April 2018 home sales were almost 14% higher than in March, but down 19.6% compared to April last year. It would be fair to add that home sales in April 2017 were record breaking number. According to KWAR president “KW home sales in April were as brisk as the temperatures”.
What was interesting to see in April residential sales report? First of all, an average sale price of all residential properties sold decreased 6.6% (to $478,600) compared to the same month a year ago. Here is more details for different style properties that were sold in Kitchener-Waterloo:
|Property Style||Average Price|
|Detached home||$569K (down 4.2% compared April 2017)|
|Townhouse||$387K (up 2.5% compared April 2017)|
|Semi-detached||$403K (down 3.3% compared to April 2017)|
|Apartment condo||$297K (up 10% compared April 2017)|
It shows that the condo market in Kitchener-Waterloo hasn’t slowed down at all, simply because it’s the most affordable type of property you can buy.
If to look at April home sales over the last 10 years (2009-2018), we can see the following:
|Year||Units Sold in K-W||Average Price|
We can see that Kitchener-Waterloo home sales in April 2017, as well as average sale price in April 2017 were way above historical average. Why did it happen? Inventory! Low home inventory in spring 2017. When supply can’t meet demand we’re always going to see price growth. The number of active listings on K-W MLS System to the end of April 2018 totaled 993, which is 78.6% more than April 2017.
Are you looking to buy, sell or invest in property in Kitchener Waterloo or Cambridge? Give us a call to schedule a consultation to talk about your real estate needs. It will be free for you.