KWAR April 2016 Market Update

KITCHENER-WATERLOO, ON (May 3, 2016) –– Residential sales through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) continue to outperform previous years, and the month of April was no exception. There were 667 properties sold in KW and area which represents a 9.5% increase compared to April of 2015, and a 19.3% increase compared to the 5-year average for the month of April.

With 2,019 home sales year-to-date, 18.8% above last year’s total for the same period and 18.4% above the 5-year average, monthly sales in April stand as the highest on record.

While sales activity has been strong, the number of active residential listings on the KWAR’s MLS® System to the end of April was sitting at 1,272, which is 29.4% fewer listings compared to same period last year.

“It’s safe to say that buyers are out in full force here in Waterloo Region,” says Charlotte Zawada, President of KWAR. “We’re seeing record setting sales activity this month, but it’s a different story on the inventory side.” The president notes that by comparison to April of 2007, when sales were almost on par with this month, we had 42% more listings on the market than we do today.

“In April, buyers were competing for a limited number of listings,” says Zawada. “However, with these favourable market conditions we should see more sellers coming off the sidelines soon to take advantage of the traditional spring market and strong home buying demand.”

April’s sales included 427 single detached homes (up 2.6%) and 161 condominium type units (up 42.5%) which include any property regardless of style (ie. semis, townhomes, apartment, detached etc). Sales also included 41 Semi-detached homes (up 24.2%) and 33 freehold townhouses (down 28.3%).

The average sale price of all residential sales increased 2.9% to $367,444 compared to April 2015. Single detached style homes sold for an average price of $424,552 an increase of 5.7% compared to last year. The average sale price for an apartment style condominium was $226,240, an increase of 2.3%. Townhomes and semis sold for an average of $271,661(up 0.6%) and $283,201 (up 3.0%) respectively.

The KWAR cautions that average sale price information can be useful in establishing long-term trends, but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold. Those requiring specific information on property values should contact a local REALTOR®.

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