Let us look at Kitchener-Waterloo homes sales in the previous month, and how this statistics looks in a historical context. According to KWAR (Kitchener-Waterloo Association of Relators) May 2018 was quite active – 12.5% up compared to April 2018, and down 15.3% compared to May 2017. All of us still remember the frenzy sales in spring 2017.
The average sale price of all residential properties sold in May decreased 2.4 per cent to $482,873 compared to the same month a year ago. Detached homes sold for an average price of $572,206 a decrease of 3.4 per cent compared to May of last year. During this same period, the average sale price for an apartment style condominium was $301,052, an increase of 2.7 per cent. Townhomes and semis sold for an average of $365,715 (up 1.3 per cent) and $393,616 (up 2 per cent) respectively.
The average days it took to sell a Kitchener-Waterloo home in May was 20 days, compared to 11 days in May 2017.
One of the most important determinants in real estate market is inventory. Realtors listed 1,068 residential properties in K-W and area last month, down 15.8 per cent compared to May of 2017, but up 14.4 per cent compared to the historical (2007-2016) average. The number of active residential listings on the KWAR’s MLS® System to the end of May totalled 1,062, which is 27.9 per cent higher than May of last year but still significantly below the historical (2007-2016) ten-year average of 1,719 listings for May.
KWAR president highlighted that “Sales are strongest in the four to five hundred thousand price range, and while we’re certainly seeing activity cool from the past two years, once you eliminate those you quickly realize that sales volume and prices remain ahead of the ten-year averages.”
One picture is worth of one hundred words. Let’s see:
If you are a buyer or seller and require specific information on property values, we invite you to contact us. We know the questions to ask, the areas to probe and what to look for so that you get a complete picture of the property and community you’re considering.