House sales in Kitchener and Waterloo set a record in April as buyers continue to jump into the market.
The Kitchener-Waterloo Association of Realtors registered 667 sales last month, up from 609 in April 2015. That total is a record for the month of April and 19.3 per cent above the five-year average for the month, the association said.
“It’s safe to say that buyers are out in full force here in Waterloo Region,” association president Charlotte Zawada said Tuesday in a news release. The surge in sales is occurring at the same time as the availability of homes for sale is shrinking.
The association says there were 1,272 active listings at the end of April, down 29.4 per cent from a year ago. In April 2007, when sales were close to the level recorded last month, there were 42 per cent more listings.
“In April, buyers were competing for a limited number of listings,” says Zawada. “However, with these favourable market conditions we should see more sellers coming off the sidelines soon to take advantage of the traditional spring market and strong home buying demand.”
April’s sales brought the sales total for the first four months of the year to 2,019, up 18.8 per cent from last year’s pace.
Last month’s sales included 427 single-detached homes (up 2.6 per cent from a year earlier); 161 condominium type units (up 42.5 per cent); 41 semi-detached homes (up 24.2 per cent); and 33 freehold townhouses (down 28.3 per cent).
The average sale price in April increased 2.9 per cent to $367,444 compared to a year earlier.
Single-detached homes sold for an average of $424,552 (up 5.7 per cent); apartment style condos sold for an average of $226,240 (up 2.3 per cent); townhouses sold for an average of $271,661 (up 0.6 per cent); and semi-detached homes sold for an average of $283,201 (up three per cent).