(December, 2016) –– Home sales through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® totaled 535 last month, an increase of 27.1 percent compared to November of 2015, marking another record breaking month for residential properties sold in Kitchener-Waterloo and area.
Comparing November 2016 to Nov. 2015, sales included 352 single detached homes (up 34.4%) and 118 condominium type units (down 22.9%) which include any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 32 semi-detached homes (up 45.5 percent) and 28 freehold townhouses (down 20 percent). On a year-to-date basis with 6,352 residential transactions compared to 5,341 during the same period in 2015, represents an increase of 18.9 percent.
Inventory levels on the other hand, remain stubbornly low. As of the end of November, the KWAR’ MLS® System only had 565 active residential listings on the market, down 23.1% compared to the previous month, and 60.8% below the same period last year.
The average price of all residential properties sold in November was $411,602 a 15.5% increase over 2015. Detached homes sold for an average price of $473,104, up by 13.9% compared to November 2015. During this same period, the average sale price for an apartment style condominium was $209,360, a decrease of 8%. Townhomes and semis sold for an average of $310,151 (up 14.8 percent) and $330,534 (up 27.7 percent) respectively. The median price of all residential properties sold in November increased 18% to $377,500, and for detached homes we see in increase of 16.4% to $425,000.
With a notable shortage of inventory, many properties are selling above list price. This is because you have many buyers competing for fewer properties, and this is pushing up the average price.
For an in-depth valuation of your property, contact me, Denis Pellerin at (519) 577-8181 or at email@example.com