Home sales up in October

There were 514 homes sold through the Multiple Listing System (MLS) of the Kitchener-Waterloo Association of Realtors (KWAR) in October, an increase of 7.8 per cent compared to October of last year.

On a year-to-date basis, 5,070 residential units have sold compared to 5,822 during the same period in 2017, a decrease of 12.9 per cent.

Residential sales in October included 297 detached (up 4.6 per cent compared to October 2017), and 128 condominium units (up 19.6 per cent). Sales also included 36 semi-detached homes (down 18.2 per cent) and 47 freehold townhouses (up 23.7 per cent).

The average sale price of all residential properties sold in October increased 7.7 per cent to $489,725 compared to the same month a year ago. Detached homes sold for an average price of $576,731 an increase of 6.2 per cent compared to October of last year. During this same period, the average sale price for an apartment style condominium was $310,215 an increase of 24.1 per cent. Townhomes and semis sold for an average of $387,602 (up 10.9 per cent) and $403,750 (up 13.8 per cent) respectively.

The median price of all residential properties sold last month was up 6.5 per cent compared to October of last year at $444,500 and the median price of a detached home during the same period increased 8.5 per cent to $525,350.

KWAR members listed 760 residential properties in K-W and area last month, a 14 per cent increase compared to October of last year, and 12.7 per cent above the historical ten-year average of 674. The number of active residential listings on the MLS system to the end of October totalled 1,014, 21 per cent higher than October of last year but still 461 units fewer than the previous ten-year average of 1,475 listings for October.