KITCHENER-WATERLOO, ON (Dec 5, 2017) –– Last month a total of 425 residential properties sold in Kitchener-Waterloo and area through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR). Home sales in November were down 20.1 per cent compared to the same month last year, but on par with the previous 5-year November average of 424 sales.
November’s sales included 246 detached homes (down 30.9 per cent), and 99 condominium units (down 15.4 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 52 semi-detached homes (up 67.7 per cent) and 27 freehold townhouses (down 3.6 per cent).
“Last month’s sales levels were typical for November,” says James Craig, President of KWAR. “The twenty percent drop compared to last year is relative to November 2016’s record breaking month”.
The average price of all residential properties sold last month increased 8 per cent to $445,363 compared to November 2016. Detached homes sold for an average price of $515,721, an increase of 8.9 per cent compared to November 2016. During this same period, the average sale price for an apartment style condominium was $277,660 for an increase of 30.7 per cent. Townhomes and semis sold for an average of $369,678 (up 19.3 per cent) and $376,677 (up 15.1 per cent) respectively.
The median price of all residential properties sold in November increased 9.7 per cent to $415,000, and the median price of a detached home during the same period increased 12.1 per cent to $476,500.
REALTORS® listed 601 residential properties in K-W and area last month, a 22.6 per cent increase compared to November of 2016. The number of active residential listings on the KWAR’s MLS® System to the end of November totalled 740, which is 50 per cent more than November of last year, but still well below the previous five-year average of 1,318 listings for November.
“Kitchener-Waterloo’s housing market continues to be in favour of sellers, however with listings trending higher, we are seeing more balance,” says Craig.
“While the majority of MLS® System activity is properties for sale, we are noticing more residential properties for lease,” commented Craig. “In fact, last month there were 42 residential properties leased, which is an increase of 83% compared to November of 2016.”
The KWAR cautions that average sale price information can be useful in establishing long term trends, but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold. Those requiring specific information on property values should contact a local REALTOR®. REALTORS® have their fingers on the pulse of the market. They 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.