Home sales down in September

The Kitchener-Waterloo Association of Realtors sold 448 homes through its MLS system in September, a decrease of 4.7 per cent compared to September of last year.

On a year-to-date basis, 4,558 residential units have sold compared to 5,345 during the same period in 2017, a decrease of 14.7 per cent, the association reported this week.

Residential sales in September included 270 detached (down 6.3 per cent compared to September 2017), and 110 condominium units (up 7.8 per cent). Sales also included 30 semi-detached homes (down 18.9 per cent) and 30 freehold townhouses (down 18.9 per cent).

The average sale price of all residential properties sold in September increased 10 per cent to $492,398 compared to the same month a year ago. Detached homes sold for an average price of $574,653 an increase of 11.4 per cent compared to September of last year. During this same period, the average sale price for an apartment style condominium was $325,378 an increase of 24.1 per cent. Townhomes and semis sold for an average of $377,442 (up 4.7 per cent) and $386,670 (up 4.1 per cent) respectively.

The median price of all residential properties sold last month was up 10.5 per cent compared to September of last year at $453,000, and the median price of a detached home during the same period increased 8.8 per cent to $520,000. Realtors listed 824 residential properties in K-W and area in last month, a 10 per cent increase compared to September of last year, and nine per cent above the historical ten-year average of 755. The number of active residential listings totalled 1,005, 18.2 per cent higher than September of last yearr.