Kitchener-Waterloo Real Estate Market Update May 2019
|Kitchener-Waterloo Real Estate Market Update|
| Average and median home sale prices hit new high.
There were 623 residential sales in April through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR), an increase of 1.1 per cent versus the same month last year, and up 2.2 per cent compared to the previous ten-year average for April.
Total residential sales in April included 394 detached (up 15.2 per cent), and 75 condominium apartments (up 1.4 per cent). Sales also included 113 townhouses (down 28.9 per cent) and 41 semi-detached homes (no change).
“While sales of detached homes did jump a fair bit compared to the same month last year, they were actually on par with the previous 10-year average for April,” says Brian Santos, KWAR President.
The average sale price of all residential properties sold in April increased by 10.9 per cent to $529,800 compared to April 2018. Detached homes sold for an average price of $611,803 an increase of 7.6 per cent compared to April of last year. During this same period, the average sale price for an apartment style condominium was $339,426 for an increase of 14.3 per cent. Townhomes and semis sold for an average of $405,013 (up 5.3 per cent) and $433,949 (up 7.7 per cent) respectively.
Average sale prices hit an all-time high in April notes Santos. “These are the highest sale prices we’ve ever posted in a single month. It’s only the third time the overall residential sale price has exceeded half a million, and for the first time, the average price of a detached home climbed over the 600-thousand-dollar mark.
Likewise, median prices reached an all-time high in April. The median price of all residential properties sold last month increased 11.4 per cent to $490,000, and the median price of a detached home during the same period increased by 11.1 per cent to $568,500.
REALTORS® listed 913 residential properties in K-W and area last month, a decrease of 6.9 per cent compared to April of 2018, and a decrease of 1.6% in comparison to the previous ten-year average for the month of April. The total number of homes available for sale in active status at the end of April totalled 884, a decrease of 6.1 per cent compared to April of last year, but still well below the previous ten-year average of 1,485 listings for April. Months Supply of Homes for sale stood at 1.8 month in April a decrease of 5.3 per cent compared to last year.
“It’s still very much a seller’s market for anyone who is looking for a home under six hundred thousand,” says Santos. “In these challenging market conditions, consumers should seek the expert advice of a local REALTOR®. There is no single Ontario real estate market, and even within the local market there can be significant differences between property types and neighbourhoods.”
|The Kitchener-Waterloo Multicultural Festival|
| Celebrate the rich diversity our amazing community has to offer!
Every summer, for over 50 years now, our community kicks off a celebration of ethnic diversity at the Kitchener-Waterloo Multicultural Festival!
This year, the festival will be held on Saturday, June 22nd and Sunday, June 23rd in beautiful Victoria Park, come rain or shine, from 12 p.m. to 8 p.m. so mark your calendar now!
Sample an array of delicious food from all over the world while enjoying a variety of entertainers on the main stage that represent over 30 countries.
There will also be an assortment of unique vendors along with various community organizations in the International Marketplace.
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!
|A Few Tips that Spring to Mind|
| If you're thinking of selling your home, springtime's the perfect time!
Home sales usually surge come springtime as the fresh, sunny weather encourages people to fix up their homes and check out what else is on the market. Here are a few ways to take advantage of spring fever:
If you plan on putting your home on the market, use the spring season to highlight its best features so it stands out from the competition. You only have one chance to make a great first impression, so clear out the cobwebs and make your home spring fresh!
|The Language of Lying|
| Here are a few tell-tale signs to help you recognize tall tales!
One of the most effective ways to determine whether or not someone's lying is to examine their body language and speech patterns. Here are a few tips that'll help turn you into a human lie detector:
Detecting deceit isn't always easy as some people are better liars than others. Asking questions can help determine whether or not someone's lying as it's difficult to fabricate specific details on the spot. A single tell may mean nothing but when combined together, chances are they're hiding something.
|Social Media Spring Cleaning|
| It's not just your closets that could do with a good spring clean!
Whether you're on Facebook, Twitter or Instagram, it's good to get in the habit of performing regular maintenance on your accounts. The following tips will help you clean out the digital cobwebs:
While you're in clean-up mode, go through your phone and delete any apps you no longer use. Most apps require access to your personal details so the fewer you have, the more privacy you'll gain.
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