Home sales slow in June

For the first time this year home sales in June decelerated on a monthly basis. Last month’s 716 residential sales through the Multiple Listing System (MLS) of the Kitchener-Waterloo Association of Realtors were down 3.2 per cent compared to last year’s record-breaking June. This brings the total number of sales during the first half of the year to 3,834, an increase of 9.1 per cent compared to 2016, the organization reported last week.

Home sales in June included 467 detached homes (down 4.3 per cent compared to June 2016), and 141 condominium units (down 5.4 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 53 semi-detached homes (up 15.2 per cent) and 51 freehold townhouses (down 5.6 per cent).

The association listed 1,083 residential properties in K-W and area last month, a 28.7 per cent increase compared to June of 2016. It’s the second month in a row that the number of new listings put on the market has exceeded 1,000 units, an unprecedented surge of supply. Nevertheless, inventory levels remain very low, sitting at near or less than one month of inventory as strong buyer demand endures in Waterloo Region.

The average sales price of all residential sales increased 19.8 per cent to $465,772 compared to June 2016. Detached homes sold for an average price of $537,389, an increase of 19.3 per cent, while the average sale price for an apartment-style condominium was $276,443, an increase of 17.6 per cent. Townhomes and semis sold for an average of $341,716 (up 23.2 per cent) and $380,660 (up 28.4 per cent) respectively.