I’m not sure if it’s the mild winter weather, continued low interest rates or the migration of eager buyers from Toronto, Mississauga and London but the Kitchener Waterloo Real Estate Market is on fire! Perhaps it has something to do with the Kitchener-Waterloo skyline, crowded with cranes; like working giants watching over our city, serving as constant reminders of our growing community and placing Real Estate at the forefront of our minds.
It is likely a combination of factors but, there’s no ignoring the booming Real Estate market that has kicked off 2016.
Sales in January were up 29.8% vs the same time last year. 309 total residential properties sold: 205 single detached homes (up 33.1% from last January), 14 semi-detached (down 17.6%), 21 townhomes (up 31.3%) and 67 condominium units (up 31.0%).
Single detached homes sold for an average price of $409,101 an increase of 10.5% compared to last year. The average sale price for a condominium was $214,464 a decrease of 7.6%, while townhomes and semis sold for an average of $311,509 (up 12.4%) and $283,966 (up 10.0%) respectively. The average sale price of all residential sales through the KWAR’s MLS® System increased 8.2% to $353,514 compared to January 2015.
The trend has continued through February and I anticipate that the numbers will be just as hot when they roll in at the end of the month. The Deutschmann Team continues to move quickly and negotiate hard to ensure our Buyer clients are positioned to secure that perfect home. And we are negotiating record prices for our Sellers in this hot market. If you are in the market to Buy or Sell this year, don’t delay, now is the time to jump in!