Real Estate sales in Kitchener-Waterloo for the month of July have reached levels not seen since 2008 and are up slightly on last years activity. You would think that this would be seen as good news but in the current climate of runaway home prices and demand that stability is seen as a poor month! How quickly our standards and expectations change. Read below for excerpts from July’s KWAR press release.
HOME SALES HOT STREAK TAKES A BREAK IN JULY KITCHENER-WATERLOO, ON (August 4, 2016)
There were a total of 588 home sales in KitchenerWaterloo and area though the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) in July. This represents only a 0.9% increase in sales compared to July of 2015, but ranks as the most active July on record since 2008.
Strong sales activity helped to bring year-to-date total sales to 4,108, a 15.2% increase compared to the same time last year, and 21.7% above the 5-year average.
Active residential listings continue to remain depressed in comparison to the same time last year. Currently, the number of active residential listings on the KWAR’s MLS® System to the end of July sat at 1,073, which is 37.3% lower compared to same period last year. This translates to 59.4% fewer available listings on the market today than the same time last year.
July’s sales included 364 single detached homes (up 0.8% compared to July 2015) and 144 condominium type units (up 16.1%) which include any property regardless of style (ie. semis, townhomes, apartment, detached etc). Sales also included 48 Semi-detached homes (up 9.1%) and 26 freehold townhouses (down 49.0%). The average sale price of all residential sales in July increased 13.2% to $387,102 compared to July 2015.
Single detached style homes sold for an average price of $452,799 an increase of 14.0% compared to last year. The average sale price for an apartment style condominium was $240,944, an increase of 14.2%. Townhomes and semis sold for an average of $285,611 (up 10.7%) and $308,479 (up 16.4%) respectively.
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®.
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