The average sale price of a home in the Kitchener-Waterloo area declined for the fourth straight month in August.
According to the Kitchener-Waterloo Association of Realtors, 483 homes changed hands in Kitchener, Waterloo, Wellesley, Wilmot and Woolwich last month, at an average sale price of $441,992.
That price is lower than the $455,217 figure recorded in July, as well as lower than the average sale for every month since January. Sale prices hit their peak in April, at $512,656.
The average sale price was still 10 per cent higher than it was in August 2016.
Real estate activity, on the other hand, fell significantly year-over-year, as 598 sales were recorded in August 2016. The 483 sales seen this August are still the second-most for that month since 2009.
“I think we’re seeing some stability return to the market,” realtors’ association president James Craig said in a press release.
“Last summer’s record setting sales was unsustainable and created a market that no one enjoyed.”
The average sale price of a detached home in August was $519,910.
According to the realtors’ association, there were 800 active local residential listings in August, while properties sold 26 days after they listed on average – taking three days longer to sell than they did in July, but seven days fewer than in August 2016.
