Kitchener-Waterloo Real Estate Market January 2020
K-W Real Estate Market Stats
There were 281 residential homes sold through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® in January, a decrease of 8.2 per cent compared to the same month last year, but only 3.6 per cent below the previous 10-year average, and 3.8 per cent below the previous 5-year average.
“For the third consecutive month sales were down in January,” says Colleen Koehler, President of KWAR. “Slower January sales are a result of fewer homes being put up for sale. This is causing further price acceleration as we have enough willing and able home buyers contending for those few homes that are available.”
Total residential sales in January included 153 detached homes (down 19 per cent), and 39 condominium units (up 18.2 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 21 semi-detached homes (on par) and 68 freehold townhouses (up 7.9 per cent).
The average sale price of all residential properties sold in January increased 15.7 per cent to $561,029 compared to the same month last year, while detached homes sold for an average price of $670,944 an increase of 18.8 per cent.
During this same period, the average sale price for an apartment-style condominium was 382,636 for an increase of 26.1 per cent. Townhomes and semis sold for an average of $439,765 (up 20.3 per cent) and $484,190 (up 18.7 per cent) respectively.
The median price of all residential properties sold in January increased 17.3 per cent to $536,000 and the median price of a detached home during the same period increased 22.6 per cent to $650,000.
“Consumers can’t buy what’s not there. The available number of homes for sale, or lack thereof, continued to evade home buyers in January,” says Koehler. “There is no doubt we would be reporting more sales if we had the inventory to match the demand.”
Koehler notes Kitchener-Waterloo and area continues to be an exceptionally attractive place to buy a home and a creditworthy buyer can negotiate an attractive interest rate with their mortgage lender.
REALTORS® listed 464 residential properties in KW and area last month, a drop of 21.1 per cent compared to January of 2019, and a decrease of 35.4 per cent in comparison to the previous ten-year average for January.
The total number of homes available for sale in active status at the end of January was 392, a decrease of 38.7 per cent compared to January of last year, and 63.7 per cent below the previous ten-year average of 1,080 listings for January.
The average days to sell in January was 22 days, compared to 27 days in January 2019.
The Kitchener-Waterloo Comedy Festival
It’s said that laughter is the best medicine, so keep the bugs at bay this winter by catching a show or two at the Kitchener-Waterloo Comedy Festival!
This year’s event will be held between Wednesday, February 26th and Saturday, February 29th at a variety of locations including Centre in the Square, the Starlight Social Club, The Jazz Room, the Apollo Cinema and the Tannery Event Centre.
The Shops at Uptown Waterloo will be hosting a free variety show on Saturday, February 29th at 2 p.m that the whole family will enjoy! The doors open at 1:30 p.m. but seating is limited so be sure to arrive early.
Not only is the Kitchener-Waterloo Comedy Festival the funniest event in town but it also helps support the Waterloo Regional Food Bank, so don’t forget to bring a few non-perishable food items or a cash donation with you.
Fixing Yourself Up with a Fixer-Upper
Do you have what it takes to turn a dump into a dream? It’s easy to fall under the spell of reality TV’s quick and dramatic fixer-upper transformations, but don’t be fooled into believing that every project has a fairy tale ending.
Buying a fixer-upper is a great way to get into the market, but it’s a huge decision that shouldn’t be taken lightly. Here are a few things to consider if you’re ready to take on the task:
Inspect the Unexpected
Have the home inspected by a highly qualified professional to help make sure you don’t end up with a structurally flawed money pit.
Time & Money
Set your renovation budget with a bit of wiggle room to allow for any unexpected surprises. The same goes for your timeline as delays are inevitable.
Fixing up a home is a great opportunity to learn new skills, but it’s also important to know your limits. Mistakes can be made while painting but tiling, for instance, is a one-shot deal.
The unexpected twists and turns of a renovation will drain time, money and energy. Living with the mess can also be stressful so make sure you and your partner have a solid relationship.
It’s important to think long-term and try to determine what your newly fixed up home will be worth to the next set of potential buyers.
Buying a fixer-upper can be an extremely rewarding experience but it’s also a lot of work. It’s therefore important to carefully examine the pros and cons and to be clear about whether you’re willing to undergo a full-on renovation or just a little cosmetic work. Whatever you decide, please don’t hesitate to get in touch if you have any questions!
EXCITING NEW TECH TRENDS
Every year, the Consumer Electronics Show in Las Vegas introduces new and exciting home-based technology. Here are a few of the latest innovations in smart home technology:
Come On In
The smart lock market is exploding, and one in particular stood out this year, as it comes with a fingerprint scanner and a built-in doorbell camera.
Trash cans built with voice and motion sensors mean you can walk over with your armful of garbage and command the bin to open up!
Singing in the shower just got easier with a new high-tech showerhead that comes with a built-in Alexa speaker. You can even change the water temperature using voice commands!
These are just a few of the coolest tech gadgets that have recently hit the market. As homes get smarter and more connected, homeowners will continue to benefit by enjoying unprecedented levels of convenience and comfort.