By Warren McNeil  

The Table below shows the most relevant Kitchener Waterloo real estate data for the Month of April 2011 and compares it with the same month in the previous year. This information is for single detached only in all areas.

Single Family Detached Homes only

The above information is believed to be correct errors and ommissions accepted

April sales were down and it could have been related to buyers being pre-occupied with the Federal Election, Royal Wedding and the wet weather. We will have to see what the rest of May brings. The weather so far has been great and we are getting busier with our clients. We will have to see how the rest of the month goes.

APRIL SHOWERS WASH AWAY SOME OF THE BUYERS

The median home price is one of the most common measurements used to compare real estate prices in different markets, areas, and periods. It is said to be less biased than the mean (average) price since it is not as heavily influenced by small number of very highly priced homes.

If we take 7 houses that were sold and sort their prices from lowest to highest in 1000s of Canadian Dollars.

225, 250, 275, 280, 300, 330, 350

Median price is 280, because it is right in the middle of the range – there are 3 prices that are lower and 3 prices that are higher.

How median price is different from average price?

To calculate average price we have to sum all of the prices and then divide by the number of units sold, therefore

Average price = (225 + 250 + 275+ 280 + 300 + 330 + 350) / 7 = approximately 287

What median price shows?

It shows who rules the market in a certain place (suburb or area) at certain time (i.e. 3 or 6 months or a year): if there are more people buying expensive houses than cheap ones, it will go up, but if there are more people buying cheap property than expensive – it will go down.

Kitchener Waterloo Real Estate Statistics April 2011

Thanks for reading!

Warren & Melanie McNeil | Sales Representatives, Team McNeil RE/MAX Twin City Realty, Brokerage ( 519.579.4110 | 519-498-8118
Connect with us on the following social networks Facebook: www.facebook.com/TeamMcNeilRemax
websites: www.TeamMcNeil.com, www.ClickThatHouse.com, www.KitchenerLofts.com, www.ElmiraRealEstate.ca

Re/MAX released a report today about first-time home buyers in Canadian markets moving to get ahead of high interest rates.

Here is what they had to say about the Kitchener Waterloo real estate market specifically

Affordability and a solid belief in homeownership continue to be the primary impetus driving first-time homebuyers into the housing market in Kitchener-Waterloo. Most entry-level buyers are active under the $200,000 price point, accounting for 19 per cent of all sales, up from 18 per cent one year ago (168 vs. 169 in 2010). Although the average price of a home is approaching $285,000, some rookie homebuyers are anteing up more, spending as much as $300,000 on a firsthome, rather than compromise on location. The budget of most, however, seems to top out around $250,000. Given a hold on new construction in the townships, demand currently favours urban/core living. Yet, affordable product is available throughout the city, with new or newer construction considered most desirable. Those seeking detached homes can snap up a 1,200 to 1,300 sq. ft. side-split bungalow starting from $250,000 to $280,000, in older, established areas such as Forest Heights, Stanley Park, Heritage Park, Pioneer Park, Downtown Kitchener or in Waterloo’s Lincoln or Lakeshore Villages. Those on a tighter budget looking to spend approximately two-thirds of average price or $190,000 are embracing the condominium lifestyle, purchasing new 600-700 sq. ft. suites in the Highland Rd. or Glasgow St. areas of Kitchener. Resale offers slightly more elbow room, with 10-to-15-year-old units for a 400 to 500 sq. ft. new apartment-style condo, while resale product is available from $160,000. The most popular areas among entry-level buyers include southeast and southwest Kitchener. With balanced conditions in place, the greatest opportunity for first-time buyers continues to be selection perhaps the best available in years. In general, buyers can take their time making decisions, although most listings will sell within 30 days if priced correctly. Multiple offers, while rare, are still occurring on well-located, well-priced, quality properties. Inventory is expected to remain adequate throughout 2011, while prices and interest rates are expected to remain on the upswing a fact that has some savvy first-time buyers making their moves sooner rather than later. Most continue to enter the market with at least a 10 per cent down payment, a fact that has made new financing guidelines a non-issue. Kitchener-Waterloo’s diversified economy and well-paying, high-tech jobs have buoyed the entry-level segment to date and the outlook remains positive through to year-end.

