Kitchener Waterloo October Residential Sales were steady during October.
Last month a total of 481 residential properties sold in Kitchener-Waterloo and area through the Multiple Listing System.
October residential sales for homes were down 16.6% compared to the same month last year, but still above the previous 5-year October average of 464 sales.
On a year-to-date basis 5,842 residential units have sold compared to 5,816 during the same period in 2016, an increase of 0.4%.
October residential sales included 289 detached homes (down 20.2%), and 107 condominium units (down 17.7%) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 44 semi-detached homes (down 7.3%) and 38 freehold townhouses (down 2.6%).
The average price of all residential properties sold last month increased 11.4% to $454,398 compared to October residential sales in 2016. Detached homes sold for an average price of $541,368, an increase of 13.1% compared to October residential sales in 2016.
During this same period, the average sale price for an apartment style condominium was $249,993 for an increase of 11%. Townhomes and semis sold for an average of $349,316 (up 13.7%) and $354,668 (up 8%) respectively.
The median price of all residential properties sold in October increased 11.7% to $419,000, and the median price of a detached home during the same period increased 10.2% to $484,000.
“While the number of home sold so far this year is pretty much on pace with last year’s record breaking results, the demand from buyers continues to outpace new listings entering the market.”