JANUARY HOME SALES UP OVER LAST YEAR

KITCHENER-WATERLOO,
ON (Feb 4, 2019) –– There were 307
residential sales in January through the Multiple Listing System (MLS® System)
of the Kitchener-Waterloo Association of REALTORS® (KWAR), an increase of 14.6 per
cent compared to January 2018.

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“January was surprisingly busy with an
above average number of home sales,” says Brian Santos, KWAR President. “The
number of units sold last month were up nearly fifteen per cent compared to the
previous ten-year average for January.”

Total residential sales in January included
189 detached (up 26 per cent), and
80 condominium units (up 19.4 per cent) which includes any property regardless
of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included
20 semi-detached homes (down 28.6 per cent) and 17 freehold townhouses (down 19
per cent).  

The average sale price of all residential
properties sold in January increased 5.3 per cent to $484,076 compared to January
2018.  Detached homes sold for an average
price of $564,718 an increase of 1.9 per cent compared to January of last year.
During this same period, the average sale price for an apartment style
condominium was $303,379 for an increase of 22.1 per cent. Townhomes and semis
sold for an average of $368,227 (up 0.7 per cent) and $407,852 (up 4.6 per
cent) respectively.

The median price of all residential
properties sold last month increased 5.3 per cent to $455,000, and the median
price of a detached home during the same period increased 7.1 per cent to $530,000

“It was a positive sign to see an
uptick in the number of residential listings hitting the MLS® system last
month,” says Santos. “However, the total number of homes available for sale continues
to perform well below historical averages.”

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REALTORS® listed 585 residential
properties in K-W and area last month, an increase of 25.5per cent compared to
January of 2018. The number of active residential listings on the KWAR’s MLS®
System to the end of January totalled 810, which is 11.4 per cent more than
January of last year, but still wellbelow
the previous ten-year average of 1,189 listings for January.

The average days it took to sell a
home in January was 26 days, which is 5 days less than the amount of time it
took in January 2018.

Santos says, “We have a positive outlook for 2019. I think we’re going to see home prices remain steady or have small increases, sales will continue to be strong but we’re also beginning to see more homes being listed for sale to increase our inventory and provide buyers with additional options. So long as everything else remains equal Waterloo Region should remain a strong and stable market.”    

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