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The Kitchener-Waterloo Real Estate Blog -April/May 2017

April and May KW Real Estate Market Report

Listings, listings everywhere!

We saw 1,271 new listings in May – the first time in 2 years that we have seen more than a thousand new listings in one month. It seems that the spring market has people excited and expectations running high. I think some of the talk about implementing changes in Ontario to cool the housing market has Sellers nervous about missing the increases we’ve seen over the past 18 months – these Sellers are now all rushing to list. The thing about a market where prices are driving higher because of a supply shortage is that when the supply increases, the prices tend to pull back. That is where we are right now – in a bit of a lull. It started about 4 weeks ago when showings on listings started to drop off, offers on homes fell drastically and multiple offer bidding wars began to taper off. It is now the ideal time for Buyers to scoop up some deals. I fully expect things to swing back the other way in a few months when prices will start their march back up.

 

April and May numbers:

TOTAL SALES:                                                     April: 766                             May: 816

Single detached home sales:                       April: 492                             May: 493

Condominium sales:                                        April: 161                             May: 180

Semi detached home sales:                         April: 52                                May: 64

Freehold townhome sales:                          April: 53                                May: 70

 

AVERAGE PRICE:                                               April: $512,656                  May: $496,664

Single detached home average:                 April: $594,453                   May: $594,047

Apartment Condominiums:                         April: $267,455                   May: $293,158

Semi detached average:                                April: $415,709                   May: $383,819

Townhome average price:                            April: $377,531                   May: $361,198

 

The numbers above tell the story: Compared to April, May listings are up while prices are down.

Real Estate Market

There’s the numbers!  If you are considering a move, connect with us today so we can discuss if this is the best time for you!

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