Kitchener-Waterloo Real Estate Market Update
The Kitchener-Waterloo Real Estate market saw 824 properties listed in September, an increase of 10% versus the same month last year. Active listings at the end of September totalled 1005, representing 18.2% more active listings than at the end of September in 2017. The number of sales in September dropped by 4.7% compared to September last year and year-to-date we are sitting at a total of 4558 sales compared to 5345 last year: a 14.7% decrease.
The sales data speaks for itself: The Real Estate market has slowed compared to last year. But, we are still running ahead of the 10-year sales averages. Lower priced homes are selling fast, especially apartment style condos with prices for these properties rising 24.1% versus September 2017.
Here’s a look at what sold in September:
270 Single detached homes Down 6.3%
110 Condominium properties Up 7.8%
30 Semi-detached Down 18.9%
30 Freehold Towns Down 18.9%
The average home price is still strong: Up 10% versus last year at $492,398
Here is the breakdown by property type:
$574,653 Single Detached Up 11.4%
$325,378 Apartment Condo Up 24.1%
$377,442 Townhomes Up 4.7%
$386,670 Semi-detached Up 4.1%
Overall prices are stronger than in 2017 with our year-to-date average price at $483,958 versus the year-to-date average price at the same time last year being $472,928
Our prices in 2018 have been more consistent; we aren’t seeing the 2017 roller coaster. Prices are holding up and it’s been a nice smooth ride.
KW is a great place to live. It is a great place to work and play. It is a great place to own Real Estate. Investment is very strong in the area and rents are rising making it a solid long-term play. The rental market is strong and it seems all we ever hear about is how hard it is and will be for the next generation to buy a home meaning we’ll see this strength continue.
If you’ve owned a condo for 2+ years it might be time to sell and lock in those gains.
If you are looking for a larger higher priced home, prices have pulled back a bit and it’s a great time to take advantage of the Buyer’s power right now. And, to lock in mortgage rates that are still very good.
If you have a home worth $400,000 to $600,000 you have a hot commodity. There are lots of Buyers in this range and selling now could mean big scores.
So, to be straight forward, the strategies I like right now:
Buy low priced investment real estate in the core areas for a long-term real estate hold.
Sell your apartment style condos that have popped before the new construction inventory hits the market over the next 3 years.
Sell your $500,000 home.
Buy a $900,000 home.
Fall is here! Sweater weather 😊