How’s The Market? Kitchener Waterloo Real Estate Board Statistics for Dec 2011

By Warren McNeil

How’s the market? We get asked that question all of the time. The answer: It all depends. It is different if you are looking to buy, sell or invest. Knowing the market information is key to knowing when the best time to buy, sell and invest.

The Table below shows the most relevant Kitchener Waterloo real estate data for the Month of December 2011 and compares it with the same month in the previous year. This information is for Single Detached All Areas.

Please view this video I did about the Kitchener Waterloo Real Estate board statistics for Dec 2011:

Single Family Detached Homes in All Areas

TOTAL RESIDENTIAL  (Year-To-Date)

Total unit sales year to date for all single family detached and single family-all other (Semis, freehold towns etc)

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

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 Dec 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

 
We’d like to thank all our past and present clients and we look forward to working with you in the future!

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

Kitchener Waterloo Real Estate Board Statistics for Nov 2011

By Warren McNeil

The Table below shows the most relevant Kitchener Waterloo real estate data for the Month of November 2011 and compares it with the same month in the previous year. This information is for Single Detached All Areas.

 Please view this video I did about the Kitchener Waterloo Real Estate board statistics for Nov 2011:

Single Family Detached Homes in All Areas

TOTAL RESIDENTIAL (Year-To-Date)

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

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 Nov 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

Sales of residential properties to the end of November were down 7.8 percent compared to results one year ago, but on par with the previous 5-year average for units sold in the month of November.

“November’s home sales were on par with expectations and previous year’s activities, and we are pleased to report that the residential real estate market continues to demonstrate its stability in Waterloo Region,” said Sara Hill, President of the KWAR.

Year-to-date, there have been 5,921 residential units sold, a decline of 2.3 percent compared to the same period last year.

Home sales last month included 292 detached homes (down 3.3 percent from November 2010), 89 condominium units (down 28.8 percent from November 2010), 37 semis (up 2.8 percent from November 2010), and 26 townhouses (up 18.2 percent from November 2010).

The average price of all homes sold last month increased 6.6 percent to $299,755. Sales of detached homes contributed the most significant increase with a jump of 7 percent in November to $344,404, relative to one year ago. The next biggest increase came from the freehold Townhouse category which increased 6.1 percent to $257,142. Decreased demand for condominium sales in November was reflected by the 0.3 percent decrease in the average price to $207,697 from November 2010.

“The Waterloo Region housing market is on solid footing,” says President Hill, “contrary to some recent international headlines suggesting a slump in the so-called global housing market. This simply reinforces the importance for consumers to talk to a local REALTOR® to understand what’s really happening at the local level, as housing markets often differ from national or even international trends.”

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

Here is a breakdown of the stats that I used in the video.

Top 3 selling areas for Single-detached

• Laurention/Country Hills - 74 sales
• Forest Heights – 46 sales
• Forest Hill – 43 Unit sales

Top Selling Age Ranges for Single-Detached

• 6-10 Years – 35 unit sales
• 31-40 years – 36 unit sales
• 41-60 years – 32 unit sales

Top Selling areas for Condominiums

• Laurention/Country Hills – 41 units sold

Top selling age Ranges for Condominiums

• Less then 5 years – 13 unit sales

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

Kitchener Waterloo Real Estate Board Statistics for Oct 2011

By Warren McNeil

The Table below shows the most relevant Kitchener Waterloo real estate data for the Month of October 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

OCTOBER RESIDENTIAL SALES UP

KITCHENER‐WATERLOO, ON (Nov 3rd, 2011) –– The number of residential real estate sales through the Multiple Listing Service (MLS®) of the Kitchener‐Waterloo Association of REALTORS® (KWAR) increased to mark a gain over October 2010 of 4.9 percent.

There were a total of 470 residential sales, with a total dollar volume of $143,058,192, representing a 5.6 percent increase over results recorded in October 2010. “Although all marketplaces are subject to month to month fluctuations it is obvious that we have a strong, stable market in our region,” said George Patton, President of the KWAR. “We are seeing that people have confidence in investing in the housing market in this area.” Year‐to‐date, there have been 5,574 residential units sold, a decline of 2 percent compared to the same period last year. Home sales last month included 309 detached homes (up 6.6 percent from October 2010), 98 condominium units (up 3.2 percent from October 2010), 31 semis (down 11.4 percent from October 2010), and 26 townhouses (on par with October 2010). Price increases were stable in October; the average price for all residential properties last month was $304,379, a 0.7 percent increase compared to a year ago.
Similarly, the average price of a single family detached home sold in October increased a slight 0.9 percent to $332,358. “Those wishing to enter the housing market can still take advantage of low interest rates,” says Patton. “Buyers can feel confident that they are purchasing in what is a healthy local housing market.”

The KWAR cautions that average sale price information can be useful in establishing long term trends, but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold. Those requiring specific information on property values should contact a REALTOR®.

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 Oct 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

Video of proposed Aud expansion

Article source: 570 News

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

Here is the excerpt that Re/Max wrote about Kitchener Waterloo.

