Home sales throughout the Kitchener real estate market have declined compared to the last several years. For the last three years, sales in the region have exceeded expectations and the long-term averages by significant margins. The dip in sales this summer represents a return to more typical activity for the region.
This June, 604 homes were sold throughout the Kitchener-Waterloo real estate market. This was a 15.6% decline on a year-over-year basis. In 2017, 716 homes were sold during June. Year-to-date sales have also declined significantly compared to last year’s highs. Through the end of June, 3,096 homes sold in the greater Kitchener area. This is a year-over-year decline of 19.1%.
Listings Also Coming Back in Line with Long Term Averages
In June, 850 homes were listed for sale throughout Kitchener-Waterloo. At first glance, this seems like an exceptionally steep drop, as it represents 21.5% fewer listings than were made during the same month in 2017. However, it simply represents a regression to long-term norms for the region. Last year saw more homes listed in June than had been seen for at least a decade.
By the end of June, there were a total of 1,030 homes listed for sale in Kitchener. This is 11% higher than the number available at the same time last year. Like most of the factors in the Kitchener real estate market however, this number is creeping back towards a point more in line with long-term norms. The average number of listings in the city over the past decade has been just over 1,700 homes available for sale.
Modest, but Healthy Price Growth
Homes in Kitchener sold for an average price of $489,584 in June. This overall average was a 5.2% year-over-year increase. Condos rose by the steepest margin of all property types. The average sale price of $314,180 for a condo in June was 13.2% higher than the average sale price during the same month in 2017. The average price of a detached, single-family home hit $575,003 for the month of June.
Overall, the Kitchener real estate market appears to be returning to its long-standing norms. The averages for sales and listings had been established with extremely consistent rates year after year until 2016, when a strong surge in activity hit the area. Although this year’s figures trend downward quite steeply when compared to 2016 or 2017, the fact is that they represent a return to activity levels more consistent with long-term norms in the area. This could lead to a market that is more stable and predictable throughout the remainder of the year and perhaps onward, if figures continue to hold around the marks established by those long-term averages.
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