KW July 2016 Real Estate Update
August 15 2016 Posted by Tracy Bennett
The K-W home sales hot streak takes a break in July.
There were a total of 588 home sales in Kitchener-Waterloo and area though the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) in July.
This represents only a 0.9% increase in sales compared to July of 2015, but ranks as the most active July on record since 2008.
Strong sales activity helped to bring year-to-date total sales to 4,108, a 15.2% increase compared to the same time last year, and 21.7% above the 5-year average. “It’s been a strong summer to say the least for residential sales in the Region,” said Charlotte Zawada, President of the KWAR.
Active residential listings continue to remain depressed in comparison to the same time last year. Currently, the number of active residential listings on the KWAR’s MLS® System to the end of July sat at 1,073, which is 37.3% lower compared to same period last year. This translates to 59.4% fewer available listings on the market today than the same time last year.
July’s sales included 364 single detached homes (up 0.8% compared to July 2015) and 144 condominium type units (up 16.1%) which include any property regardless of style (ie. semis, townhomes, apartment, detached etc). Sales also included 48 Semi-detached homes (up 9.1%) and 26 freehold townhouses (down 49.0%). The average sale price of all residential sales in July increased 13.2% to $387,102 compared to July 2015.
“We’re still seeing buyers compete for a limited number of listings on the market and the skew in supply and demand is maintaining an upward pressure on home prices in the Region,” says Zawada.
Single detached style homes sold for an average price of $452,799 an increase of 14.0% compared to last year. The average sale price for an apartment style condominium was $240,944, an increase of 14.2%. Townhomes and semis sold for an average of $285,611 (up 10.7%) and $308,479 (up 16.4%) respectively.