KITCHENER-WATERLOO, ON (November 5, 2019) ––538 residential
properties sold through the Multiple Listing System (MLS® System) of the
Kitchener-Waterloo Association of REALTORS® (KWAR) in October, an increase of
4.1 per cent compared to the same month last year.
Home sales in October included 334 detached (up 11.3 per cent),
and 65 condominium apartments (up 1.6 per cent). Sales also included 108
townhouses (down 6.1 per cent) and 31 semi-detached homes (down 18.4 per
cent).
“Home sales were up again last month led by strong sales of
detached single family properties,” says Brian Santos, KWAR President.
The average sale price of all residential properties sold in
October increased by 9.1 per cent to $533,288 compared to October 2018.
Detached homes sold for an average price of $610,840 (an increase of 6.2 per
cent compared to October of last year. During this same period, the average
sale price for an apartment-style condominium was $333,895 for an increase of
6.7 per cent. Townhomes and semis sold for an average of $434,035 (up 11.2 per
cent) and $461,590 (up 14.3 per cent) respectively.
The median price of all residential properties sold last month
increased 12.4 per cent to $500,000 and the median price of a detached home
during the same period increased by 8.3 per cent to $568,950.
The average days it took to sell a home in October was 22 days,
which is three days fewer than it took in October 2018.
REALTORS® listed 670 residential properties in K-W and area last
month, a decrease of 12.4 per cent compared to October of 2018, and a decrease
of 3.3 per cent in comparison to the previous ten-year average for the month of
October. The total number of homes available for sale in active status at the
end of October totalled 691, a decrease of 26.5 per cent compared to October of
last year, and well below the previous ten-year average of 1,412 listings for
October. Months Supply of Homes for sale stood at 1.4 months in October, which
is 26.3 percent lower than the same period last year. The previous ten-year
average months supply of homes for October was 3.03.
“Seasonal strength in October is common as people to look to
make moves before Winter. With a scarcity of listings, buyers continue to snap
up properties in the Kitchener-Waterloo area at a robust rate,” says Santos.
In this highly competitive real estate market, Santos emphasizes
the importance of working with a local REALTOR® who has a complete
understanding of our unique region and its market dynamics.
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