Home sales across Waterloo Region this April hit all-time highs in average and median prices, according to a report from the Kitchener-Waterloo Association of Realtors.
Sales increased by 1.1 per cent compared the same month the year before.
A total of 623 residential homes were sold through the month, up 2.2 per cent compared to April’s ten-year average.
Detached home sales jumped 15.2 per cent, but Brian Santos, KWAR president, says that brought it back in line with the average.
“While sales of detached homes did jump a fair bit compared to the same month last year, they were actually on par with the previous 10-year average for April,” he says.
Demand was high in a month that saw fewer properties listed compared to the year before: the 913 properties listed was a decrease of almost seven per cent compared to the year before, and down 1.6 per cent compared to the ten-year average.
The average price for a detached home jumped more than seven per cent to $611,803. The average price of all homes sold in the region was $529,800, an increase of 10.9 per cent compared to April 2018.
“These are the highest sale prices we’ve ever posted in a single month,” Santos says. He notes that it’s only the third time ever that the average price of all homes was over half a million dollars.
Median home prices also reached an all-time high, with the median price of all residential properties creeping up 11.4 per cent to sit at $490,000.
Santos calls it a seller’s market for people looking for a home under $600,000.
