Home sales down, prices up
Last month a total of 481 residential properties sold in the Kitchener-Waterloo area through the Multiple Listing System of the Kitchener-Waterloo Association of Realtors. Home sales in October were down 16.6 per cent compared to the same month last year, but still above the previous five-year October average of 464 sales.
On a year-to-date basis 5,842 residential units have sold compared to 5,816 during the same period in 2016, an increase of 0.4 per cent.
October’s sales included 289 detached homes (down 20.2 per cent), and 107 condominium units (down 17.7 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 44 semi-detached homes (down 7.3 per cent) and 38 freehold townhouses (down 2.6 per cent).
The average price of all residential properties sold last month increased 11.4 per cent to $454,398 compared to October 2016. Detached homes sold for an average price of $541,368, an increase of 13.1 per cent compared to October 2016. During this same period, the average sale price for an apartment style condominium was $249,993 for an increase of 11 per cent. Townhomes and semis sold for an average of $349,316 (up 13.7 per cent) and $354,668 (up 8 per cent) respectively.
The median price of all residential properties sold in October increased 11.7 per cent to $419,000, and the median price of a detached home during the same period increased 10.2 per cent to $484,000.