As per the reports submitted on November 5, 2019, there were 538 homes in Kitchener sold via the Multiple Listing System of the Kitchener-Waterloo Association of Realtors (KWAR) in the month of October. This configuration implied that there was a 4.1% increase in sales this year when compared to the constitution of the same month last year.
Coming to the specifications of this market report, in October, there were 334 detached apartments and 65 condominium apartments sold and both of their sales escalated by 11.3% and 1.6% respectively, when compared with the data from the previous months. However, the sales of townhouses and semi-detached homes experienced a dip as the number of units sold in the case of the former was 108 (decrease by 6.1%) and for the latter, only 31 units were obtained (reduction by a whopping 18.4%). According to the reigning president of KWAR, the home sales in the previous month surged because more and more nuclear families showed their keenness to acquire something that is both compact in size and is accompanied by strong market value.
Furthermore, if we make an attempt to compare the prices driving the sales in October 2018 and 2019, it will be clear that in the present year, the average price of the properties rose by a rate of 9.1% and equated to about $533,288 and is thus, clearly a leap from the last year. The average price of the detached houses touched the amount of $610,840, which is also, quite interestingly, an increase of 6.2%. Also, during this same period of October, the average prices of the condominiums reached $333,895 and had an increase of 6.7% while the rates of the semi sold apartments faced a rise by 14.3% up to $461,590 and the townhomes rose by 11.2% till $434,035.
Another step-up that the sales faced in October this year is that, it took about 22 days for all the units to be sold out, whereas, in 2018, the number of days was three more than this arrangement. The median price of the houses is also enough to speak for themselves about the striking distinction between the sales of the two years- in 2019, the rate of trades increased by 12.4% at a price of $500,000 and for the detached homes, this number amplified by 8.3% to $568,950.
As per the study conducted by Realtors, the picture was quite different- out of the 670 residential properties in K-W and area delineated last month, there was a decrease of sales by 12.4% as compared to October 2018 and reduction accounted to 3.3% when contrasted with the overall value ensued in the last 10 years. The number of home units that were still actively available for sales at the end of October expanded to 691 and, in turn, was a diminution by 26.5 when placed alongside the configuration of last year’s October; and in case of ten years average, there were only 1,412 listings. In the case of Months Supply of Homes, the sale fixed itself to somewhere around 1.4% in October which was like a 26.3% plunge from the same time last year and in the ten-year graph, the shrinkage was of 3.03%.
In the real estate market, where nothing else but competition is predominant, one must rely upon an experienced Kitchener Realtor who is well-acquainted with the present market trends and comes with a foolproof understanding of the complete market dynamics to ensure a smooth sale of properties.