Changing consumer appetites have supported the most recent evolution in Kitchener-Waterloo’s housing mix, improving the quality of homes and propping up all types of new construction throughout the region. The trend has contributed to rising average price, urban and suburban growth and-most notably-a considerable upswing in the city’s burgeoning condominium segment.

The most significant boost to Kitchener-Waterloo’s housing stock came over the past decade, when renovation and new construction pushed the value of building permits to an unprecedented $6 billion-two and a half times the amount spent just one decade earlier. Incidentally, during the same period, average price-also supported by a number of additional solid fundamentals-climbed 84 per cent, from $167,317 in 2000 to $289,041 in 2010.The upswing in the renovation trend in recent years has improved the quality of listings. Today’s purchasers have higher expectations than in generations past and are driving demand for properties with better finishing’s and features. Renovated homes in mature neighbourhoods, offering the latest bells and whistles, are still generating multiple offers, while the overall market has moderated to some extent.

Builders have also answered the call, with new subdivisions prompting the emergence of up-and coming areas on the peripherals of the city. Immigration and a higher cost of living may impact the evolution of the traditional detached home, as an increasing number of newcomers begin to seek out two-family homes or those offering a separate apartment. Although this type of housing remains hard to come by, it will be a trend to watch going forward.

Young buyers, investors and baby boomers have seriously embraced higher-density residential developments throughout Kitchener-Waterloo. These units have gained so much traction that they may well over take the long sought-after bungalow as the product of choice for both first-time buyers and downsizers in the years ahead. Lifestyle is foremost, with momentum strongest in Downtown Kitchener and Uptown Waterloo. Affordability is one reason, with units starting from $150,000.A tightening vacancy rate and rising rental costs are also playing a role. The city is home to its fair share of exciting developments. Recently completed and ongoing projects in Kitchener include the trendy Kaufman and Arrow Lofts, The Intowns, City Centre Condominiums at the former Centre Block site, as well as Icon condos.

Uptown Waterloo continues to be transformed, with residents drawn by proximity to the hospital, university and major businesses, as well as culture, shopping and festivals may yet be the Barrel Yards development the large stand most ambitious brownfield redevelopment to date, which, when complete, will be home to a luxury hotel, condominiums, townhomes, live-work units, rentals, a senior’s residence, offi ce and retail space, a park and underground parking for 2,400 cars.

Condominium townhomes have also emerged as an increasingly sought-after bridge between condo apartment ownership and the detached home for first-time buyers. Boomers are also looking to townhomes as an alternative to apartment-style living and new product such as quads and brownstones have raised the bar and the appeal. Infill, redevelopment, new construction and renovation will continue to drive the revitalization of the region, supporting intensification efforts, population growth and propping up average price in the years ahead. Currently, year-to-date (September) average price hovers at $295,845 in Kitchener-Waterloo, up about four per cent from 2010, while sales, at 3,670units, are off last year’s pace by approximately five percent.

An influx of new listings is expected to keep prices in check in the short-term, with modest appreciation of three to four per cent projected by year-end 2011.

Source: Re/Max Ontario Atlantic Housing Evolution article

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

KITCHENER-WATERLOO, ON (Oct 5th, 2011)

Overall residential sales brought the dollar volume to $1,493,498,796, an increase of 0.8 percent compared to one year ago.
While sales have been slightly behind last year’s results for most dwelling types, the condominium-class property has been the notable exception.   There have been 953 condominium sales year-to-date, a 2.8 percent increase compared to a year ago.

Source: Kitchener Waterloo Real Estate Board

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

KITCHENER-WATERLOO, ON (Sept. 7th, 2011) – There were a total of 507 home sales through the Multiple Listing Service (MLS®) system of the Kitchener-Waterloo Association of REALTORS® (KWAR) in August. This represents a 7.2 percent increase in residential sales compared to the same month last year. Sales in the month of August included 341 detached homes, 32 semis, 27 townhomes and 100 condominium units.

The average sale price of all residential properties sold in Kitchener-Waterloo and area rose 4.3 percent to $293,149, up from $280,985 one year ago. Condominium units increased 3.2 percent in August compared to last year to $208,238. Similarly, the average sale price of detached homes rose 3.3 percent to $330,561 over August 2010.

Despite this increase in August sales compared to 2010, overall residential sales are down on a year-to-date basis from 4,615 to 4,476 units which signify a 3.0 percent decrease in transactions. Residential sales are also down from the month of July by 2.3percent which recorded 519 residential sales.

“There were a lot of positive numbers this August compared to the same month last year,” said George Patton, President of KWAR. “Sales were brisk; we had a good amount of multiple offers reported. The $300 to $350,000 price range was definitely the most popular with buyers in August, representing 14 percent of all sales for the month.”

Homes priced above $350,000 also saw significant activity and accounted for another 23 percent of sales in the month of August. “The cooler weather signifies the beginning of the fall market – always a busier time for real estate sales,” notes Patton.

Consumers uncertain about current market conditions should work with a REALTOR® to develop an effective selling strategy. If you are buying, a REALTOR® will negotiate on your behalf and guide you through every step. A REALTOR® understands the local market and must, by law, look after your best interests.

View Full Media Release

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