KITCHENER-WATERLOO, ON (August 6, 2019) ––586 residential properties sold through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) in July, representing an increase of 15.1 percent compared to the same month last year.
Home sales in July included 322 detached (up 16.4 percent), and 62 condominium apartments (down 6.1 percent). Sales also included 148 townhouses (up 45.1 percent) and 42 semi-detached homes (down 22.2 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.”
The average sale price of all residential properties sold in July increased by 9.3 percent to $521,101 compared to July 2018. Detached homes sold for an average price of $613,244 (an increase of 5.4 percent compared to July of last year. During this same period, the average sale price for an apartment-style condominium was $339,137 for an increase of 15.9 percent. Townhomes and semis sold for an average of $414,062 (up 17 percent) and $434,136 (up 11.9 percent) respectively.
The median price of all residential properties sold last month increased 10.8 percent to $489,450 and the median price of a detached home during the same period increased by 8.8 percent to $575,750
REALTORS® listed 844 residential properties in K-W and area last month, an increase of 12.8 percent compared to July of 2018, and an increase of 10.4 percent in comparison to the previous ten-year average for the month of July The total number of homes available for sale in active status at the end of July totalled 863, a decrease of 8.7 percent compared to July of last year, and well below the previous ten-year average of 1,467 listings for July. Months Supply of Homes for sale stood at 1.7 months in July, which is 15 percent lower than the same period last year.
“The temperature is matching the market,” says Santos. “we’re continuing to see strong consumer demand that is making for a busier than normal market for the middle of summer.”
The average days it took to sell a home in June was 22 days, which is the same number of days it took in July 2018.