By Cindy-lou Schmidt
April saw average prices increase across the board for all styles of homes and one style of home breaking a record!
A highly competitive market, particularly under the $600,000 price range has buyers and sellers seeing lots of activity with the average sales price rising 10.9% over the same time last year.
In April, the number of homes sold inched up 1.1% as compared to April 2018 to 623 residential sales through the MLS in Kitchener Waterloo, and up 2.2% from the 10-year average.
Interestingly, while the number of detached homes sold increased up 15.2% from last year, it is on par with the 10-year average which is quite healthy, particularly considering the introduction and restriction placed on mortgage applicants in January 2018 with the stress test.
But what is most notable is that not only were detached homes the biggest mover in April, they also broker a new record, eclipsing the $600,000 mark at an average sales price of $611,803, a 7.6% increase compared to April 2018.
Cindy-lou’s Simplified Market Update
NUMBER OF SALES: April 2019 compared to April 2018
- 394 detached homes were sold (up 15.2% )
- 75 condominium apartment (up 1.4%)
- 113 freehold townhouses (down 28.9%).
- 41 semi-detached homes (no change%)
AVERAGE SALES PRICE SUMMARY: April 2019 compared to April 2018
The average sale price of all residential properties sold increased 10.9% to $529,800
Broken down by style of home:
- Detached homes sold for an average price of $611,803 (up 7.6%)
- Apartment style condominiums increased by $339,426 (up 14.3%).
- Townhomes sold for an average of $405,013 (up 5.3%)
- Semis sold for an average of $433,949 (up 7.7%)
HOMES LISTED ON MARKET: April 2019 compared to April 2018
Realtors listed 913 residential properties in K-W and area last month, a 6.98% decrease
- 1.6% decrease compared to the previous ten-year average
- Total number of homes available for sale in active status at the end of March totalled 884, an decrease of 601 %, but still well below the previous ten-year average of 1485 listings.
Sellers: Rising prices and broken records are a sign that this spring is a great time to sell so don’t wait if you know you’ll want to make a move this year.
Buyers: Waterloo Region is going strong on the real estate front. Be proactive about your financing plan and partner with a market savvy real estate agent who understands what you want and need and how they can best help that happen for you.
I hope you enjoyed my Simplified Market Update! I strive to keep you informed and empowered so you can make smart real estate decisions that will benefit you for years to come.
Full Official Full KWAR Media Release here.