K-W Real Estate Market Update

K-W home sales showed strong momentum in May.

The number of home sales through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) in May were on par with the same month last year.

There were 694 residential sales last month, an increase of 11 per cent compared to April, and an increase of 7.2 per cent compared to the previous ten-year average for May.

Total residential sales in May included 429 detached (up 2.6 per cent), and 68 condominium apartments (down 23.6 per cent). Sales also included 137 townhouses (down 4.2 per cent) and 60 semi-detached homes (up 36.4 per cent).

“Home sales were strong last month,” says Brian Santos, KWAR President. “May is often the most active month in a given year, but the way sales picked up in momentum after the Victoria Day holiday makes me think we could see sales activity in June surpass May.

The average sale price of all residential properties sold in May increased by 10.6 per cent to $534,348 compared to May 2018. Detached homes sold for an average price of $623,289 an increase of 9.1 per cent compared to May of last year.

During this same period, the average sale price for an apartment style condominium was $332,309 for an increase of 11.3 per cent. Townhomes and semis sold for an average of $402,426 (up 9.8 per cent) and $432,207 (up 9.3 per cent) respectively.

The median price of all residential properties sold last month increased 11.2 per cent to $495,000, and the median price of a detached home during the same period increased by 10.4 per cent to $575,000. The average days it took to sell a home in May was 12 days, compared to 13 days in May 2018.

REALTORS® listed 1,123 residential properties in K-W and area last month, an increase of 5 per cent compared to May of 2018, and an increase of 12 per cent in comparison to the previous ten-year average for the month of May.

The total number of homes available for sale in active status at the end of May totalled 1,012, a decrease of 0.8 per cent compared to May of last year, and well below the previous ten-year average of 1,607 listings for May. Months Supply of Homes for sale stood at 2.1 months in May, which is on par with the same period last year.

“It was good to see more listings coming onto the market in May, but home buying demand continues to outpace the number of homes available,” says Santos. “I hope to see more listing activity in June and into the summer months. With mortgage rates as low as they are—demand from buyers is bound to stay strong, making it a good time to sell your home.”

Kitchener Ribfest

Bring your friends, family and co-workers out to savour the flavour!

This year marks the 16th anniversary of this incredible community event held in Kitchener’s beautiful Victoria Park between Friday, July 19th and Sunday, July 21st.

If you haven’t yet experienced this family-friendly event, now’s your chance to come out and enjoy the delicious barbecued chicken & ribs, corn on the cob, funnel cakes and freshly squeezed lemonade!

While you’re chowing down on an endless variety of fabulous food, there will be a fantastic lineup of live entertainment to enjoy as well as a variety of tasty craft-brewed beer!

There’s no charge for admission to Ribfest but donations to the Food Bank of Waterloo Region will be gratefully accepted at the gate. Last year, the festival raised over $9,000 and 594 pounds of food. Hope to see you there!

Simple Negotiating Strategies

The ability to successfully negotiate can be a real game changer!

Real estate agents use their negotiation skills to help both parties move towards a common goal. They are, however, an important skill that everyone can take advantage of.

The principles are the same whether you’re negotiating a raise with your boss or a curfew with your teenager. Here are a few techniques to consider:

Silence is Golden - Don’t say anything after making an offer. This gives the other party a chance to think but more importantly, it forces them to break the uncomfortable silence.
Cash or Charge? - If your child hates doing their homework, simply ask “Would you like to do your homework before or after dinner?” Instead of excuses, they'll just pick an option.
Plan B, C and D - It’s important not to paint yourself into a corner so always leave yourself options so that you’ll be able to pivot in another direction if things don’t initially go your way.
Feel, Felt, Found - This technique recognizes the other party’s objection and then offers a solution. “I know how you feel. I felt the same way when I had to go to bed early but the next day, I found I had way more energy!"

Life can sometimes be a challenge but honest communication and the ability to negotiate can turn virtually any circumstance into a win-win situation!

Negotiating is a huge part of an agent’s skill set, so when it comes to buying or selling a home, be sure to have an expert on your side to help you overcome the various challenges that may arise.

Don't Lose Your Cool

Stay cool and score some huge savings this summer!

Air conditioning is great to have when things heat up but it can be very expensive and it’s also bad for the environment. Here are a few tips to help you keep your cool without having to turn on the A/C:

Cross-wind - Place a fan near your window to help create a cooling cross breeze.
Treehouse - Plant deciduous trees on the east and west sides of your home as the leaves will provide shade.
Sunny Side Down - The sun lets in a lot of heat so close your blinds on any windows that receive direct sunlight.
Biggest Fan - Set your ceiling fans to rotate counterclockwise in the summer as they’ll help pull hot air up towards the ceiling.
Appliance Smarts - Use the BBQ or crock pot instead of turning on the oven and wait until the evening to run the dryer and dishwasher.

No one wants to overheat during the dog days of summer but by making a few small changes, you’ll be able to stay as cool as a cucumber while saving the planet and some cash!

There's a Lot at Steak!

There’s nothing better than grilling a steak in the great outdoors!

The sizzle and aroma of a BBQ is a sure sign that summer’s just around the corner. No one likes a dry, overcooked steak, so here are a few tips to ensure your steak gets grade A treatment:

Plan Ahead - Bring the steak to room temperature before throwing it on the grill.
Fire it Up - A hot grill results in a juicer steak so always preheat your BBQ.
Don’t Poke - Never cut into a steak to see if it’s done as the juices will escape.
Rest Easy - Let it rest for 5 minutes under tented foil to allow the juices inside to redistribute.

The type of beef obviously makes a huge difference to the taste but many experts say that marbling, which are thin white streaks of fat, is just as important as it makes for a juicier, more tender steak. Happy grilling!