As per the stats presented by Kitchener/Waterloo September Real Estate Market, the association of realtors successfully sold 526 residential units via Multiple Listing System. It shows an estimated rise of 17.7 per cent in sales as compared to September 2019.
Home sales in the month of September went up by 20.4 per cent with 330 detached homes, but it was down by 24 per cent for condominium apartments as they were able to sell only 38 units in this category. Sales for townhouses and semi-detached homes also improved by 34.4 per cent and 10 per cent with 125 units and 35 units respectively.
KWAR President, Brian Santos recently said that it was observed to be the strongest month for the sale of homes in Kitchener/Waterloo area. It was just second time when sales for residential properties crossed the count of 500 in the September month.
At the same time, the median and average prices for residential properties also went high by this month. It is observed that the sale price rose by 10.2 per cent in comparison to September 2018 with a price tag of $541,850. The detached homes were sold with an estimated rise of 7.1 per cent with an average price of $612,643. Other than this, the apartment-style condominium sales price increased by 3% with the maximum value of $335,119. In a similar manner, the semis were sold at a price tag of $459,588 and townhomes with $439,522 showing the estimated rise of 18.9 and 16.3 per cent respectively.
Note that, the reported median price for all the Kitchener/Waterloo residential properties that were sold in the month of September this year increased to $510,000, showing the estimated rise of 12.6 per cent. Whereas the median price for detached homes reached $576,500 with the estimated increase of 10.9 per cent.
The estimated number of days they took for reaching these real estate market stats were only 22 days; however, it took them 25 days to achieve this target in September 2018.
Total 811 properties were listed in the Kitchener/Waterloo area by September month; it shows an estimated decay of 2.1 per cent when compared to September 2018. However, it increased by 5.2 per cent when compared to the ten years average of September month. Reports say that total number of homes available with active sale status in the real estate Kitchener was 775 and it shows a decrease of 21.7 per cent when compared to September 2018. Similarly, September months home supply reduced by 23.8% in comparison to previous year; previous ten years estimate for home supply in the area were 3.16.
Santos says that it is now common to see the tight supply of homes for sale and the scenario has put more pressure on the home prices. He also added that market conditions have become quite challenging for beginners in the industry.
In order to ensure best sales experience, all the new buyers are advised to consult most efficient and reliable Kitchener realtor.