Kitchener-Waterloo Real Estate Market Update February 2019
| Home sales up compared to same time last year.
There were 307 residential sales in January through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR), an increase of 14.6 per cent compared to January 2018.
“January was surprisingly busy with an above average number of home sales,” says Brian Santos, KWAR President. “The number of units sold last month were up nearly fifteen per cent compared to the previous ten-year average for January.”
Total residential sales in January included 189 detached (up 26 per cent), and 80 condominium units (up 19.4 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 20 semi-detached homes (down 28.6 per cent) and 17 freehold townhouses (down 19 per cent).
The average sale price of all residential properties sold in January increased 5.3 per cent to $484,076 compared to January 2018. Detached homes sold for an average price of $564,718 an increase of 1.9 per cent compared to January of last year. During this same period, the average sale price for an apartment style condominium was $303,379 for an increase of 22.1 per cent. Townhomes and semis sold for an average of $368,227 (up 0.7 per cent) and $407,852 (up 4.6 per cent) respectively.
The median price of all residential properties sold last month increased 5.3 per cent to $455,000, and the median price of a detached home during the same period increased 7.1 per cent to $530,000. “It was a positive sign to see an uptick in the number of residential listings hitting the MLS® system last month,” says Santos. “However, the total number of homes available for sale continues to perform well below historical averages.”
REALTORS® listed 585 residential properties in K-W and area last month, an increase of 25.5per cent compared to January of 2018. The number of active residential listings on the KWAR’s MLS® System to the end of January totalled 810, which is 11.4 per cent more than January of last year, but still well below the previous ten-year average of 1,189 listings for January. The average days it took to sell a home in January was 26 days, which is 5 days less than the amount of time it took in January 2018.
Santos says, “We have a positive outlook for 2019. I think we’re going to see home prices remain steady or have small increases, sales will continue to be strong but we’re also beginning to see more homes being listed for sale to increase our inventory and provide buyers with additional options. So long as everything else remains equal Waterloo Region should remain a strong and stable market.”
|KW Home & Garden Show|
| Get a head start on your springtime gardening and renovation plans!
The 37th annual KW Home & Garden Show is coming to town which means that spring is just 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 with your renovating, decorating and landscaping needs.
This show’s the place to be if you’re planning on sprucing up your home as it’s a great opportunity to connect with a variety of professionals and get answers to your questions – all under one roof!
The KW Home & Garden Show will be held at the Kitchener Auditorium between Friday, March 29th and Sunday, March 31st. Hope to see you there!
|How to Get the Most Out of Your Agent|
| Teamwork makes the dream work when you’re out house hunting!
The relationship between you and your real estate agent should always be productive and honest which is why having an open line of communication is absolutely critical to ensuring a win-win partnership!
Once you’ve discussed and agreed on your agency relationship, it’s time to start working on ways to communicate effectively. Communication is a two-way street, so both parties need to be open and honest at the outset.
Start with the basics by discussing your contact preferences. For instance, specify whether or not you can be contacted at work should your dream home suddenly hit the market. Clarifying these details ahead of time will result in fewer miscommunications down the road.
Also, be clear on which features are essential for your new home. Ranking your priorities will help your agent conduct a more efficient search. However, always try to keep an open mind as it can sometimes be a good idea to “look outside the box” and view homes that don’t entirely match your criteria.
If you're selling your home, make sure you discuss any issues that could either help or hinder the sale. Agents can offer great advice on staging so show them everything no matter how insignificant. For instance, that tiny crawl space you weren't even thinking of mentioning could be marketed as a unique selling feature!
Finally, let your real estate agent know if your needs change and don't ever hesitate to ask questions. If for whatever reason you're not completely satisfied with the way things are going, be completely honest so you can resolve the problem straight away before any hasty decisions are made.
The key to any successful relationship is communication, and the partnership between you and your agent is one that will hopefully continue long after you’ve landed your dream home. That said, please don’t ever hesitate to get in touch with any real estate related questions you may have.
|Jump Outside Your Comfort Zone|
| If we don’t leave our comfort zone, we’ll never realize our full potential.
If you want to make 2019 your best year ever, you’ll need to dive (or at least step) outside of your comfort zone. Here are a few ideas to help get you started:
When you step outside of your comfort zone, exciting changes will start to happen. If you replace negative, fearful thoughts with positive ones, you'll begin to naturally expand what you feel comfortable with, which will continuously fuel your personal growth!
“The cave you fear to enter holds the treasure you seek.” - Joseph Campbell
|Space Saving Packing Hacks|
| These packing hacks will help you make more space in your case!
Packing always seems like a chore as fitting everything you need into a suitcase can be a real challenge! Here are a few tips to help you make the most of your case.
First off, divide and conquer your suitcase with the help of a few packing cubes as they’re great for organizing and maximizing space.
Also, stuff socks and other small items inside your shoes and roll up clothes rather than folding them. A sunglasses case is great for storing charging cords or earbuds while pill bottles are perfect for storing tiny items like earrings or sim cards.
Finally, your suitcase will likely receive a fair amount of roughhousing so place a strip of plastic wrap under the cap of your lotions before sealing them up in Ziploc bags to protect other items from getting ruined. Hopefully, these tips will help you maximize space and become a pro packer. Happy travels!
MORE ARTICLESWhat Qualifies as a Dream Neighborhood Kitchener-Waterloo Real Estate Market March 2021 Kitchener Real Estate - Investing and Doing Renovations in 2021 CurbSide Appeal Makes Buyers Want More Kitchener-Waterloo Real Estate Market February 2021 Flipping Properties for Profit in Canada 2021 Kitchener-Waterloo Real Estate Market January 2021 Mike Bolger Year in Review 2020 Tips For Buying a Property With Dogs The top 3 things to look for before purchasing a home planned for renovations