Kitchener-Waterloo Real Estate Board
In Town Residential Properties
©George Patton, Broker
|MAY 16||MAY 17||Change||%|
|Average Sale Price||368,840||493,450||124,310||33.70|
|Median Sale Price||347,500||444,500||97,000||27.91|
Year to the end of the month of May
|Total Residential Sales||2,553||2,775||222||8.69|
|Total $ Volume||1,181,514,400||1,326,995,900||145,481,500||12.31|
Previous 12 months versus last 12 months
|Apr15 to May16||Apr 16 to May 17||Change||%|
|Total Residential Sales||5,505||6,282||777||14.11|
|Total $ Volume||1,990,487,400||2,476,209,400||485,722,000||24.40|
All information based on MLS® data owned by Kitchener-Waterloo Association of REALTORS® covering, 01/01/91 to 05/31/17, is considered accurate but cannot be guaranteed. Listing numbers based on number as of last business day of month. Sales information does not include properties listed for rent & rented or those which do not provide year-round occupancy.
NOTES: May set a new record for the number of sales in any given month. This was due mostly to a large number of new listings coming on the market [over 1100] during the month which helped satisfy some of the pent up demand of buyers. This also caused many to suggest that the market is 'slowing down'. As the month ended the number of offers on a given listing dropped into single digits (sometimes only 2) and final selling prices were closer to the asking price. Still, about 3/4 of sales were for more than asking price. Open house attendance was much less active. Also, the market in the GTA seems to be taking a pause.
The additional listings also provided more inventory for first time buyers which caused the average and median prices to pause from their upward spiral.
The market traditionally slows with the advent of summer as people's priorities shift from house hunting to weddings, picnics, vacations and other warm weather activities. We'll have to wait and see if June 2017 reverts to the traditional model or not.
Royal LePage Wolle Realty