KITCHENER-WATERLOO, ON (July 4, 2019) ––658 residential properties sold through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) in June, representing an increase of 8.8 percent compared to the same month last year.
Home sales in June included 404 detached (up 8.9 percent), and 50 condominium apartments (down 28.6 percent). Sales also included 159 townhouses (up 27.2 percent) and 45 semi-detached homes (up 15.4 percent).
“Home sales continued their strong momentum from last month,” says Brian Santos, KWAR President. “On a year-to-date basis, we’re seeing sales have increased slightly over last year’s mid-year mark.”
A total of 3,154 homes have sold in Kitchener-Waterloo and area during the first half of this year, an increase of 1.4 percent compared to 2018.
The average sale price of all residential properties sold in June increased by 8.9 percent to $533,619 compared to June 2018. Detached homes sold for an average price of $618,186 an increase of 7.9 percent compared to June of last year. During this same period, the average sale price for an apartment style condominium was $332,716 for an increase of 4.4 percent. Townhomes and semis sold for an average of $411,126 (up 10.7 per cent) and $430,427 (up 9.9 per cent) respectively.
The median price of all residential properties sold last month increased 9.9 percent to $494,500, and the median price of a detached home during the same period increased by 11.7 percent to $581,500
REALTORS® listed 888 residential properties in K-W and area last month, an increase of 4.3 percent compared to June of 2018, and a slight increase of 0.5 percent in comparison to the previous ten-year average for the month of June. The total number of homes available for sale in active status at the end of June totaled 890, a decrease of 10.8 percent compared to June of last year, and well below the previous ten-year average of 1,581 listings for June. Months Supply of Homes for sale stood at 1.8 months in June, which is 14.3 percent lower than the same period last year.
“We’re still in a solid seller’s market situation heading into the summer months,” says Santos. “While more new listings are coming onto the market, strong buying demand is keeping supply tight.”
The average days it took to sell a home in June was 20 days, compared to 22 days in June 2018.