Kitchener-Waterloo Real Estate Market Update
Record number of home sales during the first half of 2016!
Residential property sales through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) had yet another record month with 740 properties sold in Kitchener-Waterloo and area in the month of June.
This represents a 13.1 per cent increase compared to the June of 2015, and ranks as the most active June on record.
During the first half of 2016, there were 3,519 home sales, 18.0 per cent above last year’s total for the same period and 22.8 per cent above the 5-year year-to-date average. “This is the highest number of home sales we have ever recorded in the first half of the year” said Charlotte Zawada, President of the KWAR.
On a monthly basis, home sales were 29.7 per cent above the five-year average for the month of June. As sales continue their upward trend, 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 June sat at 1,199, which is 33.9 per cent lower compared to same period last year. This translates to 51.4 per cent fewer available listings on the market today than the same time last year.
June’s sales included 485 single detached homes (up 13.6 per cent) and 145 condominium type units (up 2.1 per cent) which include any property regardless of style (ie. semis, townhomes, apartment, detached etc). Sales also included 46 Semi-detached homes (up 9.5 per cent) and 54 freehold townhouses (up 42.1 per cent). The average sale price of all residential sales in June increased 11.2 per cent to $390,144 compared to June 2015.
“With fewer listings on the market combined with an increased interest in people wanting to live in the Region, we’re seeing upward pressure on home prices,” says Zawada. Single detached style homes sold for an average price of $451,289 an increase of 10.7 per cent compared to last year. The average sale price for an apartment style condominium was $232,999, an increase of eight per cent. Townhomes and semis sold for an average of $277,672 (up 14.5 per cent) and $296,572 (up 10.6 per cent) respectively.