Sales of detached homes led the way in Kitchener and Waterloo last month, but buyers didn’t have a lot of properties to choose from.
The Kitchener-Waterloo Association of Realtors said 538 residential properties were sold last month, up 4.1 per cent compared to October 2018. That included 334 detached homes, an increase of more than 11 per cent over 2018 numbers.
“Home sales were up again last month led by strong sales of detached single family properties,” association president Brian Santos said in a news release.
Sales of townhomes dropped 6.1 per cent, while sales of semis were down 18.4 per cent. Condo sales rose slightly by 1.6 per cent.
The average sale price rose by 9.1 per cent year-over-year to $533,288, with the average price of detached homes rising 6.2 per cent to $610,840. The median price for all properties stood at $500,000, up 12.4 per cent compared to the previous year; the median price for detached homes rose 8.3 per cent to $568,950.
Last month, the average price for apartment-style condos rose 6.7 per cent to $333,895, while townhomes were up 11.2 per cent to $434,035, and semis were up 14.3 per cent to $461,590.
There were only 691 active listings at the end of October, a drop of 26.5 per cent over last year, and far lower that the previous 10-year average of 1,412 listings. Realtors listed 670 residential properties last month, down 12.4 per cent over last year, and a 3.3 per cent decline over the previous 10-year average.
Another statistic that points to a market that’s skewed in favour of sellers is months of supply, which measures how quickly it would take to sell the current inventory of homes at the current pace. Months of supply in October was just 1.4 months, down 26.3 per cent over last year and well off the previous 10-year average of 3.03 months.
Most analysts feel six months of inventory represents a balanced market; anything less favours sellers because there are fewer options for buyers. It took 22 days on average to sell a home last month, three days fewer than in October, 2018.
“Seasonal strength in October is common as people to look to make moves before winter,” Santos said. “With a scarcity of listings, buyers continue to snap up properties in the Kitchener-Waterloo area at a robust rate.”