For the first time in more than two years, there were more than 1,000 residential properties listed for sale in the Kitchener-Waterloo area last month.
According to the Kitchener-Waterloo Association of Realtors, a total of 1,271 properties were placed on the market in May.
May also brought a total of 816 sales – an all-time record for the area, which includes Kitchener, Waterloo, Wellesley, Wilmot and Woolwich.
Given a common explanation for the area’s fast-rising house prices has been that a shortage of listings has inflated sale figures, those numbers may have you thinking that prices are starting to level off.
Month-to-month data suggests that there may be some truth to that.
The average sale price in May stood at $496,664 – down about three per cent from April’s $512,656. For a detached home, the May average sale price of $594,047 was relatively unchanged from the previous month.
Earlier this year, average sale prices were rising significantly each month, including a 10 per cent jump from January to February.
Looking at year-over-year figures, the total average sale price was 31 per cent higher than it was in May 2016, while the average sale price for a detached home was more than 35 per cent more than it was one year earlier.
Homes listed for sale are now listing for an average of 12 days – down from 24 days one year ago, but up from the 10-day average reported in April.
