KITCHENER-WATERLOO, ON (May 3, 2019) –– There were 623 residential sales in April through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR), an increase of 1.1 percent versus the same month last year, and up 2.2 percent compared to the previous ten-year average for April.  

Total residential sales in April included 394 detached (up 15.2 percent), and 75 condominium apartments (up 1.4 percent). Sales also included 113 townhouses (down 28.9 percent) and 41 semi-detached homes (no change).  

“While sales of detached homes did jump a fair bit compared to the same month last year, they were actually on par with the previous 10-year average for April,” says Brian Santos, KWAR President. “

The average sale price of all residential properties sold in April increased by 10.9 percent to $529,800 compared to April 2018. Detached homes sold for an average price of $611,803 an increase of 7.6 percent compared to April of last year. During this same period, the average sale price for an apartment style condominium was $339,426 for an increase of 14.3 percent. Townhomes and semis sold for an average of $405,013 (up 5.3 per cent) and $433,949 (up 7.7 per cent) respectively.

Average sale prices hit an all-time high in April notes Santos. “These are the highest sale prices we’ve ever posted in a single month. It’s only the third time the overall residential sale price has exceeded half a million, and for the first time, the average price of a detached home climbed over the 600-thousand-dollar mark.

Likewise, median prices reached an all-time high in April. The median price of all residential properties sold last month increased 11.4 percent to $490,000, and the median price of a detached home during the same period increased by 11.1 percent to $568,500

REALTORS® listed 913 residential properties in K-W and area last month, a decrease of 6.9 percent compared to April of 2018, and a decrease of 1.6% in comparison to the previous ten-year average for the month of April. The total number of homes available for sale in active status at the end of April totaled 884, a decrease of 6.1 percent compared to April of last year, but still well below the previous ten-year average of 1,485 listings for April. Months Supply of Homes for sale stood at 1.8 months in April, a decrease of 5.3 percent compared to last year.  

“It’s still very much a seller’s market for anyone who is looking for a home under six hundred thousand,” says Santos. “In these challenging market conditions, consumers should seek the expert advice of a local REALTOR®. There is no single Ontario real estate market, and even within the local market there can be significant differences between property types and neighbourhoods.”

Translate »