Much like it has been for the past several months and all of last year, demand for homes in the Kitchener-Waterloo region remained high last month.
In fact, the President of the K-W Association of REALTORS is predicting yet another record-breaking year of residential sales in the area, and June 2017 was just another piece that contributed to this number as it was the fourth straight month where home sales eclipsed 700 homes.
Of the 716 homes sold last month, 467 of them were detached, 141 were condominiums, 53 semi-detached and 51 townhouses.
The average sale price for a home in the K-W area spiked significantly year-over-year to $465,772. This average was led by detached homes, which carried an average sale price of $537,000. Also contributing were apartment-style condos ($276,000), semi-detached homes ($380,000) and townhouses ($341,000).
While the average residential home price jumped just shy of 20% compared to June 2016, it wasn’t for the lack of listings available that drove the price up. 1,083 homes were listed in the area last month, up by nearly 30% compared to the same time last year. However, total inventory is still relatively low despite this increase, yet it is still refreshing to see increased supply to help offset the heavy demand.
Overall, over the first six months of 2017, home sales in K-W totalled 3,834 units, which was a 9% jump compared to the first six months of 2016.
If the market continues to perform how it has over the past several months, we will indeed see another record-breaking year in terms of sales. As long as additional supply is added to the market on an ongoing basis, it should help to keep home prices from skyrocketing, which we have seen in several other cities across Canada that had heavy demand but lacked the needed supply.
The final six months of 2017 will be interesting to keep an eye on. If you’re considering buying or selling a home in the K-W area, need to refinance or are in need of any other mortgage-related service, we proudly offer Kitchener best mortgage services and practices to help you find what you need.
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