They have the YTD average price for a home in Kitchener Waterloo as $283,000 and the average for a condominium as $190,000.

Click here to view the entire report about all of the canadian markets.

Thanks for reading!

Warren & Melanie McNeil | Sales Representatives, Team McNeil RE/MAX Twin City Realty, Brokerage ( 519.579.4110 | 519-498-8118
Connect with us on the following social networks Facebook: www.facebook.com/TeamMcNeilRemax
websites: www.TeamMcNeil.com, www.ClickThatHouse.com, www.KitchenerLofts.com, www.ElmiraRealEstate.ca

By Warren McNeil  

The Table below shows the most relevant Kitchener Waterloo real estate data for the year  2010 and compares it with the previous year. This information is for single detached only in all areas.

Single Detached only

The median home price is one of the most common measurements used to compare real estate prices in different markets, areas, and periods. It is said to be less biased than the mean (average) price since it is not as heavily influenced by small number of very highly priced homes.

KITCHENER-WATERLOO, ON (January 6, 2010) –The 6,388 homes sold by REALTORS® through the Multiple Listing System (MLS®) of the Kitchener-Waterloo Real Estate Board (KWREB) last year marked the second highest total annual sales in the association’s history. Last year’s activity was strongest in the first half of the year, particularly March and April when the sale of residential properties were setting monthly records.

According to George Patton, President of the KWREB, a number of factors contributed to the early spring surge. “The federal government announced tighter mortgage rules, buyers were rushing to beat the introduction of the HST, and the central bank was forecasting higher interest rates.”

Dollar volume of all residential real estate sold last year jumped 9.3 percent to $1.8 billion compared with 2009, reflecting continued confidence in the local real estate market. The year finished on a strong note, with 326 home sales last month, a 4.1 percent decrease compared to December 2009, but still well above the previous 10 year average of 225. Sales of homes in all price categories above $250,000 were up in 2010 compared to 2009, with the greatest rise occurring in the number of homes selling above $750,000, which experienced triple-digit increases.

“The explosion of sales in the highest price ranges was reflected by the 9.3% increase in the average sale prices of detached homes,” says Patton. The average sale price of detached homes was $329,797 last year, whereas the average sale price of all residential real estate sold for $289,338, an increase of 8.6 percent.

The 2010 year was marked by continued consumer demand for condominium style homes, with a total of 1,221 sales, an increase of 8.6 percent relative to year-end results in 2009, and representing nearly 20 percent of the overall residential market share in terms of unit sales by type.

Other housing types showed small decreases relative to the previous year: 4,127 detached homes (down 0.3 percent from 2009), 506 semis (down 1.9 percent from 2009), and 474 townhouses (down 6.1 percent from 2009).

As for the year ahead, the president of the KWREB predicts that the first three months of 2011 will be relatively flat with a very busy March, April and May with which to look forward. Continued Patton, “Whatever your real estate plans are in 2011, be sure to consult with your REALTOR® first. A REALTOR® is your best ally in the purchase or sale of real estate.”

Thanks for reading!

Warren & Melanie McNeil | Sales Representatives, Team McNeil RE/MAX Twin City Realty, Brokerage ( 519.579.4110 | 519-498-8118
Connect with us on the following social networks Facebook: www.facebook.com/TeamMcNeilRemax
websites: www.TeamMcNeil.com, www.ClickThatHouse.com, www.KitchenerLofts.com, www.ElmiraRealEstate.ca

By Warren McNeil  

The Table below shows the most relevant Kitchener Waterloo real estate data for the month of November 2010 and compares it with the previous month and the previous year, (previous month) October 2010 and (previous year) November 2009, respectively. This information is for single detached only in all areas.

November sales show balanced market in Kitchener-Waterloo

KITCHENER-WATERLOO, ON (December 3, 2010) –Home sales moved comfortably in November, with a total of 484 homes reported sold through the Multiple Listing System (MLS®) of the Kitchener-Waterloo Real Estate Board (KWREB). This is within the traditional range for November sales over the past five years.

