There were 467 residential homes sold through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® in February, an increase of 36.5 per cent compared to the same month last year, and 15.3 per cent above the previous 10-year average.

“After a few consecutive months of sluggish home sales, home buying activity in February was much stronger,” says Colleen Koehler, President of KWAR.

Total residential sales in February included 272 detached homes (up 52 per cent), and 62 condominium units (up 14.8 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 32 semi-detached homes (up 33.3 per cent) and 101 freehold townhouses (up 18.8 per cent).

The average sale price of all residential properties sold in February increased 16.3 per cent to $571,023 compared to the same month last year, while detached homes sold for an average price of $673,825 an increase of 13.2 per cent.

During this same period, the average sale price for an apartment-style condominium was $371,923 for an increase of 16.4 per cent. Townhomes and semis sold for an average of $443,382 (up 12.9 per cent) and $485,831 (up 8.4 per cent) respectively.

The median price of all residential properties sold in February increased 18.2 per cent to $550,050 and the median price of a detached home during the same period increased 18.6 per cent to $630,000. The average days to sell in February was 17 days, compared to 26 days in February 2019.

“Like many other markets across the province, the story of our local housing market continues to be one of supply and demand,” says Koehler. “Market-wide, the number of homes available for sale is simply not keeping up with the number of people wanting to purchase a home in the Kitchener-Waterloo area.”

REALTORS® listed 609 residential properties in KW and area last month, an increase of 7.8 per cent compared to February of 2019, and a decrease of 5.9 per cent in comparison to the previous ten-year average for February.

The total number of homes available for sale in active status at the end of February was 447, a decrease of 39.4 per cent compared to February of last year, and 62 per cent below the previous ten-year average of 1,179 listings for February.

KWAR’s president points out that now more than ever sellers should avail themselves of a REALTOR®. “With a multitude of buyers jumping on a scarcity of properties for sale, many homes are selling for more than the asking price. A REALTOR® will ensure you have maximum exposure to these buyers through the MLS® System and will manage the intricate process of any multiple offers professionally.”

REAPING THE REWARDS OF RENOVATIONS

Renovating your home can be exciting, and yes, knowing your budget is a huge consideration but one of the first things you need to determine is exactly why you want to renovate.

For example, are you staying put in your current home for 10+ years so you can enjoy your updates, or are you looking to add instant value because you plan on moving soon?

Or are you perhaps looking to make your older home more energy efficient? Whatever the reason, here are a few points to consider if you’re thinking about renovating your home:

Your ‘Hood
The key to generating a decent return on your investment is to renovate in line with the other homes in your area so that it’s not over-improved.

Buying Time
Building an addition may make sense if you plan on staying put for a while but it’s not usually a wise investment if you’re thinking of selling in the near future.

Heart of the Home
It’s important to renovate the right areas of your home. The kitchen, for instance, will often yield the greatest return on investment.

Royal Flush
The bathroom is another worthwhile area of the home to invest in. A few simple cosmetic upgrades and a new coat of paint can help create a spa-like atmosphere.

Go Green
An eco-friendly home is a healthy home, so use paints that have zero VOC’s and if you’re thinking about replacing the floors, consider environmentally friendly materials such as bamboo or cork.

Window of Opportunity
Energy-efficient windows, especially on an older home, are an attractive feature to buyers. On the other hand, they’ll significantly reduce your utility bills if you plan on staying in your home.

Think Outside the Box
Investing in landscaping will usually drive up your home’s value considerably. Some well-placed trees and shrubs will also reduce your utility costs by providing shade and shelter from the wind.

If you’re considering putting your home on the market soon, there are lots of small, inexpensive upgrades you can do that will add value to your home. If you have any questions about which renovations will positively affect the value of your home, please don’t hesitate to get in touch!

GET YOUR HOME IN SHAPE FOR SPRING

Spring’s right around the corner, so it’ll soon be time to take care of those jobs that you may have put off in the fall. Here’s a checklist that will help you protect the future health of your home:

[ ] Roof - Repair missing or cracked shingles. 

[ ] Outdoor Wiring - Check thoroughly for wear and tear. 

[ ] Deck/Patio - Check for safety hazards such as loose railings and rotten boards. 

[ ] Foundation - Inspect interior and exterior walls for cracks and signs of moisture. 

[ ] Gutters - Clean gutters/downspouts and make sure they direct water away from your home. 

[ ] Safety - Inspect smoke and carbon monoxide detectors and review your family’s fire escape plan. 

[ ] Landscaping - Cut back trees/bushes that touch the house and remove any dead branches.

They say “home is where the heart is” so it’s important to keep your home healthy. Regular maintenance will save you both time and money in the long run, and you’ll also be able to relax come summer knowing that everything’s been taken care of.