August 2019 Real Estate Roundup – Kitchener Waterloo
Looking at the stats of August month for Kitchener/Waterloo real estate market, it shows a downfall of 9.1 per cent when compared to the same month of the previous year. Note that Association of realtors in Kitchener/Waterloo area reported sales of 459 residential units in this month.
Although sales for the semi-detached homes went up by 11.4 per cent with estimated 39 units; however, it was observed to be low for condominium, townhouses and detached homes as well. They were able to sell 97 townhouses showing a fall of 4.9 per cent, 56 condominium apartments with fall of 13.8 per cent and 267 detached home with the estimated fall of 11.9 per cent.
KWAR president, Brian Santos recently said that the total number of sold homes eventually went down when compared to the real estate market performance for the month of August this year. However, the prices for all type of properties is till going high for the real estate in Kitchener.
The average sale price for the Kitchener/Waterloo residential properties increased by 6.4 per cent as compared to August 2018. The estimated price in August 2019 was observed to be $524,482. If we talk about the detached homes, they were sold at an estimated price of $615,568 which is 5.4% higher as compared to August 2018. In the same duration, the average price for apartment-style condominium decreased by 3.1 per cent while touching the value of $324,778. On the other side, the semis and townhomes were sold at $441,802 and $420,239 with an estimated rise of 10.2 per cent and 18.3 per cent respectively.
Stats reveal that the median price for the residential properties rose by 8.1 per cent for the month of august while touching the amount of $495,000. Whereas the median price for the detached homes reached $560,000 with a rise of 2.8 per cent.
Realtors were able to list only 574 properties in the month of August 2019, and this count is almost 14.5 per cent lower as compared to August 2018. The previous ten years average further shows an estimated fall of 13 per cent for the month of August this year. By the end of this month, the total numbers of homes available with active sales status were 734. This figure shows a fall of 17.3 per cent when compared to previous year and seems considerably low as compared to the previous 10 years listing of 1426 units for the month of August.
The maximum number of days Kitchener/Waterloo real estate market took to achieve the above stats were 26 days; however, they took 28 days to reach the presented stats in the month of August.
There is no doubt to say that Kitchener homes are on high demand and there is a strong competition between buyers. They are making efforts to find the most suitable unit at reasonable price tag. However, in order to ensure best services, experts guide buyers to establish contact with the most experienced and qualified realtor in the area.