November Kitchener-Waterloo Real Estate Report
Grey and gloomy in the sky. White and cold on the ground. Red and hot in Real Estate Sales.
888 Active listings in KW at the end of November: this is 12.8% lower than at the same time last month and 33.6% lower than the 10-year average. Home sales were up 14.2% vs November last year and up 19% vs the 10-year average with 483 properties sold through MLS.
Home Sales in each category:
Single Detached: 265 Up 9.5%
Condominiums: 152 Up 52%
Semi-detached: 27 Down 46%
Freehold Towns: 31 Up 14.8%
Average Prices in each category:
Single Detached: $580,551 Up 12.8%
Apartment Condos: $305,334 Up 10%
Townhomes: $361,177 Down 2%
Semi-detached: $416,878 Up 10.7%
The average price of all homes in November was up 7.6% vs last November at $477,536
We did see a typical move down in the average price of homes in November compared to the spring and fall numbers but nothing compared to the seasonal swings we saw last year. We should see December move a little lower and then the average price rebound and move higher into the spring of 2019.
The median price of all home sales was also up versus last year by 6.3% to $443,800
Supply of homes continues to be low and demand is strong. Prices continue to rise which is causing new Buyers to opt for Apartment condos over other types of homes due to affordability. There is no doubt that this trend will continue and there will eventually be a knock-on affect to higher priced homes as the condo market matures in KW. Maturity means that owners are building equity as prices at the lowest price points increase the fastest; equity burns holes in pockets and these owners will look to move up to towns, semi’s and single detached homes with their new found Real Estate fortunes.
Happy Holidays, Merry Christmas and all that good stuff.