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

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, 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

Kitchener Waterloo Real Estate Board Statistics for May 2011

By Warren McNeil  

The Table below shows the most relevant Kitchener Waterloo real estate data for the Month of May 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 SHOWERS WASH AWAY SOME OF THE BUYERS

KITCHENER-WATERLOO, ON (June 3, 2011) – Sales of residential properties via the Multiple Listing System (MLS®) of the Kitchener-Waterloo Association of REALTORS® (KWAR) returned to typical numbers after a slower than usual start to the year.

There were a total of 667 residential properties sold last month, a 4.5 percent increase compared to May of last year, and the third highest on record.

“While May might have been the wettest on record, that didn’t dampen the enthusiasm of buyers or sellers,” says George Patton, President of KWAR. “Spring always brings people out, and last month’s MLS® activity was on par or better than most years.”

May’s sales included 441 detached homes, 130 condominium units, 60 semis and 29 townhouses.

“There was increased activity on almost all types and price points of homes. The average sale price was pulled up by some strong higher end sales including 15 sales of residential properties between $750,000 and $1,00,000” says Patton. “We’re continuing to see lots of interest and activity in higher priced properties which is also a barometer of the local economy.”

The average sales price of all residential sales increased 2.8 percent to $310,003 compared with May 2010. While single detached homes sold for an average price of $353,058, an increase of 3.2 percent compared to last year. In the condominium market the average sale price in May increased 4.1 percent to $210,098 compared to the same month a year ago.

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. 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 May 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

I did a video about the spring market and Lola and Mickey made a special appearance

httpvh://www.youtube.com/watch?v=chinztfvd4Q

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

I recently did a video about why buying a power of sale in Kitchener Waterloo could be a good deal. A power of sale is when an owner defaults on their mortgage and the bank  takes posession of the property to recover money loaned to the owner . They usually try to sell the property for fair market value. Once sold, they will pay off the loan, any legal costs and if there is anything left over they will give the remainder to the owner. Many buyers confuse power of sale with foreclosures. A foreclosure is a when a bank or lender will obtain title, sell the property and try and recover the debt. They are not obligated to give any remainder to the owner. In Ontario, banks sell properties where the owner defaulted on the mortgage for fair market value.  They are obligated to sell the property for the highest price they can based on the market value.

Although there can often be good deals, buyers need to be aware of the condition of the property and should do their due dilligence. It is important that a buyer do home inspection. Banks won’t represent and warrant the property so they are usually sold, “as is”.

The deal with a power of sale could be in the work that it might need. They are usually priced according to their condition.

Here is the video I did.

http://www.waterloopowerofsale.com 

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 Market Predicted to Stabilize in 2011

By Warren McNeil,

The Kitchener Waterloo Real Estate market is expected to stabilize in 2011 according to Canada Mortgage and Housing Corporation. They held their annual outlook meeting yesterday in Kitchener. This year we saw a very busy first half and then the second half things slowed right down. Some analyst believe that the slowdown was caused by sellers trying to beat the HST and fears that interest rates would go up.

Erica McLerie, a CMHC senior market analyst, says “Mortgage rates aren’t expected to rise very quickly, they may rise marginally in 2011.”

I think we are very lucky that the interest rates have remained low for so long. If new construction is what you are after, then there is lots of choice in that area as well. While Kitchener Waterloo Real Estate resale home prices stabilize, there are plenty of entry level condominiums and lofts available for first time home buyers, empty nesters, investors and downsizers to look at. If you want to be in the downtown core, there are going to be hundreds of new condos and lofts going up in the next few years. Their is a broad range of condos to look at. Everything from 129,900 up to $500,000+.

Resources:

http://swo.ctv.ca/servlet/an/local/CTVNews/20101102/real-estate-market-101102/20101102/?hub=SWOHome

Kitchener Waterloo Real Estate Market Predicted to Stabilize in 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