table knowing exactly what they can afford. While listing inventory is increasing, this is a slow process and we expect home inventory to remain low for at least the remainder of the year.


The Elmira Maple Syrup Festival 
The Maple Syrup Festival offers something for the entire family!

Every year since 1965, Elmira has hosted this annual event that attracts nearly 70,000 people who come to sample delicious, local maple syrup on thousands of pancakes.

In fact, the Elmira Maple Syrup Festival has now grown into the world’s largest one-day maple syrup festival!

There’s so much to do including sugar bush tours, a pancake flipping competition, various live performances, the famous outdoor vendor mall, antiques, crafts, toy shows and of course lots of maple syrup!

The Elmira Maple Syrup Festival is a fun-filled day that runs from 7 a.m. to 4 p.m. on Saturday, April 7th. This year, you’re able to beat the rush by pre-purchasing your tickets online. Hope to see you there!


For Pets Sake, Don't Soil Your Sale 
Make sure your pets don’t become a buyer’s pet peeve.

It's important to present a top-notch first impression when selling your home. If you share your home with pets though, you'll need to work extra hard to ensure it looks (and smells) its best!

Although you consider your pets part of the family, potential buyers will likely view them as a smelly nuisance. If you own pets, here are a few tips that will help when it comes time to sell your home:


  1. Deep Clean - Steam clean all carpets, rugs and couches and be sure to vacuum your home every day.

  2. Do the Doo Doo - Don't forget to clean up outside before showings as people exploring your garden will be turned off by seeing it or even worse, stepping in it.

  3. Gone to the Dogs - Most people don't want to be greeted by a barking dog when they enter a home. A whining dog in a crate is also a huge distraction so take Fido out for a walk if you're unable to make other arrangements.

  4. Creepy Critters - Some buyers may be too scared to tour a room that contains pets such as snakes or rodents. They may even decide to leave your home altogether so try and remove any creepy creatures before putting your home on the market.

  5. Fur Real - Clean pet hair out from under the stove, tables, blinds and all crevices. Aside from its unsightly appearance, many people suffer from allergies and you don't want them sniffling and sneezing while they're viewing your home.

  6. Scratch the Surface - You're probably so used to your scratched and chewed up furniture that you don't even notice, but buyers will. Inspect your home thoroughly and repair scratched areas including window frames, doors, furniture and floors.

  7. Breathe Easy - Few smells are as offensive as those associated with animals. Buyers will be exploring the basement so make sure any litter trays are clean. Open up windows and simmer a few cinnamon sticks in water as buyers may be allergic to artificial scents.
It's also important to declutter and depersonalize your home before showings so don't forget to clear away pet beds, feeding bowls and toys from both inside and outside your home. Even animal lovers will be put off by the hair, smell and mess that pets can make so take these tips into account to ensure your furry friends don't soil your sale!


Fast and Furious Decluttering 
Decluttering your home doesn’t have to take all day.

Research suggests that cluttered homes cause stress and anxiety. Sometimes it’s hard to know where to start so here are 5 ways to conquer your clutter in less than 5 minutes!


  1. Medicine Cabinet - Check for expired items and carefully dispose of them.

  2. The Junk Drawer - Throw out trash and then try to find a permanent home for everything else.

  3. Clutter Chaos - Clutter is often a result of items that are just left lying around. Grab a box and return toys or magazines back where they belong.

  4. Tupperware Toss - Clear up space by going through your tupperware drawer and recycle anything that doesn’t have a mate.

  5. Car Clutter - If your vehicle’s full of receipts, empty water bottles and crumpled up wrappers then it’s time to clear out the trash and return other items to their home.
Try to always be on the lookout for items you no longer use. For example, if you no longer play DVDs or CDs, donate them so you can gain valuable space! Decluttering can make a huge impact on our lives because an uncluttered home will promote peace and calm.


Exciting New Household Tech Trends 
Today’s homes are continuing to get smarter and smarter!

Every year, the Consumer Electronics Show in Las Vegas introduces new and exciting technology. Here are a few of the latest innovations in smart home technology:


  1. Laundry Folding Machine - Who’s got time for the tedious task of folding clothes? There’s now a cool new machine that will deliver a fresh pile of perfectly folded laundry!

  2. Smart Loo - The smart home revolution has reached the bathroom with toilets that are equipped with foot warmers, heated seats, mood lighting and music functionality!

  3. Mirror, Mirror - There’s now a mirror that comes with Alexa so now you can ask about the weather or the latest news while you’re getting ready in the morning.
These are just a few of the coolest technologies to hit the market this year. As homes get smarter and more connected, homeowners will continue to benefit by enjoying unprecedented levels of convenience and comfort.


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