Home sales fall for first time in five months
Home sales changed course in August, falling for the first time in five months.
Sales fell 9.1 per cent last month compared to August 2018, the Kitchener Waterloo Association of Realtors said Thursday.
Sales had been on the upswing in recent months, with year-over-year gains of 7.2 per cent, 8.8 per cent and 15.1 per cent in May, June and July, respectively.
Last month’s sales included 267 detached homes (down 11.9 per cent); 56 condominium apartments (down 13.8 per cent); 97 townhouses (down 4.9 per cent) and 39 semi-detached homes (up 11.4 per cent).
While sales fell, prices continued to rise.
The average sale price last month rose 6.4 per cent to $524,482 compared to a year earlier.
Detached homes sold for an average of $615,568, up 5.4 per cent; the average price for apartment-style condos was $324,778, down 3.1 per cent; townhomes sold for an average of $420,239, up 18.3 per cent; and semi-detached homes sold for an average of $441,802, up 10.2 per cent.
The median price of all residential properties increased 8.1 per cent to $495,000; the median price of detached homes increased 2.8 per cent to $560,000.
The association noted there are differences in the market depending on the price range.
“For homes priced under $600,000, it is still a strong seller’s market, whereas above $600,000, it is a more balanced situation,” association president Brian Santos said in a news release.
He noted that for homes priced above $600,000, there was 3.4 months of supply at the end of August. For homes under that amount, there was 0.9 months of supply.
“It all comes down to what the buyers can find in their price range,” said Santos. “Homes in Kitchener-Waterloo are definitely in high demand, and there is strong competition among buyers trying to find one that will suit them.”
There were 734 active house listings at the end of August, down 17.3 per cent compared to August a year ago, and well below the previous 10-year average of 1,426 listings for the month.
Sales figures were not available from the Cambridge Association of Realtors.