Home sales both up and down

August home sales through the Multiple Listing System (MLS) of the Kitchener-Waterloo Association of Realtors (KWAR) were down 0.8 per cent compared to last month and up 4.8 per cent compared to August of last year. A total of 505 residential properties sold in August compared to 482 the same time last year.

Residential sales in August included 301 detached (up 5.2 per cent compared to August 2017), and 129 condominium units (up 25.2 per cent). Sales also included 35 semi-detached homes (down 30 per cent) and 33 freehold townhouses (no change).

The average sale price of all residential properties sold in August increased 11.5 per cent to $493,358 compared to the same month a year ago. Detached homes sold for an average price of $583,564 an increase of 13 per cent compared to August of last year. During this same period, the average sale price for an apartment style condominium was $335,827 an increase of 14.1 per cent. Townhomes and semis sold for an average of $350,803 (up 4 per cent) and $401,011 (up 13.6 per cent) respectively.

The median price of all residential properties sold last month was up 10.4 per cent compared to August of last year at $458,000, and the median price of a detached home during the same period increased 18.1 per cent to $543,450.

KWAR listed 670 residential properties in K-W and area last month, up 12.7 per cent compared to August of 2017, and 3.4 per cent above the historical (2007-2016) average of 648.