Home sales still hot: Another all-time record set in August
Published Wednesday, September 7, 2016 1:34PM EDT Last Updated Wednesday, September 7, 2016 6:24PM EDT
After a bit of an off-month in July, the Kitchener-Waterloo residential real estate market was every bit as hot as the weather in August – if not more so.
The Kitchener-Waterloo Association of Realtors says that 598 homes were sold last month in the two cities and the townships of Wellesley, Wilmot and Woolwich.
That number represents the most ever sold during an August, and a 26 per cent increase over the 473 sales recorded during August 2015.
It’s also in line with the 588 sales recorded in July. While lower than the 740 sales seen in June, August is traditionally a slower month for the local market.
The values of properties sold in August also rose to new highs, with detached homes selling for an average price of $487,050 (a 21 per cent increase over August 2015), townhouses averaging $298,148 (up 10 per cent), apartment-style condos up $233,302 (up eight per cent) and semi-detached homes at $299,353 (up six per cent).
Despite the high sales figures, the association says, the number of properties being listed for sale remains low.
At the end of August, there were 863 homes on the market – 47 per cent lower than the 1,616 homes listed for sale one year earlier.