Home sales slow in September

A total of 470 residential properties changed hands in Kitchener-Waterloo and area through the Multiple Listing System of the Kitchener-Waterloo Association of Realtors in September.

This was a decrease of 12.8 per cent compared to the record number of sales in September of 2016, but still ahead of the previous five-year September average of 437 sales. On a year-to-date basis 5,357 residential units have sold compared to 5,239 during the same period in 2016, an increase of 2.3 per cent.

September’s sales included 285 detached homes (down 14.2 per cent), and 105 condominium units (down 19.2 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 38 semi-detached homes (up 22.6 per cent) and 37 freehold townhouses (up 12.1 per cent).

The average price of all residential properties sold last month increased 12 per cent to $455,079 compared to September 2016. The average sale price for an apartment-style condominium was $261,337 for an increase of six per cent. Townhomes and semis sold for an average of $359,448 (up 20.9 per cent) and $372,226 (up 19 per cent) respectively. Detached homes sold for an average price of $513,873 in September for an increase of 10 per cent compared to a year ago.

Year-over-year price appreciation peaked in April of this year when the average price of a detached home increased 40 per cent to $594,108. Today, on a year-to-date basis, the price of a detached home has averaged $553,029, an increase of 24.7 percent compared to 2016, the association reports.