By Cindy-lou Schmidt
October saw higher than normal sales activity and buyers and sellers alike were enjoying the boom.
Rising interest rates lead to buyers getting off the sidelines, ready to buy and sellers wanting to sell before the end of 2018 were ready to list. In fact, 760 homes were listed last month in the Kitchener Waterloo Association of Realtors Board. This was 14% higher than October 2017, and 12.7 higher than the 10 year average for homes listed during October. Buyers rejoice!
Cindy-lou’s Simplified Market Update
While Year-to-Date sales for 2018 are 12.9% lower than 2017 at this time, we are still enjoying a very strong market here in Kitchener Waterloo.
The average sale price of all residential properties sold increased 7.7% to $489,725 compared to the same month a year ago, with apartment style condominiums continuing to make a huge price gain trend of 24.1% ($310,215), followed by semi-detached homes up 13.8%, ($403,750) then townhomes up 10.9%, and finally detached homes up 6.2% ($576,731).
As for the styles of homes that are trending in sales, we saw 47 freehold townhomes fly off the shelves with an 23.4% increase compared to the number of townhomes sold last October. This was closely fllowed by 128 condominiums of any style up 19.6%, chased by 47 freehold townhomes, up 18.2%, and finally 297 detached homes were sold up 4.6% as compared to last October.
So, let’s cut to the chase. What does this mean?
It means that Buyers are seeing an influx of homes coming to market this October, and the rising interest rates are getting buyers off the sidelines to act and take advantage of locked in interest rates. They are also enjoying more choice!
For Sellers, seasonal temperatures remain amiable which always helps home buyers get out for open houses and private showings. Families are also motivated to get in homes before the end of the year and sellers, you too are anticipating a purchase so you’d like to sell and buy sooner rather than later with the interest rate hikes.
All in all, another healthy market here in Kitchener Waterloo. If you’d like more details on this, check out the full Official Full KWAR Media Release here.
Thinking about selling?
Book a personal evaluation of your home so you can make an informed decision to net the most money when you list one of your biggest assets for sale. Contact me. The condition of your home, location, and other key factors matter.