October Real Estate Market Report for Kitchener-Waterloo and Area
There were 670 residential properties listed on MLS in October representing a 12.4% decrease vs last year. While at the end of the month there were 691 active listings: a 26.4% decrease. Supply of homes continues to be tight and homes that are listed are getting bought quickly when priced correctly.
538 homes sold in October – an increase of 4.1% vs October 2018
Those sales were:
334 single detached homes: increased 11.4%
65 condominiums: increased 1.6%
108 townhomes: decreased 6.1%
31 semi-detached homes: decreased 18.4%
As can be seen single detached home sales continue to dominate.
The average home price increased 9.1% to $533,288 vs October 2018. Driven by lower priced homes.
Average prices in October by category:
Single detached average price: increased 6.2% to $610,840
Condominium average price: increased 6.7% to $333,895
Townhome average price: increased 11.2% to $434,035
Semi-detached average price: increased 14.3% to $451,590
The median price of homes sold in October edged up 12.4% to $500,000 with 22 days being the average a home takes to sell – 3 days fewer than last year. Home supply sits at 1.4 months.
Real Estate continues to be a great investment – providing shelter and a safe place to park your money. Perhaps economies around the world will slow but inevitably they will rebound. And with the willingness of Government and Central Banks around the world to prop up their domestic economies for the welfare of their citizens it seems like we have a safety net that will keep growth moving in the right direction – The Canadian economy is healthy.
Unemployment is low and people are doing well. As they say: the trend is your friend. I wouldn’t be betting against the direction home prices continue to go. As always, put some aside for a rainy day and don’t leverage yourself to the point of not being able to breathe – but take calculated steps towards creating and holding onto your wealth. Real Estate is a great, safe way to do this.