Strong buyer demand endures

Last month, we saw fewer homes sold in Waterloo Region than compared to June 2016. This is the first time this has in nearly two years.

Still, with more homes being listed than ever before, the continued strong demand for homes means that most homes are still selling within weeks.

“Home sales in June were very strong, and we’re on track to have another record breaking year of residential sales,” says James Craig, President of KWAR. “June is the fourth consecutive month home sales in the Kitchener-Waterloo area have exceeded 700 units. Historically sales in KW and area have only ever surpassed the 700 unit threshold in a single month three previous times.”

Home prices remain higher than last year, with the average sales price of all residential sales increasing 19.8 per cent to $465,772 compared to June 2016.

Meanwhile, detached homes sold for an average price of $537,389 for an increase of 19.3 per cent, while the average sale price for an apartment style condominium was $276,443 for an increase of 17.6 per cent. Townhomes and semis sold for an average of $341,716 (up 23.2 per cent) and $380,660 (up 28.4 per cent) respectively.

For more on the official report on June’s K-W Market Update including statistics from Wellesley, Wilmot and Woolwich Townships, click here.

Record sales and over 1000 new listings

This is the second consecutive month unit sales have hit an all-time high.

It’s also the first time in two years that the number of new listings put on the market has exceeded the 1,000 unit mark.

REALTORS® listed 1,271 residential properties in K-W and area this May, a 38.6 per cent increase compared to May of 2016, and a 29 per cent increase compared to the previous month.

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The increase in homes available for purchase means that there are more homes on the market in Waterloo Region and area for Buyers to choose from. At the same time, competition remains strong as out-of-area Buyers continue to be attracted by the relatively inexpensive inventory. The average sale price of a single-detached home in this area at $594,047, just over half the cost of the average single-detached home in Toronto.

KWAR May report stats

While more homes were listed in May, it continues to be a seller’s market in Waterloo region and across the Greater Golden Horseshoe (GGH) as inventories remain tight at near or less than one month of inventory.

For more on the official report on April’s K-W Market Update including statistics from Wellesley, Wilmot and Woolwich Townships, click here.