KITCHENER-WATERLOO, ON (Mar 5, 2019) –– There were 343 residential sales in February through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR), a decrease of 8.3 per cent compared to February 2018.
“The series of winter storms in February not only kept buyers indoors and off the roads, but also away from open houses and viewings,” says Brian Santos, KWAR President. “This was the lowest amount of sales we’ve seen in February in a long time, but it really isn’t surprising given the wild weather we experienced last month.”
Total residential sales in February included 178 detached (down 14.8 per cent), and 105 condominium units (down 11 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 23 semi-detached homes (down 8 per cent), 36 freehold townhouses (down 112 per cent).
The average sale price of all residential properties sold in February increased 3 per cent to $490,668 compared to February 2018. Detached homes sold for an average price of $597,965 an increase of 3.9 per cent compared to February of last year. During this same period, the average sale price for an apartment style condominium was $319,536 for an increase of 20.5 per cent. Townhomes and semis sold for an average of $395,331 (up 2.6 per cent) and $448,123 (up 14.4 per cent) respectively.
The median price of all residential properties sold last month increased 6.9 per cent to $465,000 and the median price of a detached home during the same period increased 2 per cent to $533,500.
“Despite the chill we saw in the number of sales last month, the price gains reflect that demand continues to outpace supply,” says Santos.