Kitchener-Waterloo Real Estate Market Update March 2019
|Kitchener-Waterloo Real Estate Market Update|
| Frigid February for Kitchener-Waterloo home sales.
There were 343 residential sales in February through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR), a decrease of 8.3 percent compared to February 2018.
“The series of winter storms in February not only kept buyers indoors and off the roads, but also away from open houses and viewings,” says Brian Santos, KWAR President. “This was the lowest amount of sales we’ve seen in February in a long time, but it really isn’t surprising given the wild weather we experienced last month.”
Total residential sales in February included 178 detached (down 14.8 percent), and 105 condominium units (down 11 percent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 23 semi-detached homes (down 8 percent), 36 freehold townhouses (up 112 percent).
The average sale price of all residential properties sold in February increased 3 percent to $490,668 compared to February 2018. Detached homes sold for an average price of $597,965 an increase of 3.9 percent compared to February of last year. During this same period, the average sale price for an apartment style condominium was $319,536 for an increase of 20.5 percent. Townhomes and semis sold for an average of $395,331 (up 2.6 per cent) and $448,123 (up 14.4 per cent) respectively.
The median price of all residential properties sold last month increased 6.9 percent to $465,000 and the median price of a detached home during the same period increased 2 percent to $533,500. “Despite the chill we saw in the number of sales last month, the price gains reflect that demand continues to outpace supply,” says Santos.
REALTORS® listed 562 residential properties in K-W and area last month, a small increase of 1.1 percent compared to February of 2018. The number of active residential listings on the KWAR’s MLS® System to the end of February totalled 785, which is 9 percent more than February of last year, but still well below the previous ten-year average of 1,296 listings for February.
The average days it took to sell a home in February was 25 days, which is 4 days longer than the amount of time it took in February 2018. Santos says, “the market remains very much as it has been for the past several months, but the delayed winter weather finally caught up with it.” Santos says, “while the market is coming in like a lamb in March, I’m expecting it will go out like a lion.”
|Elmira Maple Syrup Festival|
| The Maple Syrup Festival offers something fun for the entire family!
Elmira has hosted this annual event since 1965 which attracts nearly 70,000 people who come to sample delicious, locally made maple syrup along with thousands of pancakes.
In fact, the Elmira Maple Syrup Festival has now grown into the world’s largest one-day maple syrup festival and last year, it raised over $45,000 to help support various local charities and non-profit organizations.
There are loads of activities to enjoy including a pancake flipping competition, sugar bush tours, various live performances, the famous outdoor vendor mall and of course, an endless assortment of maple related goodies!
The Elmira Maple Syrup Festival is a fun-filled day that runs from 7 a.m. to 4 p.m. on Saturday, April 6th. Let’s keep our fingers crossed for good weather!
|Is it a Good Buy or Good Bye?|
| Will the housing market cool down, level out or gain steam?
No one can say for sure what’s around the corner when it comes to the real estate market but there are steps you can take ahead of time to prepare yourself. If you're currently considering home ownership, here are a few points to consider:
An uncertain real estate market can make it difficult to know whether you should hold off purchasing a home in case prices fall, or jump right in before prices skyrocket. One thing’s for sure though. The time to buy is when your budget matches your needs, so always consider your personal circumstances before making a decision. Please don’t hesitate to get in touch if you ever have any questions!
|Reduce, Reuse, Upcycle|
| The junk in your attic may be a treasure trove of opportunities!
Upcycling is a popular trend where existing items that would normally make their way to the curb are instead transformed into something useful and stylish. Here are a few creative ideas to help inspire you:
The opportunities for creative upcycling are endless, so give your old items a new lease on life while adding your own twist to them. Not only will you save money but you’ll also help the environment while injecting some fresh new creativity into your space!
|Home Is Where the Smart Is|
| Check out the latest and greatest in household smart gadgetry!
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 gadgetry:
These are just a few of the latest technologies to hit the market. As homes get smarter and more connected, homeowners will continue to benefit by enjoying unprecedented levels of convenience and comfort.
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