admin | Sep. 9, 2016
The average sale price of all residential sales in August increased 15.2% to $402,000 compared to August 2015.
A record August for the most sales of any August on record. Kitchener-Waterloo and area saw 598 homes sold representing a 37.6% increase over the 5-year average for August.
Year-to-date sales continue into record territory as well with 4,703 residential sales so far in 2016. This is 23.4% above the 5-year average.
Tight market conditions continue as homes are being snapped up at a record pace which saw only 863 active listings at the end of August. This compared to 1,616 at the end of August 2015 representing 46.6% fewer listings. The increased number of buyers seeking homes in the area are competing for the available homes putting upward pressure on prices. The average sale price of all residential sales in August increased 15.2% vs last August to $402,000!
TOTAL NUMBER OF HOMES SOLD IN EACH SEGMENT:
Single detached: 353 sales (up 19.2%)
Condos-all styles: 151 sales (up 36%)
Semi-detached: 40 sales (up 14.3%)
Freehold townhomes: 49 sales (up 69%)
AVERAGE PRICE OF HOMES SOLD IN EACH SEGMENT:
Single detached: average price $487,050 (up 20.9%)
Apartmnt style condo: average price $233,302 (up 7.9%)
Townhomes: average price $298,148 (up 10.2%)
Semi-detached: average price $299,353 (up 5.5%)
Buyers continue to be very active in the KW market with a number of those handing over their money for properties coming in from other regions – predominately from the GTA.
We continue to see foreign buyers as well. These buyers see Canada as a safe haven for investment – they trust our economy, our government and our banking system. They are also drawn by our Technology industry strength and future prospects, our top rated Universities and College, and our infrastructure growth showing our enthusiasm about the future of our great Region.
August was another great month and the trend will continue. I feel like the first eight months of 2016 is just the start!