The condominium property class had a notable increase in November, as the only residential property type to see an increase in the number of units sold compared to last year. There were 122 condominium units sold last month, an increase of 22 percent over November 2009.

The most popular price range in November was for home selling between $200,000 and $225,000, whereas over the last two years, the greatest number of homes has sold in the $225,000 to $250,000 price range.

“Consumers favoured more modestly priced homes in November, however on a year-to-date basis, it is amazing how the higher priced properties are driving much of the local real estate market,” says George Patton, President of the KWREB.

The strength of this residential market has resulted in a record breaking dollar volume of sales through the KWREB’s MLS® System, with year-to-date results for 2010 currently showing a total of $1,753,664,113, a 9.6 percent increase over the same period last year, and easily surpassing the previous record posted in 2007 of $1,619,377,742.

“In terms of total dollar volume, 2010 is poised to go down in history as our best year ever,” notes Patton.

These numbers represent more than just what’s happening in the residential market adds the president, citing a study by Altus Group published in 2009 which found the typical MLS® home sale and purchase between 2006 and 2008 produced $46,400 in spin-off spending, including renovation and the purchase of furniture.

The average price of all residential properties sold through the MLS® System of the KWREB last month was $282,629, a 0.4 percent decrease compared to November 2009. Detached homes sold for an average price of $322,839 last month, a 0.6 percent decrease relative to one year ago.

Condominiums sold for an average of $209,094 in November, a 5.5 percent increase compared to the same month last year.

Thanks for reading!

Warren & Melanie McNeil | Sales Representatives, Team McNeil RE/MAX Twin City Realty, Brokerage ( 519.579.4110 | 519-498-8118
Connect with us on the following social networks Facebook: www.facebook.com/TeamMcNeilRemax
websites: www.TeamMcNeil.com, www.ClickThatHouse.com, www.KitchenerLofts.com, www.ElmiraRealEstate.ca

By Warren McNeil
 

The Table below shows the most relevant Kitchener Waterloo real estate data for the month of October 2010 and compares it with the previous month and the previous year, (previous month) July 2010 and (previous year) October 2009, respectively. This information is for single detached only in all areas.

KITCHENER-WATERLOO, ON (Oct 5, 2010) –Home sales to the end of the third quarter of 2010 are ahead of last year by 4.5 percent. There were a total of 5,113 home sales through the Multiple Listing System (MLS®) of the Kitchener-Waterloo Real Estate Board (KWREB) during the first nine months of the year, compared with 4,892 during the same period of 2009.

“This is the first time since 2007 that sales to the end of the third quarter have increased on a year over year basis”, says Ted Scharf, President of the KWREB. “It was also our third best September on record. “

Sales last month brought the dollar volume to $1,477,077,951, an increase of 14.1 percent compared to one year ago.

The most popular price range year-to-date has been for homes selling between $225,000 and $250,000, with nearly 15 percent of sales happening in that bracket.  This is down slightly from 2009, when the percentage was 16 percent.

The number of residential sales increased in every price category above $250,000, with the biggest jump occurring in the most expensive homes. 62 homes sold to the end of September for more than $750,000, compared to only 24 last year at this time, a jump of 158 percent.

Stronger demand for high-end homes has contributed to the 10.2 percent increase in the average sale price of all detached homes sold year-to-date. The average price of a detached home to the end of the third quarter was $329,063, compared to $298,626 to the end of September 2009.

The average price of all residential properties sold year-to-date was $288,887, a 9.1 percent increase relative to 2009 results.

Scharf says the local residential real estate market should remain strong for the balance of the year. The local economy is both diverse and dynamic, and our region is highly regarded as a perfect place to make roots and invest in a home.

See other recent blog posts about the Kitchener Waterloo Real Estate market:

Thanks for reading!

Warren & Melanie McNeil | Sales Representatives, Team McNeil RE/MAX Twin City Realty, Brokerage ( 519.579.4110 | 519-498-8118
Connect with us on the following social networks Facebook: www.facebook.com/TeamMcNeilRemax
websites: www.TeamMcNeil.com, www.ClickThatHouse.com, www.KitchenerLofts.com, www.ElmiraRealEstate.ca