Kitchener-Waterloo Real Estate Board
In Town Residential Properties
©George Patton, Broker
|DECEMBER 16||DECEMBER 17||Change||%|
|Average Sale Price||410,450||419,190||8,040||2.13|
|Median Sale Price||372,000||405,000||33,000||8.87|
Year to the end of the month of December
|Total Residential Sales||see below|
|Total $ Volume|
Previous 12 months versus last 12 months
|Dec 15 to Nov 16||Dec 16 to Nov 17||Change||%|
|Total Residential Sales||6,060||5,928||(132)||(2.18)|
|Total $ Volume||2,330,727,900||2,721,973,200||391,275,300||16.79|
All information based on MLS® data owned by Kitchener-Waterloo Association of REALTORS® covering, 01/01/91 to 12/32/17, is considered accurate but cannot be guaranteed. Listing numbers based on number as of last day of month. Sales information does not include properties listed for rent & rented or those which do not provide year-round occupancy.
NOTES: Dec 2017 was a somewhat typical December with reduced activity. Still we saw the third highest number of sales for the month since I've kept records. We did see an increase in listings compared to Dec 2016 but many of these were in the higher (and less in demand) price ranges.
2017 will go into history as one of the craziest years for real estate in K-W. From the middle of 2016, then exploding in the first quarter of 2017 and into May of the year, we saw an unprecedented sellers' market. There was an extreme shortage of listings and huge demand by buyers, many of whom came from the GTA, totally slanting the system. Listings receiving 15-20-25 offers seemed the norm. The result was a dramatic rise in value of homes in K-W. Of course, nothing lasts for ever and by June of 2017 we were slowly returning to a more balanced market. From June going forward we were still seeing multiple offers on some listings - mostly in the 'starter' home price ranges - but, generally, the market allowed more buyers time to put in conditional offers. But we have not seen values decline significantly even as the market becomes more table.
The change in mortgage qualification rules as of Jan 1 is expected to affect the market during the first part of the year. Since buyers will only be able to qualify for lower mortgage loans (as compared to the amount for which they could qualify under the rules in 2017) there could be a fight for lower priced listings and force sellers in higher price ranges to drop their asking price to attract the same buyers. At the same time though we have GTA buyers in the same circumstances and values as the currently exist in K-W could be very attractive as they are shut out of buying in the GTA. Could they cause a second sellers' market here?
Royal LePage Wolle Realty, Brokerage