July 2019 Real Estate Roundup – Kitchener Waterloo
The Kitchener-Waterloo real estate market presented strong home sales in the month of July. The Multiple Listing System developed by the association of realtors at Kitchener-Waterloo helped sell around 586 residential properties in the area. When compared to the same month in the previous year, it shows the overall rise of 15.1 per cent for home sales in Kitchener-Waterloo real estate market.
The Kitchener homes sales for the month of July went up by 16.4 per cent for the detached home as 322 units were sold. However, for condominium apartments, it went down by 6.1 per cent as realtors were able to sell only 62 units in the month of July. The townhouse sales rose by 45.1 per cent as estimated 148 units were sold successfully while they were able to sell only 42 semi-detached homes leading to a fall of 22.2 per cent.
KWAR president, Brian Santos said that homes sales for the month of July presented a strong momentum. He also added that if the sales are compared with the previous year’s market performance, the results indicate a positive outcome. Note that, the average sale prices for the residential units that were sold during July 2019 increased by 9.3 per cent in comparison to July 2018 while reaching maximum value of $521,101.
Furthermore, the detached homes in this year were sold at an estimated price of $613,244 showing a rise of 5.4 per cent as compared to previous year. The average sale price for apartment-style condominium increased by 15.9 per cent while reaching the maximum value of $339,137. Whereas the semis and townhomes were sold at an average price of $434,136 and $414,062 respectively. It shows a considerable rise of 11.9 per cent and 17 per cent for these structures.
The median price for the homes Kitchener that were sold by the month of July rose to $489,450 with an estimated rise of 10.8 per cent. At the same time, the median price for detached homes increased by 8.8 per cent while reaching the maximum value of $575,750.
Around 844 residential properties were listed for real estate in Kitchener-Waterloo area during July month, and it shows the estimated rise of 12.8 per cent when compared to July 2018. The range is high for the previous 10 year’s average as well with the per cent increase of 10.4. The maximum number of homes available with active sales status was only 863 by the end of July month. It shows a decay of 8.7% when compared to month of July last year. It is low for the 10 years average of 1467 listings.
Experts in the market reveal that the heat in the Kitchener-Waterloo real estate market is rising and it can ensure great returns for coming months. The scenario may provide scope for profitability to the buyers and sellers as well. Hope, the positive influence will continue for the August month, and realtors will be able to make best out of this stable and profitable market.