August KW Real Estate Market Report
Homes Sales are strong and prices are rising. Especially, we are starting to see strength return to the higher price brackets. There has been uncertainty in the market due to macro risk and a very necessary readjustment period locally given the shift in fundamental economic, transit and social changes that have catapulted KW from a “sticks” area to a major player in Canada. Have you been Uptown Waterloo or downtown Kitchener? Grabbed some lunch or a Friday night drink. It’s exciting. The food is great. The atmosphere is great. And the drinks are great 😊. Belmont Village is bustling and places off of the main streets like Graffiti Market on Glasgow are taking shape. Loloan in Waterloo is also off of the main drag and is always jammed. Dare I say that KW is kinda cool?!?!
August saw sales strength versus last year to the tune of a 4.8% increase: 505 homes sold vs 482 last August. Here’s the breakdown:
301 Detached homes 5.2% increase
129 Condo properties 25.2% Increase
35 Semi-detached homes 30% decrease
33 Freehold towns No change
Our August Average Sale price is up versus last year as well. The average price of a residential property in the KW area is now $493,358, an increase of 11.5% versus August last year.
The numbers in each category for August:
Single detached home average price: $583,564 13% increase
Apartment style condos average price: $335,827 14.1% increase
Townhouse average price: $350,803 4% increase
Semi-detached average price: $401,011 13.6% Increase
Look at this very nice graph. I couldn’t fake a better one:
Don’t hate me for the graph below – there is too much jammed in. But, this is the last 20 months. It looks very constant this year. No crazy spike like we saw in 2017. This calms my Realtor brain.
Buy what you like. Because someone else will like it for more money tomorrow.
Sell what you don’t like that much and buy something that you like, because…see above.