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

KITCHENER-WATERLOO, ON (January 5, 2011) ––   The 329 residential sales through the Multiple Listing Service (MLS®) of the Kitchener‐Waterloo Association of REALTORS® (KWAR) in December mirrored sales from the previous year. December’s results bring the total number of residential homes sold by REALTORS® through the KWAR MLS® System in 2011 to 6,252, a 2.1 percent decrease compared to 2010.

The total dollar volume of all residential properties sold last year increased 1.8 percent to $1,881,532,761, reflecting the steady price gains, and ongoing demand for homes in the higher price ranges.

The average price of all residential properties sold in 2011 increased 4 percent to $300,949. Single detached homes sold for an average price of $342,659 in 2011, a 3.9 percent increase relative to 2010. In the condominium market the average sale price in 2011 was $205,354, a 3.5 percent increase over the previous year.

“2011 was a great year for home buying and selling,” says Sara Hill, president of the KWAR.  “Waterloo region continues to be a desirable place to live with a strong local economy. Low interest rates certainly continued to support buyers while sellers benefited from steady gains in home prices.”

Home sales in 2011 included 4,118 detached homes (down 0.3 percent from 2010), 1,200 condos (down 1.7 percent from 2010), 497 semis (down 1.4 percent from 2010), and 372 townhouses (down 21.5 percent from 2010).

Looking back at 2011, the president of the KWAR observed that the beginning of the year started with slower sales activity and that by June, sales started to gain momentum.

“Moderate demand in early 2011 was likely the result of the many buyers who purchased in the latter part of 2009 and early 2010 to avoid anticipated higher mortgage rates, and the HST,” says Hill.  “Then, when adjustments to the rules for government-backed insured mortgages were implemented in March of 2011, this may have further impacted the ability for some to enter the housing market, particularly first-time buyers.” First-time buyers are an important segment of the KW real estate market, according to the president of the KWAR, “because the population of KW is younger than the provincial average.”

See full report: http://www.kwar.ca/stats/December_2011_Media_Release.pdf

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

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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

http://www.teammcneil.com – Kitchener Waterloo Real Estate – Is buying a house during the holidays or the winter a bad time to buy or should you wait till the spring? I think not. I think that if you need to buy, anytime is a good time to buy. The right house could be on the market anytime so it might not be a bad idea to look all year round.

Check out my video below and please leave a comment! Thanks for watching!!

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 want to wish everyone happy holidays and a very happy New Year. We hope 2012 is filled with good health, wealth and happiness.

 
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