Eric | May. 14, 2018
In April we saw the average residential home price slip and it looks as though breaking last years record average price has been put on hold. Pressure on the average price was in part due to 71% of all residential home sales in April being under the $500,000 mark. Sales have slowed and supply has risen.
There were 974 residential properties listed last month – down 2.2% vs April 2017
There were 993 active KW MLS listings at the end of April – up 78.6% vs April 2017
The median price of all residential properties sold in April: $440,000 – Down 7.4%
The median price of all detached homes sold in April: $511,750 – Down 3.9%
Average days on market in April: 21 – compared to 11 days in April 2017
343 detached – down 30.7%
185 condominium units – up 12.8%
41 semi-detached homes – down 22.5%
46 freehold townhouses – down 13.2%
Average detached home price: $569,159 – Down 4.2%*
Average apartment style condo price: $296,958 – UP 10%*
Average townhome price: $386,072 – UP 2.5%*
Average semi-detached home price: $402,842 – Down 3.3%*
*vs April 2017
Monthly Average Home Price for all Residential Sales in KW
The average home price has receded by 6.6% vs April last year. We have to keep this in perspective though. High priced homes were selling at the beginning of last year versus a high quantity of lower priced homes this year. This will affect the averages. The problem is that the masses look at the averages and it will cause concern, which in turn causes the exact result that was cause for concern. I don’t see averages moving up again until the fall. It is a great time to negotiate a purchase. It is also a great time to sell your home if you put the time and effort into getting it ready. Your home is a product – do you pick the dented can off the shelf at the grocery store? No, you grab for the one that looks the best. Prepare your product and you will get top dollar.
