In January, 365 residential properties hit the Kitchener market in January 2016: 252 freehold and 113 condominium.
Freehold: Jan 2016 vs Jan 2015
Freehold properties were listed at an average price of $455,575* in January – 8.9% lower than the average from one year earlier. BUT, when you look at the size of the homes sold this past month (1829 square feet) vs. Jan 2015 (2123), the average list price per square foot actually rose 5.7% to $249 (rounded). Pound for pound, list prices have increased.
Condos: Jan 2016 vs Jan 2015
Kitchener condos listed for an average price of $272,064 in January. This represents a whopping 19% increase over the same time period in 2015. Again, using price per square foot as a “pound for pound” measurement, the 1190 average square feet of these condos equates to $229 (rounded) price per square foot – a 10.6% increase over Jan 2015.
The freehold stats aren’t all that surprising: the KW residential market increased 3.9% in average selling price last year, and there is a lot of excitement and investment in our region due to its burgeoning tech sector. These numbers suggest homeowners and their Realtors are optimistic about what the market will bear for their properties.
Now, the Kitchener condo market is more intriguing. Much has been made of the KW condo boom – again, spurred in part by our strong local economy which is receiving international recognitions and drawing investors from the GTA and abroad.
A slew of shiny new condo developments in Kitchener – the vast majority of which START in the 200’s – will undoubtedly drive up average condo list and selling prices in the city. It won’t be surprising if last year’s condo selling price average of $223,984 is beaten soundly in 2016.
These numbers, combined with our regional economic prospects, are encouraging for local homeowners thinking of selling in 2016, as well as homebuyers looking to see early gains on their property purchase.
The Cliff Rego Team helps Cambridge, Kitchener-Waterloo and Guelph homeowners and homebuyers build wealth through real estate.
*Stats Note: Condo data includes all condo types, not just high rise; Averages for freehold and condos were calculated after removing 1) duplicate/cross listings and 2) listings that did not include square footage.