Waterloo Region real estate: Another strong month of sales
Real estate 'Sold' sign
Chase Banger, CTV Kitchener
Published Tuesday, November 5, 2019 5:23PM EST
KITCHENER – Scarce listings and demand before the winter contributed to a strong month of real estate sales in Waterloo Region.
The monthly report from the Kitchener Waterloo Association of Realtors says that the number of residential properties listed in October was down 12.4 per cent compared to the same month last year.
"Seasonal strength in October is common as people to look to make moves before winter," says KWAR president Brian Santos in a statement.
"With a scarcity of listings, buyers continue to snap up properties in the Kitchener-Waterloo area at a robust rate."
Despite fewer listings, the number of residential properties sold rose to 538, as 4.1 per cent increase compared to last October.
The average sale price of a home hit $533,288, a 9.1 per cent increase from the same month in 2018. That number was buoyed by the average price of a detached home, which hit more than $610,000.
The average price of an apartment-style condominium hit $333,895, while townhomes and semi-detached homes averaged out at $434,035 and $461,590, respectively.