Kitchener / Waterloo Market Update May 2018
|Kitchener-Waterloo Real Estate Market Update|
| April was a brisk month for Kitchener-Waterloo home sales.
In April, the 616 residential properties sold through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) were up 13.7 per cent compared to last month and down 19.6 per cent compared to home sales a year ago.
“Home sales in April were as brisk as the temperatures”, says Tony Schmidt, KWAR President. “While down from last year’s record breaking number of sales, it was a slightly more active April than average historically speaking.”
Residential sales in April included 343 detached (down 30.7 per cent compared to April 2017), and 185 condominium units (up 12.8 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 41 semi-detached homes (down 22.5 per cent) and 46 freehold townhouses (down 13.2 per cent).
The average sale price of all residential properties sold in April decreased 6.6 per cent to $478,578 compared to the same month a year ago. Detached homes sold for an average price of $569,159 a decrease of 4.2 per cent compared to April of last year. During this same period, the average sale price for an apartment style condominium was $296,958, an increase of 10 per cent. Townhomes and semis sold for an average of $386,072 (up 2.5 per cent) and $402,842 (down 3.3 per cent) respectively.
The median price of all residential properties sold last month was down 7.4 per cent compared to April of last year at $440,000, and the median price of a detached home during the same period decreased 3.9 per cent to $511,750. The average days it took to sell a home in April was 21 days, compared to 11 days in April 2017.
REALTORS® listed 974 residential properties in K-W and area last month, down 2.2 per cent compared to April of 2017. The number of active residential listings on the KWAR’s MLS® System to the end of April totalled 993, which is 78.6 per cent more than April of last year but still significantly below the historical (2007-2016) ten-year average of 1,637 listings for April.
“Looking closer at how the forces of supply and demand were at work last month, it becomes really clear that the question of it being a buyer’s or seller’s market really depends on which price range you’re in,” notes Schmidt. “Last month 71 per cent of all residential sales were for less than half a million dollars, but the number of homes listed in that price range on our MLS® System right now is a little less than half of all the inventory.”
Schmidt believes the new stress test introduced earlier this year is fueling demand for lower priced homes and making it more difficult for prospective move-up buyers to get financing.
|The Kitchener-Waterloo Multicultural Festival|
| Celebrate the rich diversity our amazing community has to offer!
Every summer, for the past 50 years, our community has celebrated ethnic diversity at the Kitchener-Waterloo Multicultural Festival!
Sample a variety of delicious food from all over the world while enjoying the entertainers who represent over 30 countries on the main stage. There will also be over 100 vendors along with a variety of community organizations in the International Marketplace.
This year, the festival will be held on Saturday, June 23rd and Sunday, June 24th in beautiful Victoria Park, come rain or shine from 12 - 8 p.m. so mark your calendar now!
The Kitchener-Waterloo Multicultural Festival is an annual tradition that’s fun for the entire family so bring everyone along. Hope to see you there!
|Beware of Buyer Turn-offs|
| Address these common turn-offs so buyers don’t run for the door!
When you put your home on the market, it must appeal to a large cross-section of buyers in order to generate a frenzy of activity.
Buying a home is such an emotional decision that even a seemingly small issue can create a bad impression. Here are six of the top turn-offs you need to know:
When you sell your home, your goal is to get the highest price in the shortest amount of time. Sometimes the best way to do that is by focusing on the small stuff. It's definitely worth the effort and the good news is that depersonalizing, decluttering and thoroughly cleaning your home doesn't cost a fortune.
|Tips On How to Guzzle Less Gas|
| Modifying your driving habits can save you loads at the pump!
Maximizing your vehicle's fuel efficiency will not only save you money but you'll also be doing your bit for the environment! Here are a few tips that'll pay off at the pump:
The best way to save on gas is to keep your car in the driveway, so next time you climb behind the wheel, ask yourself if you can walk there instead. Just a few small changes to your driving habits such as combining errands or carpooling to work will save you a small fortune over time.
|Spring Your Home Decor into Action|
| Transform and refresh your home now that spring is here!
Spring is a time of renewal so why not bring the season's vitality into your home by making some simple decorating changes. Here are a few ideas that'll help you create a fresh spring feel:
Celebrate spring's arrival by bringing a breath of fresh air into your home. Just a few simple changes and a good spring clean can reflect the season’s sunny, fresh energy!
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